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Examples of California NMTC Projects
New Markets Tax Credit (NMTC) projects leverage private capital to create jobs and provide positive environmental and community impacts in California's lowest income areas.
NMTC projects are located throughout the state. Here are short descriptions of four projects including the Desert Hot Springs Community Health and Wellness Center, Riverside County; a biofuels project at Point Loma Wastewater Treatment Facility, San Diego County; The Dream Center, Los Angeles County; and the San Pablo Community Center, Contra Costa County.
Below are three California NMTC projects, which have You Tube videos about thier funding and impact on the local community and state.
Clearinghouse CDFI provided a $3.8 million, upper-tier, leveraged loan and extensive technical assistance to make this project possible. Monarch Schools educates students impacted by homelessness. This transaction allowed Monarch Schools to expand its services from 150 to over 350 children in grades K-12.
This NMTC project modernized the Port of Hueneme, which retained $7 billion in trade business and 500 livable wage jobs. Clearinghouse CDFI provided $10 million of NMTC allocation for this $14.7 million project. Newly installed, shore-side electrical power will eliminate 230 tons of emissions annually from vessels docking at the port. Additionally, the Port will facilitate the distribution of 1.4 million pounds of fresh produce for a mobile pantry serving 45,000 low-income residents in surrounding food deserts.
This $18 million New Markets Tax Credit project will serve over 7,000 young woman and their families per year. The project was funded through the partnership of Clearinghouse CDFI, Banc of America CDE, LLC, USBancorp Community Development Corporation, & Northern California Community Loan Fund.