Eligibility & Project Guidelines
Project Submittal Instructions
The Central Valley NMTC Fund, LLC (CVNMTC) is pleased to have received multiple New Markets Tax Credits allocations totaling $145 million. As the only allocatee headquartered in the Central Valley, CVNMTC is tasked with ensuring these limited resources are provided to the most impactful projects. Potential borrowers are requested to describe and document the community, social, economic, and environmental benefits anticipated by the project.
Each project considered is evaluated on its merits by CVNMTC staff, its consultants, and the CVNMTC Advisory Board. Specific focus points are job creation, community benefit, economic benefit, and the ability of the sponsor/developer to bring the project to realization. Detailed responses will help CVNMTC quantify and assess the anticipated community benefits and create a more compelling application to the CDFI Fund for additional allocation. To be considered, please download and complete our Intake Form. Once completed, email the Intake Form along with the supporting documentation (up to 10MB) to email@example.com.
- Project Contact, name, title, company, phone, email
- Project Sponsor/Developer
- Project Description — location, physical description, land area, etc. Include any photos, drawings, site plan, renderings, etc.
II. Executive Summary
Please provide a 1–2 page executive summary of the Project
III. Community Impact
Please describe and specifically quantify the positive community impact based on the NMTC program’s objectives:
- Job creation or retention
- Increased wages or wealth creation for residents of low-income communities
- Assisting businesses owned by low-income persons or providing goods or services to residents of low-income communities
- Assisting minority or women-owned businesses or businesses that provide childcare, health care, educational or other benefits
Address the following questions and provide any supplemental information to assist in evaluating the community impact. Issues to address should include the following:
- Is the project’s developer active in revitalization projects beyond the subject project?
- Do they have a track record of being a first mover in revitalizing communities?
- Are they likely to do other revitalization deals?
- Do they put their own capital or developer profit at risk?
- Is this project part of a larger, comprehensive revitalization plan sponsored by local government planners and/or local economic development groups? If so, is this one of the first projects in the plan (catalytic), or is it a project created due to the success of other trailblazing projects in the neighborhood?
- Does the project have explicit government subsidies as a part of its capital or operating plan (i.e., grants or tax abatements) that demonstrate the commitment of the governmental unit?
- Is the project creating new jobs that can be filled by residents of the project’s specific or neighboring low-income community as distinct from importing workers from other communities?
- Will the project provide vital community services to residents of the low-income community (grocery store where one doesn’t exist, daycare for workers in the area, cultural venue, etc.)?
- Please describe and quantify community impact (e.g., patients served, daycare slots, and so on).
Does the project provide space for locally-owned, minority, or women-owned businesses or nonprofit tenants? Is there an explicit set aside for such tenants?
IV. Social/Economic Impact
Please describe and specifically quantify the social and economic benefits that will be realized by a NMTC investment. These benefits would, or could, include an increase in goods and services made available to a low-income community, the creation of well-paying permanent jobs, economic catalytic effects of a project and so on. Address the following questions and provide any supplemental information that would assist in evaluating the social and economic impact.
- Please provide an analysis of goods and services currently available in the market and discuss the need/niche being met by the proposed project.
- Discuss the characteristics of the population receiving the goods and services provided.
- If applicable, discuss the tenants to occupy the project. Please discuss the nature of the business and its status (identified/committed/perspective?)
- Please discuss in detail the number and type of jobs being created. For example, are new jobs living wage opportunities receiving health care benefits or low-wage positions? Please discuss and quantify both construction and permanent job opportunities.
- Please describe how the project will be catalytic to the community bringing additional investment/commerce/revitalization to the area outside of the specific project.
- Please discuss other factors not previously discussed demonstrating the need to the community.
- Please provide any third-party information, such as new articles, market or other studies, etc., that evidence the need for the project.