QALICB Representatives Online Survey

NewMarketsTaxCredit(NMTC)ProgramEvaluation

QALICBRepresentatives
OnlineSurvey
11/25/09
FIRST SCREEN
The Community Development Financial Institutions (CDFI) Fund of the U.S. Department of the
Treasury has contracted with the Urban Institute, a non-profit research organization based in
Washington, DC, to evaluate the New Markets Tax Credit (NMTC) program. As part of the
evaluation, the Urban Institute has commissioned Silber and Associates to survey a sample of
[firms / organizations] that received [loans / investments] involving New Markets Tax Credits.
Your [firm / organization] received a NMTC [loan / investment] in 200(X) from [CDE] that was
financed in part through the New Markets Tax Credit program.
Your participation. Your NMTC [loan / investment] was selected to be surveyed at random
from among all such [loans / investments]. The survey takes approximately 30 minutes. Your
participation is voluntary but very important and much appreciated. You can contribute to a
better understanding of how the New Markets Tax Credit program is working. If you do not
believe you are the best person in your [firm / organization] to respond to the questions,
however, please inform XX (email and phone) at Silber Associates.
The survey. The survey includes some questions about your [firm / organization], the nature of
the [loan / investment], and what the NMTC [loan / investment] resulted in. The survey is
neither an audit nor a compliance review related to the NMTC [loan / investment] and will have
no bearing on your (NMTC loan / investment] or any future such [loans / investments]. Rather,
the survey is an important source of information that will assist us in better understanding how
such [loans / investments] are structured and what they produce. To facilitate completion of the
survey, it may be helpful to gather any project financial statements or notes associated with this
[loan / investment].
Guarantee of confidentiality. Be assured that we will follow strict rules to protect your
confidentiality. The information you provide will be combined with information we receive from
all others who are surveyed, and neither your name, your [firm’s / organization’s] name, nor any
other identifying information will be passed along to the CDFI Fund or others, or cited or
reported in any way. The CDFI Fund will not know who is participating in this survey.
Questions or concerns. If there are technical or other difficulties in responding to this survey,
please contact Dr. Bohne Silber at Silber and Associates, xxxx. Also, you may contact Nancy
Pindus ([email protected], 202-261-5523) or Martin Abravanel ([email protected], 202261-5834) if you have general questions about the evaluation or concerns about your [firm’s /
organization’s] inclusion in the survey.
Thank you very much for your time and cooperation.

ThissurveyhasbeenapprovedbytheOfficeofManagementandBudget,asrequiredbythePaperworkReductionActof
1995,underOMBcontrolnumberXXXXXXXX,whichexpiresonXX/XX/XXXX.Thetimetocompletethisinformation
collectionisestimatedtobe30minutes,includingthetimetoreviewinstructions,searchexistingdataresources,gather
thedataneeded,andcompleteandreviewinformationcollection.Ifyouhaveanycommentsconcerningtheaccuracyof
thetimeestimateorsuggestionsforimprovingthisform,pleasewritetoU.S.DepartmentoftheTreasury,Community
DevelopmentFinancialInstitutionsFund,XXXXXXXXX,Washington,DCXXXXX.

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A. Organization Information
A1. Is your [firm / organization]…
a.
b.
c.
d.

A for-profit
A non-profit
A Tribal government
Other than the above (including governmental and quasi-governmental
organizations)

A2. What is the principal activity of your [firm / organization]? That is, what does your [firm /
organization] do or make? [Please check only one response.]
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
l.
m.
n.
o.
p.
q.
r.
s.

Real estate developer
Construction
Manufacturing
Transportation or warehousing
Wholesale trade
Finance and insurance
Scientific and technical
Information technology
Administrative, support, office/business services
Hotel or other accommodation, hospitality
Restaurant or food services
Performing arts, cultural, entertainment, recreation or other amenities
Child care
Educational services
Health care
Human and social services
Agriculture, forestry, fishing and hunting
Mining, utilities, energy
Other (Specify:________________________________________)

A3. Is your [firm / organization] currently operating?
a.
b.

Yes
No

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A4. [If (A3) currently operating = No] Why is your [firm / organization] no longer operating?
a.
b.
c.

