College of Our Lady of the Elms, a small liberal arts college in Chicopee, formally dedicated its new Center for Natural and Health Sciences (CNHS) on Friday, Oct. 18.

The facility was financed with $12 million in New Markets Tax Credit financing from Massachusetts Housing Investment Corp., with PeoplesBank and United Bank as investors. Financing for the project also came from a capital campaign and from tax-exempt bond proceeds lent to Elms College by a consortium of local banks, led by Chicopee Savings Bank.

The 22,000-square-foot facility includes lecture halls, computer information technology laboratories, biology and chemistry laboratories and a nursing skills and simulation laboratory.

Elms College broke ground for the CNHS in June 2012. Classes in the new building will commence in January 2014.