Stonehenge Community Development, LLC, Invests $8.5 Million in North Carolina Central University, a Historically Black University in Durham, NC

The project, which will improve medical care, represents the first New Markets Tax Credit Program investment in a North Carolina Historically Black College and University

COLUMBUS, Ohio, Feb. 29, 2024 /PRNewswire/ -- Stonehenge Community Development, LLC, in partnership with U.S. Bancorp Impact Finance (USBIF), will invest $8.5 million to enable North Carolina Central University (NCCU) to enhance critical medical care at a new community health center in Halifax County, NC.

The investment, part of a $10.5 million commitment in conjunction with the U.S. Treasury's Federal New Markets Tax Credit Program, will be the federal program's first such investment in a North Carolina Historically Black College and University (HBCU). 

With this project, NCCU will address health disparities and clinical care inequalities throughout the state by creating two innovative entities: Academic Community Health Centers and Rural Health Hub. The Academic Community Health Centers will provide hands-on teaching and learning opportunities for NCCU students, the surrounding communities, and partner organizations. The Rural Health Hub will provide health education, screenings, and clinical services to address chronic diseases in underserved communities. 

Many residents in Halifax County have fallen victim to higher rates of diabetes, cardiovascular disease, and infant mortality rates compared to North Carolina's averages. The reduced economic opportunities in Halifax County result in a 50% higher reliance on healthcare provided through Medicaid, Medicare, and Tricare. Stonehenge Community Development's partnership with USBIF and NCCU will provide expanded educational resources and learning opportunities for North Carolina's underserved residents.  

"As we expand our reach, we're not just addressing health disparities," said Deepak Kumar, Associate Provost and Dean of Research at NCCU and founder and President of the Rural Health Hub. "We're empowering communities, one family at a time, towards a healthier future. Rural Health Hub brings a culture of wellness by breaking down barriers to healthcare access through strategic partnerships, community engagement, and innovative solutions. From mobile health units bridging transportation gaps to health screenings, education, and outreach, RHH embodies resilience and compassion."

"U.S. Bancorp Impact Finance is committed to helping communities gain greater access to the resources they need to thrive," said William Carson, Vice President and Senior Business Development Officer. "Rural health disparities are often greater than those in more populous regions, and this unique collaboration with NCCU has the potential to significantly improve health outcomes."

Jonathan Ernst, Vice President Stonehenge Community Development, LLC, emphasized the collaborative approach to improving healthcare. 

"Stonehenge Community Development is proud of its work with USBIF and NCCU to address health inequities and provide access to critical care services," Ernst said. "This partnership allows NCCU to continue its rich legacy of service to underserved communities by providing the necessary tools and resources for individuals to navigate their pathway to better health."   

About Stonehenge Capital:

Founded in 1999, Stonehenge Capital is a nationally recognized Impact Investor focused on providing transformational capital to lower middle-market companies operating in underserved communities. Stonehenge, through its nationally recognized subsidiary Stonehenge Community Development, LLC, operates one of the largest and most successful New Market Tax Credit (NMTC) practices in the industry, managing more than $1.4 billion in federal and state NMTC financings to businesses based in underserved markets. In addition, the firm provides traditional debt and equity financing, through state-focused small business funds totaling over $400 million in assets under management. In 2020, Stonehenge raised a $224 million fund through the Small Business Investment Company program to provide senior term financing products to traditionally underserved businesses across the country.

Media contacts:

L'Quentus Thomas, [email protected] 

Jonathan Ernst, [email protected] 

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SOURCE Stonehenge Capital