Ponce Health & Sciences University receives $49 million loan

2023-09-17 21:57:51

Funds come from the Economic Development Investment Portfolio program of CDBG-DR funds

By the editorial staff of Sin Comillas

Ponce Health & Sciences University (PHSU) received a $49 million loan from the Economic Development Investment Portfolio Program (IPG) with Post Disaster Community Development and Economic Revitalization (CDBG-DR) recovery funds. . The $49 million is part of a total investment of $127.5 million in a project to expand the institution’s operations.

The project also has $52.2 million in additional financing from Oriental Bank, $7.35 million from New Market Tax Credits and a contribution from PHSU itself of $19 million. The PHSU expansion projects will last between 24 and 36 months and include the acquisition and installation of equipment and the construction of a new school. The construction phase of the project will generate approximately $250 million in economic activity and create 2,533 direct, indirect and induced jobs.

The IPG program financing will be divided into two loans; the first for the amount of $16 million for the acquisition and installation of equipment for its new academic center and the second for $33.9 million to supplement the investment in the construction of the Dental School.

The IPG program, which has an allocation of $800 million, provides financing to entities that promote the revitalization of Puerto Rico through commercial, industrial, job creation, and socioeconomic growth activities on the Island.

Governor Pedro Pierluisi explained that “we are investing the federal funds we have strategically, putting the best interests of Puerto Rico above all else. And what better way to promote the recovery of our Island and promote our sustainable economic development than by ensuring the excellent preparation of our medical professionals.”

Founded in 1977, Ponce Health & Sciences University (PHSU), originally known as the Ponce School of Medicine and Health Sciences, offers degrees in Medicine, Clinical Psychology, Biomedical, and Public Health.

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