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The HWH Group is pleased to announce the successful closing of $17.4 million in New Markets Tax Credit (NMTC) financing on April 6, 2015 for North Oklahoma County Mental Health Center (NorthCare). NorthCare is an operator of certified Community Mental Health Centers and licensed Child Placement Agencies, with clinics throughout Oklahoma. This financing will facilitate the Phase II construction of a new 60,000 SF Adult Wellness Services Building at the NorthCare Medical and Wellness Campus in Oklahoma City. NorthCare will occupy most of the facility, and also lease space to Variety Care, Inc., a Federal Qualified Health Clinic; a Medication Clinic and Pharmacy; and various practitioners who will maintain offices on site.
Programs offered by NorthCare focus on two important objectives. NorthCare programs are designed to assist their clients in successful and safe living in a community setting with maximum self-sufficiency. The second objective is to help reduce financial burdens on the community by preventing unnecessary institutional care. Decreased child foster care placements, adoption disruptions, costly acute care hospital or jail admissions, are only a few of the critical outcomes of the NorthCare program. Numerous articles relay how individuals were homeless, had little or no money to access private care and had no place to go when they learned of NorthCare and were able to turn their lives around and become both productive family and community members.
More than 630,000 Oklahomans suffer from some form of mental illness, ranking Oklahoma as one of the worst states in the nation for overall mental health, according to a new report released by the federal Substance Abuse and Mental Health Services Administration.
Oklahoma trails only West Virginia for the percentage of residents with a severe mental illness, and only Utah in the percentage of residents suffering from mental illness of any kind.
“The report is startling,” said Oklahoma Mental Health and Substance Abuse Services Commissioner Terri White. “Oklahoma has the biggest problem in the nation and is struggling with these things that are treatable.”
NorthCare is at work every day to make a positive difference in how problems from mental illness are dealt with in Oklahoma.
The HWH Group served as NMTC advisor on the transaction, with allocations from three different Community Development Entities. J.P. Morgan Chase was the Tax Credit Investor and Bank of Oklahoma served as the lender. NMTC financing is often the difference maker in whether or not investors locate their desperately needed facilities in economically distressed census tracts.