The [firm / organization] was sold or merged with another [firm / organization]
The [firm / organization] could not financially sustain itself and dissolved/closed.
Other (Specify:________________________________________)

A6. [If entity structure = for-profit] Is your firm owned by people who are racial or ethnic
minorities? (greater than 50% ownership stake)
a. Yes
b. No
A7. [If entity structure = non-profit, tribal government, or other] Is your organization run and
managed by people who are racial or ethnic minorities?
a. Yes
b. No
A8. What was your firm’s or organization’s annual gross revenue or operating budget during the
12 month period prior to [month and year of loan / investment]? Please answer for the parent
firm or organization, rather than a special entity established only for this project. If your [firm /
organization] does not calculate annual gross revenue, please provide the operating budget.
$_______
___ Don’t know

A9. For the most recently completed calendar or fiscal year, what was your firm’s or
organization’s annual gross revenue? Please answer for the parent firm or organization, rather
than a special entity established only for this project. If your [firm / organization] does not
calculate annual gross revenue, please provide the operating budget.
$_______
___ Don’t know

A10. For the most recently completed calendar or fiscal year, what was the amount of your
[firm’s / organization’s] annual expenses? Please answer for the parent firm or organization,
rather than a special entity established only for this project.
$_______
___ Don’t know

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A11. For the most recently completed calendar or fiscal year, what was the amount of your
[firm’s / organization’s] total net assets? Please answer for the parent firm or organization,
rather than a special entity established only for this project.
$_______
___ Don’t know
A12. For the most recently completed calendar or fiscal year, what was the total amount of your
[firm’s / organization’s] outstanding loans? Please include the principal and interest owed on all
loans including mortgages, motor vehicle, equipment, capital leases, lines of credit, and credit
cards. Please answer for the parent firm or organization, rather than a special entity established
only for this project.
$_______
___ Don’t know

A13. Does your [firm/organization] have any tenant businesses or nonprofits (other than private
housing) that pay it rent?
a. Yes
b. No
c. Don’t know

A14. [If A14 = A] How many tenant businesses or nonprofits rent space from your [firm /
organization]?
__________________

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B. Project Financing
B1. What was your [firm’s / organization’s] overall objective when it obtained the New Markets
Tax Credit [loan / investment], including the immediate purpose for which the NMTC [loan /
investment] was used as well as the broader goal that the NMTC [loan / investment] helped to
support, if different. Select all that apply.
B1a. Business start-up—new business that did not previously exist
B1b. Expansion—to grow and provide new or more services/products
to at the same location
B1c. Relocation—to move to another physical address; distance is not
important, just that fact that the business moved.
B1d. New property development or purchase—to build or renovate a
workspace (offices, factories, warehouses, etc.) not previously
owned by the [firm / organization] which is used by your [firm /
organization] or sold or leased to others
B1e. Renovation/rehabilitation of own facilities—to modernize or
change the space (facilities) that the [firm / organization] currently
occupies
B4f. Equipment upgrades—to purchase new equipment or change
(retrofit) existing equipment associated with operating the
business. Equipment t can range from heating, ventilation and air
conditioning to walk-in cooler for a restaurant, to special tools
needed in particular manufacturing process.
B4g. Working capital or a line of credit
B4h. Other Specify
____________________________________________

Yes / No / DK
Yes / No / DK
Yes / No / DK
Yes / No / DK

Yes / No / DK

Yes / No / DK

Yes / No / DK
Yes / No / DK

B2. Project financing-public and private.
Our records show that the total project or activity amount associated with the NMTC [loan /
investment] was [$ total project amount], while the NMTC [loan / investment] amount was [$
NMTC loan / investment amount].
Please complete the following inventory of the sources and amounts of financing that comprised
this NMTC [loan / investment]. If your [firm / organization] received other loans or investments
prior to or subsequent to this financing, and you consider those funds substantially part of the
same overall use as the NMTC [loan / investment], please include that financing as well. If you
believe our records are not correct with respect to the total amount or the NMTC [loan /
investment] amount, please correct them below.
Sources can include: Federal funds such as (a) Rehabilitation Tax Credits (Historic Tax
Credits), (b) Community Development Block Grant (CDBG) funds, (c) other federal funding; (d)
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State Funds; (e) Local Funds including tax abatements or concessions, or Private Funds such
as (f) private loans from investors, (g) grants from foundations or other sources, or (h) downpayment / equity contributed by your [firm / organization].
Description
Source*

1.

