Holyoke Medical Center (HMC) will expand its facilities and offer new services with a MassDevelopment financing package, including a New Markets Tax Credit allocation and a tax-exempt bond.

The tax credit, provided by the U.S. Treasury Department in order to expand private development in economically distressed communities, is for $10 million, and the bond is for $15 million.

The acute-care community hospital will use the financing to build a two-story addition that will house an emergency department on the first floor, and a weight and health-management clinic, sleep-care center and specialty outpatient services center on the second floor.

HMC expects to serve about 2,500 patients in the weight and health clinic, and about 1,000 patients in the sleep center. It expects to boost outpatient visits by 12,500 thanks to the specialty clinics.

“Community hospitals play a critical role in the Health Policy Commission’s efforts to achieve the commonwealth’s health care cost containment and quality improvement goals,” David Seltz, HPC executive director, said in a statement. “In making these vital investments, CHART hospitals were issued a challenge: propose initiatives that will put you on a path of transformation, while meeting critical health care needs of your community. Holyoke Medical Center met that challenge and we look forward to continuing to partner with them and the communities they serves to build a more coordinated and affordable health care system.”

HMC estimates the project will create 25 jobs and 70 construction jobs. People’s United Muni Finance Corp. purchased the bond and Chase was the New Markets Tax Credit investor.

HMC first opened its doors in 1893 as Holyoke City Hospital, and now covers more than 180,000 residents in Western Massachusetts, mostly from Holyoke, Chicopee, South Hadley, Granby, West Springfield and Easthampton. The 198-bed facility has 1,200 employees and admits more than 7,500 patients, while the emergency department has an annual volume of more than 45,000 visits.