Ochsner Baptist Medical Center
Project Highlights
| Location | New Orleans, Louisiana | Construction Start Date | 4th Quarter 2007 |
| NMTC Investment | $3.75 million | Total Project Cost | $25 million |
Project Summary
The redevelopment of Ochsner Baptist Medical Center (previously known as Memorial Medical Center) will bring much needed health care services and job opportunities back to New Orleans residents. Prior to Hurricane Katrina, health care was one of New Orleans´ largest employment sectors. Today, New Orleans has 16,800 fewer medical jobs than before the storm.
Only one of the city´ s seven hospitals is operating at pre-Katrina levels; two are partially open and four remain closed. This has created a critical shortage of medical care services available to New Orleans residents.
| Project attributes and Impacts | |
| Poverty Rate | 33.5% |
| Average Median Income | 59.7% |
| Unemployment Rate | 20.6% |
| Economic Output (Construction) | $15,000,000 |
| Employment (Construction) | 188 |
| Employee Compensation (Construction) | $4,878,818 |
| Combined State and Local Fiscal Impact (Construction) | $649,852 |
| Economic Output (Operation) | $109,201,080 |
| Employment (Permanent Jobs) | 991 |
| Employee Compensation (Operation) | $50,031,048 |
| Combined State and Local Fiscal Impact (Operation) | $4,469,866 |
New Markets Tax Credit financing will allow this hospital to partially re-open its facilities and continue to operate as the renovation of the remaining site is being completed.
Before Hurricane Katrina, the medical center treated more uninsured patients than any other private hospital in the region. With the investment made by the National New Markets Fund, and its Co-Allocatees, Ochsner Baptist Medical Center will redevelop over 1 million square feet of medical services space - incorporating into the facility a 100-bed surgical hospital, senior living facility, outpatient imaging center, radiation therapy center, and medical office buildings.
Ochsner Baptist Medical Center is located in the GO Zone in New Orleans in a census tract identified by FEMA as having experienced flooding and/or sustained extensive or catastrophic damage in the wake of Hurricane Katrina.
Additional Community Benefit:
- Working with the local Workforce Investment Board to recruit, train, employ low-income residents in onsite construction and long-term hospital employment opportunities
- Working to identify local women and minority subcontractors for construction opportunities through the Equal Business Opportunity Department of the New Orleans Office of Economic Development.
Project Financing Includes:
- State of Louisiana New Markets Tax Credits
- Below market interest rates
- Lower than standard origination fees
- Higher than standard loan to value ratios
- More flexible borrower credit standards
- Non-traditional forms of collateral
- No loan loss reserve requirements