The Medicaid managed care nonprofit Passport Health announced that it would receive a total of $24.35 million in New Markets Tax Credit financing for its more than $100 million west Louisville development.
The nonprofit is constructing a 21-acre health and wellness campus at 18th Street and Broadway that will include a four-story, 340,000-square-foot health and human services building, a six-story parking garage, a 500-person multipurpose room
“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,” Passport CEO Mark Carter said in a news release.
“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,” Carter continued.
New Market Tax Credits are a federal incentive program that aims to spur investment in low-income neighborhoods. The tax credits come from three community development entities, the National Development Council, the Reinvestment Fund and the Telesis Corp., and helped the project also secure nearly $8.6 million in tax credit equity, which will come from PNC Bank.
“Passport Health Plan’s long-term vision for west Louisville is very much aligned with Reinvestment Fund’s own commitment to
Passport Health broke ground on Phase 1 of the campus in March and is considering accelerating its original construction timeline on Phase 2, which will include space for retail, pharmacy, grocery
