Costa and Central Valley NMTC Announce $55 Million for San Joaquin Valley Investment
Fresno, CA – Today, Congressman Jim Costa (CA-16) joined the Central Valley NMTC Fund, LLC in announcing a $55 million award to Central Valley NMTC through the federal New Markets Tax Credit (NMTC) program. The NMTC program is a federal economic development tool designed to encourage private investment into economically-distressed and underserved communities by providing tax credits for private investment in Community Development Entities. These investments help finance community development projects, spur economic growth, and create jobs for the local community.
“Securing this award is a major victory for our region's economy and future generations of Valley residents," said Rep. Costa. "This funding will further spur economic development in the heart of our Valley while creating high-paying jobs over the short- and long-term. As we work to improve our economy, I will continue to fight so our Valley sees a fair return on the tax dollars we send to Washington. This will improve our health care, create more jobs, and lead to other projects in our Valley that would otherwise not be funded. This is a good example of public-private partnerships that otherwise would not happen.”
"Congressman Costa has been an outstanding advocate for the NMTC program. He understands what it takes to create jobs and opportunity here in the Valley,” said TJ Cox, President of Central Valley NMTC Fund, LLC. “This award of NMTC allocation will allow us to finance projects that result in the highest community development outcomes. This means more access to health care and education, job creation, community services, and increased housing opportunities.”
Since 2011, Central Valley NMTC has received a total of $120 million in NMTC funds. Projects in the Valley financed through the NMTC program include the United Health Centers (UHC) of the San Joaquin Valley health clinics in Mendota, Parlier, Sanger, and Fowler as well as the Rescue the Children Campus of the Fresno Rescue Mission. With the recently awarded $55 million grant, Central Valley NMTC has planned investments for projects across the Valley, including building UHC health clinics in Selma, Lemoore, and Huron and relocating the Darling Rendering Plant that currently stands in Southwest Fresno.