The U.S. Treasury Department has awarded a Central Valley community development fund with $30 million in tax credits to help finance commercial projects in low-income areas.
The Central Valley NMTC was one of 85 organizations nationwide to receive a chunk of the $3.5 billion tax credit allocation from the Treasury Department’s New Market Tax Credit program.
The Central Valley group – which serves Fresno, Madera, Kings and Merced counties – plans to use the money for health care, education and community development projects.
“NMTC transactions allow community-based organizations to develop greatly needed facilities in economically disadvantaged areas,” said TJ Cox, the Central Valley group’s president and chief executive officer. “This allocation provides us with a critical financing tool to continue delivering capital with consistency and efficiency in our communities that need it most.”
Since May 2012, the group has received $65 million from the federal program. Last year the credits were used to help the Fresno Rescue Mission renovate an old Fresno hotel into a 10-acre women and children’s facility and to renovate and build two health centers in Parlier and Mendota.