Capital Impact Partners Helps Bring Innovative Skilled Nursing Care Model To Colorado
Leading Community Financial Development Institution Utilizes New Markets Tax Credits To Finance State’s First GREEN HOUSE® Project
Loveland, CO (October 21, 2014) – Capital Impact Partners, in partnership with the Loveland Housing Authority, today announced the opening of Colorado’s first ever GREEN HOUSE® Project facility. A radically new, national model for skilled nursing care, Green House homes are designed from the ground up to look and feel like a real home for 10-12 residents, returning control, dignity and a sense of well-being to elders and their families, while providing high-quality, personalized care.
In addition to spearheading the Green House Project nationally, Capital Impact Partners led the financing of this $17 million dollar project. This included the use of New Markets Tax Credits (NMTC), a federal tax credit subsidy program designed to help spur investment of capital in small businesses and commercial real estate located in communities of need. Without the use of NMTC allocations, which helped reduced borrowing costs, traditional financing for the Green House project would not have been possible.
“As a mission driven lender, this project fits well into our larger strategy to build strong, vibrant communities of opportunity for underserved populations. We are not only proud to help bring the Green House model to Colorado, but also the fact that a large percentage of the residents are Medicaid eligible,” said Terry Simonette, CEO of Capital Impact Partners. “It took a number of partners, and use of innovative tools like New Market Tax Credits to make this happen.”
Capital Impact Partners, a certified community development financial institution, further leveraged a two-million dollar grant from the Harry and Jeanette Weinberg Foundation, program related investments from the AARP Foundation and Robert Wood Johnson Foundation, a $2.5 million NMTC allocation and $3.4 million in tax credit equity from JPMorgan Chase, and a land donation by the Loveland Housing Authority.
Built on the campus of the Mirasol Senior Living Community in Loveland, this innovative alternative to the traditional nursing home features six separate 7,500 sq. foot homes with private rooms and bathrooms, combined with a family-like atmosphere of open common spaces. The Green House Homes at Mirasol are uniquely licensed together as one skilled nursing facility and able to serve elders requiring specialized twenty-four hour nursing care.
“From my own personal experience of trying to provide the best care for my parents, I discovered that aging in America presents many challenges. I knew that there had to be a better option than the traditional institutional models for elder care. There is. It’s called the Green House Project. As we began our vision-quest, we didn’t know how we were going to make this happen. We just knew it had to be done,” said Sam Betters, Executive Director, Loveland Housing Authority.
The Green House model is the vision of Dr. Bill Thomas, founder of The Eden Alternative and pioneer in rethinking America’s approach to Elder Care. Since 2003, 160 Green House homes have been built nationally, with Colorado representing the 27th state to adopt the model.
“These homes will help the Loveland Housing Authority meet a gap in its continuum of care-skilled nursing and allow Mirasol residents to remain a part of their existing community, deriving the benefits of receiving a higher level of care while still living independent and social lives,” said David Farrell, Director of Capital Impact Partners’ Green House Project.
The Loveland Housing Authority partnered with Capital Impact Partners’ Green House Project team to bring this new option for dignified elder care to Colorado. At the planning table facilitating years of planning and policy waiver approvals were the Colorado Department of Health Care Policy and Financing, Colorado Department of Public Health and Environment, Vivage Quality Health Partners – a Colorado-based long-term care management company, and many other local and national supporters.
“The Harry and Jeanette Weinberg Foundation has taken a lead funding role in the development of ‘culture change’ residences for older adults,” said Ellen M. Heller, Weinberg Foundation Board Chair. “The Green House Homes at Mirasol is a superb example of the Green House concept which permits older adults to have direct input in service planning about their daily lives. The Weinberg Foundation is pleased to have provided a $2 million capital grant for these six new homes in Loveland that represent a radical departure from traditional nursing homes.”
“Green House homes prove that Americans don’t have to give up dignity and respect as their health care needs change,” said AARP Foundation President Lisa Marsh Ryerson. “AARP Foundation is proud to help provide financial support to ensure that Coloradoans can live in a place that feels like home while receiving the care they need.”
The development created an estimated 72 construction jobs and 64 full-time jobs, many of them through the facility manager, Vivage Quality Health Partners.
“Through this exciting project, the Loveland Housing Authority is sending a resounding message across the great State of Colorado. That message is that our Elders deserve a life worth living, not one spent waiting to die,” said Nancy Fox, Chief Life Enhancement Officer at Vivage Quality Health Partners.
About Capital Impact Partners: Capital Impact Partners transforms underserved communities into strong, vibrant places of opportunity for people at every stage of life. We deliver strategic financing, incubate new social programs and provide technical assistance to help ensure that low to moderate income individuals have access to quality health care and education, healthy foods, affordable housing and the ability to age with dignity. A nonprofit community development financial institution, Capital Impact Partners has disbursed more $2 billion to revitalize communities over the last 30 years. Headquartered in Arlington, VA, Capital Impact Partners operates nationally with local offices in Detroit, MI and Oakland, CA. Read more at www.capitalimpact.org
About the Green House Homes at Mirasol The six Green House Homes at Mirasol each will be home to ten elders and feature a Colorado design with stone, wood, and natural colors. In addition to private rooms and baths, each home has a number of common spaces to encourage socializing, including a living room, dining room, kitchen, study, den, spa, screened porch, outdoor patio and outdoor gardens.
A central Administration building provides offices and a training/meeting space for the staff. Each house will have their own consistent team of staff, led by hands-on caregivers. More information can be found at www.mirasoleniorcommunity.com.
About Green House Project Homes A Green House home is created to foster the same feeling and experience you get from living in a real home. Each home is designed for 10-12 residents, with the comfort of each resident having a private room and private bathroom. Bedrooms surround warm open common areas including a hearth and living room area, a large open kitchen and dining area where meal preparation can be an observed and shared experience, and one large dining table where elders and staff enjoy meals together.
The Green House Homes transform skilled care from an institutional model to one of home. The Green House values of MEANINGFUL LIFE, REAL HOME and EMPOWERED STAFF have documented research that shows achievement of higher quality outcomes for elders and for staff. The Robert Wood Johnson Foundation provided the initial national grants to support research, marketing, and policy development for the new model. www.thegreenhouseproject.org.