READING, PA (March 17, 2025) |
Finanta (formerly Community First Fund), proudly announces the combined allocation of $16.5 million New Markets Tax Credits (NMTC) to support the redevelopment of the Community Medical Campus and Annex at 131-145 N. 6th Street, Reading, PA. The project, led by Shuman Development Group, will revitalize the former Community General Hospital into a state-of-the-art full-service medical campus including a Federally Qualified Health Center, expanding healthcare services and creating hundreds of new jobs.
The project is broken down into two phases, the main campus, which closed in September 2024, and then the annex, which closed on March 13, 2025.
“Reading Community Medical is a testament to the impact innovative, collaborative funding has in revitalizing communities,” said Daniel Betancourt, President and CEO of Finanta. “Through this initiative we are expanding access to quality healthcare, jobs, and childcare. We are investing in the long-term wellbeing of the Reading community.”
Backed by Finanta’s NMTC allocation, Shuman Development Group is renovating and expanding the medical facilities in the main campus, alleviating critical healthcare and behavioral health gaps in Reading. With a combined square footage of over 200,000 square feet, there will be leased space for local business owners bringing new childcare centers, a pharmacy, a lab with radiology capabilities, a pediatric and dental clinic, nutritional and healthy food training, farmers market, and more to come.
The combined project cost for both phases (main campus and annex) is $22.3 million and is aimed at addressing the community’s lack of available and accessible qualified health and behavioral care for city residents. Finanta has allocated $8.5 million in federal tax credits for phase 1 (main campus) and $8 million for phase 2 (annex). The financing structure also includes federal tax allocations and investments from Wells Fargo (phase 1) and loans from Fulton Bank (phase 1 and 2). Additional support and investment provided by Commonwealth Cornerstone Group, Berks County Industrial Development Authority and Greater Berks Development Fund.
“Shuman Development Group is proud to partner with Finanta to secure the tax credits and financing to revitalize the last significant medical operation in downtown Reading,” said Alan Shuman, President of Shuman Development Group. “This investment helps secure continued medical services in downtown Reading and create hundreds of jobs and training opportunities to local residents.”
Healthcare and Economic Impact
- Expansion of medical services: Women’s health clinic, pediatric care, community pharmacy, mental health services, radiology, and dental facilities.
- Job creation: 100 new permanent jobs, 200 retained jobs, and 34 construction jobs, all paying a living wage.
- Community benefits: A new childcare center, Smiley Kids, which plans to serve up to 150 kids, from infant to 12 years old which will be open from 6 am – midnight.
- Support for vulnerable populations: Mental health services for veterans, youth and others.
- Economic boost: The project is expected to generate $1.3 million in new tax revenue and spur additional investment in surrounding businesses due to increased traffic to the facility.
