BUFFALO, NY-Building America CDE Inc. is providing $9.2 millionof New Markets Tax Credits to help financeconstruction of a $46.3-million Clinical Science Center at theRoswell Park Cancer Institute on Buffalo's eastside. It's part of a financing package that includes a total of$30.5 million in NMTCs provided by Building America and three otherCommunity Development Entities, plus donations and sponsor equity.Building America is a subsidiary of the AFL-CIO HousingInvestment Trust.

Founded in 1989 as the first cancer center in the US, RoswellPark operates primarily through funding from private andgovernmental contracts, grants and donations. “The RoswellPark Cancer Institute is not only a source of critical healthcareservices for residents of Western New York--it is also a majorengine driving the region's economy,” says EricPrice, Building America's CEO. “Support for the newclinical center helps assure that Roswell can continue to grow as aregional institution as it expands its preeminent care tolow-income and at-risk groups. We are proud to be part of thiseffort.”? ?

Measuring 142,000 square feet, the 11-story Clinical ScienceCenter will enable the cancer institute to meet the growing demandin the region for both in-patient and outpatient services.?It willoffer new patient screening, outpatient clinics, team diagnosticspace, and other clinical and administrative services, includingtargeted cancer screening and counseling for high-risk, medicallyunderserved populations in the surrounding low-income community.Roswell Park broke ground on it this past April.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.