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U.S. Bank Invests $5.6 Million to Build New Reno Health Clinic

RENO, Nev.--(BUSINESS WIRE)--Jun. 24, 2015-- U.S. Bank is investing $5.6 million in the construction of a new, nearly $20 million medical facility for the Northern Nevada HOPES clinic that will care for an additional 400 patients a month, including for the first time, primary pediatric care.

The clinic, which is operating out of a modular building at 580 W. Fifth St., is under construction now and is slated to be completed by December. The new 37,500-square-foot building will span three stories and be named for its benefactor “The Stacie Mathewson Community Wellness Center.”

“The new HOPES clinic will be Reno’s first integrated care facility, where patients will have access to a wide range of medical and wellness services in one location,” said HOPES CEO Sharon Chamberlain.

It will become a “medical home” for 10,000 patients a year, the vast majority of whom are low-income or homeless individuals. A medical home is akin to a traditional physician’s office where all non-urgent care begins and is coordinated.

HOPES performed a needs assessment of its area downtown and found that there is a tremendous shortage of medical providers (3,952 patients for every provider).

“Northern Nevada Hopes is vital to so many in the greater Reno area who struggle to access comprehensive and quality health care,” said Maria Bustria-Glickman, vice president of U.S. Bancorp Community Development Corporation. “U.S. Bank is proud to be part of the team that helped make this new clinic and expanded patient services possible for an organization that shares our mission of putting people first.”

The new space will house 42 exam rooms and allow HOPES to provide primary care for children for the first time. The site will also include radiology and diagnostic labs, infectious disease center, wellness center, pharmacy, community meeting room, basketball court to encourage fitness and a combination community vegetable and HIV-memorial garden.

The clinic expansion will generate 105 construction jobs, 43 new permanent positions and retain 52 existing jobs.

Stonehenge Community Development, Enhanced Community Development and Clearinghouse Community Development Financial Institution each provided state and federal New Markets Tax Credits to the project.

“Thanks to the support of U.S. Bank and New Markets Tax Credit partners (Enhanced Community Development, AI Wainwright, Stonehenge Community Development, and Clearinghouse CDFI), HOPES was able to bridge a significant budget gap through the NMTC program,” Chamberlain said. “U.S. Bank’s participation helped make this building project a reality, and it will help HOPES serve 400 more patients a month.”

U.S. Bank has invested $17 million in four projects in Nevada since late 2014 and anticipates additional investments this year. These developments will generate nearly 300 construction jobs and create or retain 225 permanent jobs.

About U.S. Bancorp Community Development Corporation
With nearly $14.5 billion in managed assets as of March 31, 2015, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.

About U.S. Bank
U.S. Bancorp (NYSE: USB), with $410 billion in assets as of March 31, 2015, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates 3,176 banking offices in 25 states and 5,022 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.

Source: U.S. Bank

U.S. Bank Corporate Communications
Shera Dalin, 314-335-3335

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