Source of Loan, Grant, or
Investment

(select all that apply)
Grant

Line of
Credit

Term
Loan

Debt-like
equity

Equity

New Markets Tax Credits

Amount
($)

$

2. (if any)

$

3. (if any)

$

4. (if any)

$

5. (if any)

$

6. (if any)

$

7. (if any)

$

8. (if any)

$

9. (if any)

$

TOTAL:

$

Please use this space (if needed) for any explanations.

B3. As a result of this project being completed, would you say your firm is more or less
profitable than it would have been had it not been done?
a. Significantly more profitable
b. Somewhat more profitable
c. Just as profitable
d. Somewhat less profitable
e. Significantly less profitable
f. Nothing to compare this to—this was the first project
g. Don’t know

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B4. Please indicate if your [firm / organization] has taken any of the following steps since getting
the NMTC [loan / investment] in [month and year]…[select all that apply]
B4a. Changed loan terms to be more favorable because your
[firm / organization] had difficulty paying this loan

Yes

No

Don’t
Know

B4b. Restructured loan payments, including temporarily or
permanently changing interest rate or other work-outs
B4c. Were late making payments

Yes

No

Yes

No

Don’t
Know
Don’t
Know

C. Role of NMTCs
C1. At the time your [firm / organization] received the NMTC [loan / investment] in [month and
year], how easy was it to attract private capital to the neighborhood or area where the NMTC
[loan / investment] was used—for each type of business or use listed below? Your general
assessment is all we need.

C1a
C1b.
C1c.
C1d.
C1e.
C1f.
C1g.
C1h.

Type of business or use
Small businesses
Shopping centers
Grocery stores
Restaurants
Office buildings
Charter schools
Community health clinics
A [firm/organization] like yours

It was
very
easy

It was
somewhat
easy

It was
somewhat
difficult

It was
very
difficult

Don’t
know

C2. Before your [firm / organization] had considered the NMTC [loan / investment] in [month
and year], had you previously applied for conventional financing for the same purpose for which
you ultimately used the NMTC [loan / investment]?
Conventional financing refers to financing from a for-profit entity—such as a bank, a finance
company, or an equity investor—that provides funds for its businesses purposes without a
public subsidy, not because it has an economic-development mission.
a.
b.
c.

Yes
No
I don’t know

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C3-A [If No to C2]: What were the reasons you did not apply for conventional financing?
(Select all that apply)
a.
b.
c.
d.
e.

We did not think conventional financing was generally available
We did not think we qualified for or could get conventional financing; we thought we
would be rejected
The conventional financing was not sufficient
The NMTC financing had preferable rates or terms
Other (SpecifyÆ ____________________________________)

C3-B [If No to C2 and multiple answers on C3-A] Of the reasons you selected, which was the
main reason you did not apply for conventional financing?
a. We did not think conventional financing was generally available
b. We did not think we qualified for or could get conventional financing; we thought we
would be rejected
c. The conventional financing was not sufficient
d. The NMTC financing had preferable rates or terms
e. Other (SpecifyÆ ____________________________________)
C3-C. [If No to C2 and one C3-A response is B, the firm/organization did not think it qualified for
conventional financing and/or would be rejected]: What was the main reason you believed your
[firm / organization] would have been denied conventional financing for this project?
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
l.
m.
n.
o.

