One of Louisville’s most anticipated real estate development projects has drawn significant attention and support from prominent national investors. A collection of financial leaders has awarded Passport Health Plan – a nonprofit, Kentucky-based Medicaid managed care organization – millions of dollars in special tax credit financing to help bring the company’s new headquarters and Health and Well-Being Campus to reality in downtown Louisville.
Three Community Development Entities (CDEs) are combining to provide $24.35 million in New Markets Tax Credit financing to Passport, bringing $8.55 million in subsidy to assist the project. The CDEs are the National Development Council, Reinvestment Fund, and Telesis Corporation. SB Friedman Development Advisors acted as consultants for this project. PNC Bank will serve as the investor for the $8.55M in tax credit equity.
“The Passport Health and Well-Being Campus will further allow us to meet our shared goal with the Kentucky Department for Medicaid Services (DMS) to help our members develop job skills, acquire education, and ultimately become employed and have access to private insurance,” said Passport CEO Mark Carter. “Through our collaboration with community partners focused on healthy food, affordable and safe housing, and other services, we will reduce the overall cost of Kentucky’s Medicaid program in the future.”