How Central Valley New Market Tax Credit Fund has Changed Disadvantaged Communities for the Better
By T.J. Cox
Central Valley New Market Tax Credit Fund was founded by T.J. Cox in 2011 in Fresno, California with one goal in mind—to give back to disadvantaged communities throughout the Central Valley.
Their mission is simple: Facilitate projects that promote health, job creation, community and environmental benefits across our region.
Starting from a single dollar in 2011, Central Valley NMTC founder TJ Cox has now invested over $65 million into projects that has helped communities throughout the Central Valley in various ways, focusing on the most highly distressed census tracts.
One of their many projects did just this. They provided financial assistance to a community that has a 42.7% poverty rate and a 24.4% unemployment rate. This was The Fresno Rescue Mission’s Rescue the Children Campus.
The Fresno Rescue Mission is a 501(c)(3) non-profit that serves impoverished families and neglected and abused children in the Central Valley. Central Valley
NMTC provided financing for construction and working capital to operate the facility.
The Fresno Rescue Mission’s Rescue the Children Campus project helped create 96 construction jobs, 12 permanent jobs averaging over $58/hr in wages & salaries plus health insurance, retirement benefits and educational assistance, and provided at-risk women and children over 40,000 bed nights and 75,000 meals annually.
By doing this, local governments have saved over $2 million per year in offset social service costs.
Not only does Central Valley NMTC focus on helping out the community, but they also focus on helping out the environment in the cleanest way possible.
North Fork is a small rural community with an unemployment rate of three times the national average. The North Fork community—with assistance from the local Forest Service District—redeveloped the vacant Brownfield mill site to operate the nation’s first forestry-fueled biomass plant. Central Valley NMTC provided financing for construction, equipment and working capital.
The North Fork Bioenergy Plant project created 35 construction jobs, 8 permanent jobs that pay a living wage plus benefits, and a reduction of 1,300 tons of carbon dioxide annually.
“We love being able to give back and help out these disadvantaged communities through job creation, community services, health care and education,” said T.J. Cox, Founder of Central Valley NMTC Fund. “By doing this, we hope these projects will continue to stimulate and boost their economy for years to come.”
One of those projects that will thrive for years to come is the opening of United Health Care Centers of the San Joaquin Valley’s Sanger and Fowler Health Clinics.
United Health Centers deliver approximately 200,000 medical, dental and other service encounters annually. The ethnic composition of the patients served by the centers is 91% Hispanic, 1% Black, 7% White and 1% other, and United Health Centers provides services to patients without insurance on a sliding-fee-scale, based upon their ability to pay.
Central Valley NMTC financing was used for construction, equipment, furnishings and supplies, creating a huge impact on the community.
They targeted hiring efforts to low-income persons and residents of low-income communities, created 90 construction jobs, 78 permanent jobs that pay an average of $38.40/hr in wages and benefits, and will provide over 48,000 healthcare appointments to 12,500 patients annually.
Central Valley NMTC has been transforming communities in the Central Valley for over seven years now, and they are just getting started. Their projects have created over 1,500 jobs in low income and high unemployment areas.
The future relies on the resiliency and resources of Central Valley communities, and Central Valley NMTC is proud to support and help finance dreams for years to come.