We had insufficient collateral
There was no guarantee available
The loan would be considered too large
The loan would over-concentrate institutional portfolio (the lender already has too
many similar loans on its books)
The lending institution doesn’t like to make loans of this type
Our credit history
Our poor balance sheet, financial situation
Our ability to repay was questionable
Our firm/organization had not been in business/operation long enough
We had a large amount of outstanding loans
We were overextended—too highly leveraged or too little equity
The location of our project was not desirable
Likely arbitrariness or personality conflict on the part of lenders
Likely prejudice or discrimination on the part of lenders
Other: Specify _______________________________

C4. [If C2 = Yes previously had applied for conventional financing]: At that time, was your [firm /
organization] approved or rejected for conventional financing for the same project for which you
used the NMTC [loan / investment]?
a. We were approved
b. We were rejected
c. I don’t know

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C5. [If (C2-A) response is A, approved for conventional financing]: What were the reasons you
preferred the NMTC [loan / investment] to the conventional financing? Select all that apply.
C5-A.
C5-B.
C5-C.
C5-D.
C5-E.
C5-F.
C5-G.
C5-H.
C5-I.
C5-J.
C5-K.

Less equity required to be provided to the project
with the NMTC financing
Less collateral required with the NMTC financing
Higher loan to value ratio allowed with the NMTC
financing
More flexible credit standards with the NMTC
financing
Lower debt service coverage ratio with the
NMTC financing
Lower loan loss reserve requirement with the
NMTC financing
Lower interest rates required with the NMTC
financing
Longer maturity terms with the NMTC financing
More generous equity investment terms with the
NMTC financing
Lower origination or other fees with the NMTC
financing
Other Æ Specify _________________________
_______________________________________

Yes

No

Don’t know

Yes
Yes

No
No

Don’t know
Don’t know

Yes

No

Don’t know

Yes

No

Don’t know

Yes

No

Don’t know

Yes

No

Don’t know

Yes
Yes

No
No

Don’t know
Don’t know

Yes

No

Don’t know

Yes

No

Don’t know

C6. [If (C2-A) response is A, approved for conventional financing and multiple C5 YES
responses selected]: What was the main reason you preferred the NMTC [loan / investment] to
the conventional financing? [NOTE: answer choices will be based on yes responses to C5]
a. Less equity required to be provided to the project with the NMTC financing
b. Less collateral required with the NMTC financing
c. Higher loan to value ratio allowed with the NMTC financing
d. More flexible credit standards with the NMTC financing
e. Lower debt service coverage ratio with the NMTC financing
f. Lower loan loss reserve requirement with the NMTC financing
g. Lower interest rates required with the NMTC financing
h. Longer maturity terms with the NMTC financing
i. More generous equity investment terms with the NMTC financing
j. Lower origination or other fees with the NMTC financing

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C7-A. [If (C4-A) response was B, rejected for conventional financing]: What were the reasons
why your [firm / organization] was rejected for conventional financing? Select all that apply.
a.
b.
c.
d.

We had insufficient collateral
There was no guarantee was available
The loan we asked for was too large
The loan would over-concentrate our institutional portfolio (the lender already has
too many similar loans on its books)
e. The lender we went to doesn’t like to make loans of this type
f. Our credit history
g. Our poor balance sheet and/or financial situation
h. Our ability to repay was questionable
i. We had not been in business/operating long enough
j. We had a large amount of outstanding loans
k. We were overextended—too highly leveraged, or too little equity
l. The location of where we wanted to use the loan was not desirable
m. Arbitrariness and/or personality conflict by the lender
n. There was prejudice or discrimination against us by the lender
o. Other: Specify _______________________________
p. I don’t know
C7-B. [If (C4-A) response was B, rejected for conventional financing and multiple C7-A
responses selected]: What was the main reason why your [firm / organization] was rejected for
conventional financing? [NOTE: answer choices will be based on yes responses to C7-A]
a.
b.
c.
d.
e.
f.
g.
h.
i.
j.
k.
l.
m.
n.
o.
p.

We had insufficient collateral
There was no guarantee was available
The loan we asked for was too large
The loan would over-concentrate our institutional portfolio (the lender already has
too many similar loans on its books)
The lender we went to doesn’t like to make loans of this type
Our credit history
Our poor balance sheet and/or financial situation
Our ability to repay was questionable
We had not been in business/operating long enough
We had a large amount of outstanding loans
We were overextended—too highly leveraged, or too little equity
The location of where we wanted to use the loan was not desirable
Arbitrariness and/or personality conflict by the lender
There was prejudice or discrimination against us by the lender
Other: Specify _______________________________
I don’t know

Next, please consider what would likely have happened had your [firm / organization] not
received the NMTC [loan / investment].

