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VGMHC HOLDINGS, INC. (HOLDINGS) WAS FORMED IN 2024 AS A PUBLIC BENEFIT CORPORATION TO EXCLUSIVELY BENEFIT THE VIRGINIA GARCIA MEMORIAL HEALTH CENTER (THE CENTER). HOLDINGS WAS ESTABLISHED AS PART OF A NEW MARKETS TAX CREDIT (NMTC) TRANSACTION FOR THE CENTER'S NEWBERG WELLNESS CENTER PROJECT.THE NMTC PROGRAM IS A FEDERAL SUBSIDY PROGRAM FOR ECONOMIC DEVELOPMENT OF DEPRESSED AREAS. THE NMTC PROGRAM IS DESIGNED TO STIMULATE THE FLOW OF INVESTMENT CAPITAL INTO UNDERSERVED AREAS BY PROVIDING TAX CREDIT INVESTMENT IN A "LOW INCOME COMMUNITY," WHICH IS CLAIMED OVER A SEVEN YEAR CREDIT COMPLIANCE PERIOD. ON FEBRUARY 8, 2024, THE CENTER CLOSED A NMTC TRANSACTION OF APPROXIMATELY $25.2 MILLION TO DEVELOP ITS NEWBERG WELLNESS CENTER.
VGMHC HOLDINGS, INC. (HOLDINGS) WAS FORMED IN 2024 AS A PUBLIC BENEFIT CORPORATION TO EXCLUSIVELY BENEFIT THE VIRGINIA GARCIA MEMORIAL HEALTH CENTER (THE CENTER). HOLDINGS WAS ESTABLISHED AS PART OF A NEW MARKETS TAX CREDIT (NMTC) TRANSACTION FOR THE CENTER'S NEWBERG WELLNESS CENTER PROJECT.THE NMTC PROGRAM IS A FEDERAL SUBSIDY PROGRAM FOR ECONOMIC DEVELOPMENT OF DEPRESSED AREAS. THE NMTC PROGRAM IS DESIGNED TO STIMULATE THE FLOW OF INVESTMENT CAPITAL INTO UNDERSERVED AREAS BY PROVIDING TAX CREDIT INVESTMENT IN A "LOW INCOME COMMUNITY," WHICH IS CLAIMED OVER A SEVEN YEAR CREDIT COMPLIANCE PERIOD. ON FEBRUARY 8, 2024, THE CENTER CLOSED A NMTC TRANSACTION OF APPROXIMATELY $25.2 MILLION TO DEVELOP ITS NEWBERG WELLNESS CENTER.
VGMHC HOLDINGS INC cannot be rated because Charity Navigator has not received the public data required to create a star rating.
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