The Orthopaedic Institute for Children (OIC) is receiving $24.5 million in construction funding through the New Markets Tax Credit (NMTC) Program. Part of the money will fund the construction of a physical therapy department in the downtown Los Angeles campus.
Other construction projects the money will fund include a new urgent care center and research laboratories. It will also reimburse $9.5 million spent as part of the 2016 construction and opening of OIC’s ambulatory surgery center, according to a media release from the Orthopaedic Institute for Children.
“We are extremely grateful to Mayor Eric Garcetti, Congresswoman Karen Bass, and Councilman Curren Price for their ongoing support of OIC and for their passionate involvement in helping us secure this funding,” says Anthony Scaduto, MD, president and chief executive officer of OIC, in the release.
“The NMTCs that are being provided as a result is truly a game changer and will allow us to significantly enhance the services we provide to the children of our community.”
The construction is scheduled to launch in fall 2017.
[Source(s): Orthopaedic Institute for Children, Business Wire]