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C8. If your [firm / organization] did not get the NMTC [loan / investment] from [CDE] in [month
and year], could you have obtained other financing to replace the NMTC [loan / investment]
financing?
a. No, this was the only financing available
b. Yes, other financing was available to my [firm / organization] at roughly the same rates
and terms, and on roughly the same time schedule
c. Yes, other financing was available to my [firm / organization] at roughly the same rates
and terms, but the project would have been substantially delayed
d. Yes, other financing was available to my [firm / organization] but with less favorable
rates or terms
e. Other: Specify _______________________________
f. I don’t know
C9. [If (C7) response was b, c, or d, other financing was available]: What is the main source of
financing you could have obtained to replace the NMTC [loan / investment]?
a.
b.
c.
d.
e.
f.
g.

Conventional (private) financing
Grant funding or other fundraising
Local government-related financing
State government-related financing
Federal government-related financing
Other: Specify _______________________________
I don’t know

C10. Based on your assessment at the time the project began, rather than your understanding
of how the project has performed to date, how likely is it that your project could have proceeded
…
Very likely
to have
proceeded
C10A

C10B

Somewhat
likely to
have
proceeded

At about the same
location as it did had
the NMTC [loan /
investment] not been
available?
Within one year of
when it did had the
NMTC [loan /
investment] not been
available?

11

Somewhat
unlikely to
have
proceeded

Very
unlikely to
have
proceeded

Don’t
know

NMTC Evaluation
QALICB Survey
C11. Please indicate whether the cost of capital would have been greater if you had not
received the NMTC [loan / investment] and had instead received conventional financing. Select
all that apply.
C5-A.

Yes

No

C5-B.

More equity required to be provided to the
project
More collateral required

Yes

No

C5-C.

Lower loan to value ratio allowed

Yes

No

C5-D.

More flexible credit standards

Yes

No

C5-E.

Higher debt service coverage ratio

Yes

No

C5-F.

Higher loan loss reserve requirement

Yes

No

C5-G.

Higher interest rates required

Yes

No

C5-H.

Shorter maturity terms

Yes

No

C5-I.

Less generous equity investment terms

Yes

No

C5-J.

Higher origination or other fees

Yes

No

C5-K.

Other Æ Specify _________________________ Yes
_______________________________________

No

Don’t
know
Don’t
know
Don’t
know
Don’t
know
Don’t
know
Don’t
know
Don’t
know
Don’t
know
Don’t
know
Don’t
know
Don’t
know

The next questions deal with the effects of your use of the NMTC [loan / investment].

D. Real Estate
D1. Did you use any portion of your NMTC [loan / investment] to build or rehabilitate commercial
or residential units?
a. Yes
b. No [Skip to section E]
c. Don’t know

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D2. [If (E1) Yes or Don’t Know] Please complete each of the questions below with separate
figures for any commercial and residential units developed.
Commercial
D2a.
D2e.

D2b.
D2c.
D2d.
D2f.
D2g.

Residential

Number of units
Number of units expressly for low-income
individuals or families rented or sold at below
market rates
Number of Separate Tenants
Total square footage
Average asking rent or price per square foot
Number of units currently vacant
Number of square feet currently vacant

D3. How would you assess the extent and quality of improvement in the exterior appearance,
streetscape, or façade of the developed property?
a. Major improvements
b. Minor improvements
c. No improvements
d. Don’t know
D4. How would you assess the extent and quality of improvement in the exterior appearance,
streetscape, or façade physical in properties surrounding the property you built or
rehabilitated?
a. Major improvements
b. Minor improvements
c. No improvements
d. Don’t know
D5. Is the property you built or rehabilitated LEED Certified by the U.S. Green Building Council?
a. Yes
b. No
c. Don’t know

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E. Access to Services
E1. Did the project that used the NMTC [loan/investment], provide, improve access to, or
improve the quality of …
E1a.
E1b.
E1c.
E1d.
E1e.
E1f.
E1g.
E1h.
E1i.
E1j.

