THE CHILDREN'S THERAPY CENTER RECEIVES $1.5 MILLION
FOR EXPANSION AND UPGRADES

(Trenton) The Children's Therapy Center (the "Center"), also known as the Cerebral Palsy Center of Bergen County, Inc. will begin $1,500,000 worth of expansion and upgrades, which will allow for an additional 38 children to participate in its school-based programs and another 40 children in its clinical programs.  The improvements are made possible through the help of the New Jersey Health Care Facilities Financing Authority (the "Authority"), a State organization that provides New Jersey's health care providers with access to low cost capital.

The Center is a 501(c)(3) organization that provides therapy and assistive technology evaluations and treatment, as well as educational programming for neurologically and physically impaired children and children with special needs.  The proceeds will be used to construct a 7,000 square foot addition, yielding new classrooms, expanded treatment areas, and a new parent waiting room and parent/staff conference room.  The proceeds will also be used to renovate the existing facility. 

The funds were issued through the Authority's Capital Asset Loan Program ("CAP"), which is designed to take advantage of bonds issued prior to the 1986 changes in the tax laws.  Loans under the program are continuously repaid, making fresh funds available for other health care organizations in need of capital. 

Authority Project Manager Suzanne Walton, calls the issuance "a real feel good project" in that the funds will go a long way to make a big impact on the Center's children. While the Authority's CAP loan will provide $1.5 million, the total projected cost of the project is $2.2 million, therefore, the Center embarked on a 3-year fundraising campaign. To date the Center has received approximately $500,000 in pledges and $300,000 in cash. 

The Authority is the primary issuer of municipal bonds for New Jersey's health care organizations. Created in 1972 by an act of the Legislature to provide not-for-profit health care providers with access to low-cost capital, the Authority's statutory powers were expanded in 1998 to include financing for all health care organizations or components thereof. During its 30-year history, the Authority has issued over $11 billion in bonds on behalf of over 140 health care organizations throughout the state.

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