Please ensure Javascript is enabled for purposes of website accessibility
Valley's Big Win. Treasury Awards $55M in New Market Tax Credits.
GV-Wire-1
By gvwire
Published 7 years ago on
February 22, 2018

Share

A Fresno-based group will receive $55 million in tax credits from the U.S. Treasury to help stimulate investment and economic growth in the Valley’s low-income urban neighborhoods and rural communities.
TJ. Cox, president and chief operating officer of the Central Valley New Market Tax Credit Fund, told GV Wire about the award Wednesday. It is the largest award in the fund’s history.
“This is a program that has shown to be the most effective economic development tool for disadvantaged places like the Valley,” Cox said. “And it pays for itself.
“For example, we are adding more healthcare clinics in the Valley. Not only do we help bring healthcare to where it’s needed, but we create career jobs, too.”

“This is a program that has shown to be the most effective economic development tool for disadvantaged places like the Valley.” — TJ Cox

230 Groups Apply, 73 Receive Awards

The group’s funding is part of $3.5 billion in New Market Tax Credits announced by the Treasury Department. The Fresno group was one of 73 applicants nationwide to receive the credits. The Treasury Department said that 230 groups sought tax credits totaling $16.2 billion.
“Today’s awards will finance projects ranging from large manufacturing plants that create jobs to critically needed infrastructure,” Treasury Secretary Steven T. Mnuchin said in a news release.  “I want to congratulate today’s award recipients for their outstanding work in improving distressed communities.”
It is estimated that the 73 award recipients will make more than $685 million in New Markets Tax Credit investments in non-metropolitan counties.


TJ Cox

Costa Helps Save the Tax Credits Program

Cox credited Rep. Jim Costa, D-Fresno, with helping save the New Market Tax Credits program when it was on the chopping block as part of the House Republicans tax-reform package.
“His advocacy was important,” Cox said.
The Central Valley New Market Tax Credit Fund, which also has a Modesto office, began in 2010. It received $35 million in credits from the competitive award process that year and $30 million in 2012.

The Fund’s Previous Projects

Some of the projects the fund previously partnered with include the Fresno Rescue Mission’s Rescue the Children Campus; health clinics in Sanger, Fowler, Parlier and Mendota; and a North Fork bioenergy plant.
For a complete list of the group’s previous projects, go to this link. 
You can read profiles of Cox and the fund’s advisory board of San Joaquin Valley leaders at this link.
Cox is a Democratic candidate challenging incumbent Rep. Jeff Denham (R-Turlock) in California’s 10th District.

DON'T MISS

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

World’s Largest Almond Processor Will Shutter Sacramento Plant. 600 Workers Impacted

DON'T MISS

Trump Eyes Major Funding Cuts for California, Including All Public Universities

DON'T MISS

Farming Regulation Costs Rise 1,300% Since 2006: Cal Poly

DON'T MISS

Southern California Air Regulators Weigh a Plan to Phase Out Gas Furnaces and Water Heaters

DON'T MISS

US Supreme Court Allows DOGE Broad Access to Social Security Data

DON'T MISS

Doctors Were Preparing to Remove Their Organs. Then They Woke Up.

DON'T MISS

Abrego Garcia Is Returned to US From El Salvador

DON'T MISS

Proud Boys Convicted in Jan. 6 Attack Sue Government on Claims of ‘Political Persecution’

DON'T MISS

FDA’s AI Assistant ‘Elsa’ Fails Its First Day on the Job

DON'T MISS

Documentary Series Goes Inside Trump’s Bubble

UP NEXT

Trump Eyes Major Funding Cuts for California, Including All Public Universities

UP NEXT

Farming Regulation Costs Rise 1,300% Since 2006: Cal Poly

UP NEXT

Southern California Air Regulators Weigh a Plan to Phase Out Gas Furnaces and Water Heaters

UP NEXT

US Supreme Court Allows DOGE Broad Access to Social Security Data

UP NEXT

Doctors Were Preparing to Remove Their Organs. Then They Woke Up.

UP NEXT

Abrego Garcia Is Returned to US From El Salvador

UP NEXT

Proud Boys Convicted in Jan. 6 Attack Sue Government on Claims of ‘Political Persecution’

UP NEXT

FDA’s AI Assistant ‘Elsa’ Fails Its First Day on the Job

UP NEXT

Documentary Series Goes Inside Trump’s Bubble

UP NEXT

Tulare County Gang Member Convicted of Trying to a Murder Police Officer

Southern California Air Regulators Weigh a Plan to Phase Out Gas Furnaces and Water Heaters

4 hours ago

US Supreme Court Allows DOGE Broad Access to Social Security Data

4 hours ago

Doctors Were Preparing to Remove Their Organs. Then They Woke Up.

4 hours ago

Abrego Garcia Is Returned to US From El Salvador

5 hours ago

Proud Boys Convicted in Jan. 6 Attack Sue Government on Claims of ‘Political Persecution’

5 hours ago

FDA’s AI Assistant ‘Elsa’ Fails Its First Day on the Job

5 hours ago

Documentary Series Goes Inside Trump’s Bubble

5 hours ago

Tulare County Gang Member Convicted of Trying to a Murder Police Officer

5 hours ago

Newsom Promises Funding to Jump-Start ‘Science of Reading’

6 hours ago

Feds Indict SoCal Hospice CEO for Medicare Fraud in Fresno and Kern Counties

6 hours ago

World’s Largest Almond Processor Will Shutter Sacramento Plant. 600 Workers Impacted

The world’s largest almond processor, Blue Diamond Growers, says it will close its Sacramento processing plant this year The almond co...

3 hours ago

3 hours ago

World’s Largest Almond Processor Will Shutter Sacramento Plant. 600 Workers Impacted

4 hours ago

Trump Eyes Major Funding Cuts for California, Including All Public Universities

4 hours ago

Farming Regulation Costs Rise 1,300% Since 2006: Cal Poly

5 hours ago

Southern California Air Regulators Weigh a Plan to Phase Out Gas Furnaces and Water Heaters

5 hours ago

US Supreme Court Allows DOGE Broad Access to Social Security Data

5 hours ago

Doctors Were Preparing to Remove Their Organs. Then They Woke Up.

6 hours ago

Abrego Garcia Is Returned to US From El Salvador

6 hours ago

Proud Boys Convicted in Jan. 6 Attack Sue Government on Claims of ‘Political Persecution’

Help continue the work that gets you the news that matters most.

Search

Send this to a friend