Roseland Medical Center
53.5% of area median income
Total Project Cost
$4,200,000 ($3.2 million from UDF and $1 million fom additional CDEs.)
UDF provided a $3.2 million interest-only loan for the construction of the center. An additional $1 million in loans was provided by other CDEs. The project received a rate that was below market, as well as a longer than standard period of interest-only payments.
Roseland Medical Center is located in the 111th and Wentworth Redevelopment Area, a zone that the City of Chicago has established in order to spur the development and rehabilitation of a depressed area of the City. This designation provides a reduced property tax rate for the next 12 years. The Roseland Medical Center is also located in a federally designated medically underserved area (MUA). MUA status is granted by the US Health Resources and Services Administration’s Bureau of Primary Health Care in recognition of a community’s dire need for additional medical personnel and services. In addition to being a medically underserved area, the area is designated as an SBA Hubzone and a CDFI Hotzone. It has a poverty rate of 28.5% and the median family income is only 53.5% of the area median income. The project created 50 full time jobs and 80 construction jobs.
The Roseland Medical Center provides much needed medical services to local residents. It will alleviate the congestion of non-emergency cases in the hospital, and provide convenient, local medical care for area residents. The project sponsor is working with Roseland Community Hospital to address the need for additional medical providers in the Roseland community through the development of the property.