Grocery stores?
Shopping, restaurants, laundry, or gas
stations?
Public libraries?
Parking lots or garages?
Public transportation (bus, rail)?
Banking, financial services / products?
Elementary or secondary schools?
Higher education facilities/opportunities?
Parks, open spaces, playgrounds, recreation
centers?
Arts and cultural institutions, museums?

Yes
Yes

No
No

Don’t know
Don’t know

Yes
Yes
Yes
Yes
Yes
Yes
Yes

No
No
No
No
No
No
No

Don’t know
Don’t know
Don’t know
Don’t know
Don’t know
Don’t know
Don’t know

Yes

No

Don’t know

E2. Did the project that used the NMTC loan/investment provide, improve access to, or improve
the quality of …
E2a.
E2b.
E2c.
E2d.

Health care?
Employment training centers?
Childcare centers?
Any other services? (Specify______________)

14

Yes
Yes
Yes
Yes

No
No
No
No

Don’t know
Don’t know
Don’t know
Don’t know

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F. Employment
Next we’d like to ask you about jobs that are associated with your [firm / organization] as they
relate to your use of the NMTC [loan / investment] financing. If you don’t know exact figures,
your best estimates will be fine.
Unless otherwise noted, use the following definitions:
x

Do not include temporary, seasonal, or construction employees in your calculations.

x

Full-time employees work 35 hours or more per week.

x

Hours for part-time employees should be combined to the equivalent of full-time
employees—i.e., two 17.5 hour per week employees would equal one full-time
employee.

F1. At the time you initiated the NMTC [loan / investment] in [month and year], about how many
employees—including owners—worked for your [firm / organization] and any tenants during a
typical pay period?
____________positions at your firm
____________positions at your tenants
___ Don’t know
F2. About how many employees—including owners—work for your [firm / organization] and any
tenants during a typical pay period this year?
____________positions at your firm
____________positions at your tenants
___ Don’t know
F3. Did you expand your [firm’s / organization’s] number of employees, or did any tenants
expand their number of employees, as a result of the NMTC [loan / investment]—that is, once
the activity you took on as a result of the NMTC [loan / investment] had time to get up and
running?
Do not count any employees you kept on who might otherwise have been let go had the NMTC
[loan / investment] activity not taken place.
a. Yes
b. No
c. Don’t know

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F4. [If new hires = yes] About how many new positions did you and your tenants create as a
direct result of the NMTC [loan / investment] activity?

Permanentpositionswithyourorganization___________________________________
Temporary,Seasonalpositionswithyourorganization__________________________
Constructionjobs___________________________________
Positionsattenants(pleaseprovideyourbestestimate)_____________________
___ Don’t know

F5. About how many of the new positions that you created as a direct result of the NMTC [loan /
investment] do you still employ today?

Permanentpositions_________________________________________
Temporary,Seasonalpositions_________________________________
Constructionjobs____________________________________________
Positionsattenants(pleaseprovideyourbestestimate)_____________________
___ Don’t know

F6. Did you keep on any positions which might otherwise have been let go had the project
funded by the NMTC [loan / investment] not taken place?
a. Yes
b. No
c. Don’t know

F7. [If (D6) kept jobs = yes] About how many positions did you keep on as a result of the NMTC
[loan / investment]?

Permanentpositions_________________________________________
Temporary,Seasonalpositions_________________________________
Constructionjobs____________________________________________
Positionsattenants(pleaseprovideyourbestestimate)_____________________
___ Don’t know

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F8. [If (D6) kept jobs = yes] About how many of the positions you kept on as a result of the
NMTC [loan / investment] do you still have today?

Permanentpositions_________________________________________
Temporary,Seasonalpositions_________________________________
Constructionjobs____________________________________________
Positionsattenants(pleaseprovideyourbestestimate)_____________________
___ Don’t know

F9. [If jobs created or kept for your business > 0] About what percent of the permanent
employees holding the newly created and kept positions today at your [firm / organization] or
your tenants are residents of the neighborhood in which your NMTC [loan / investment] was
used?
_______%
___ Don’t know

F10. [If jobs created or kept for your business > 0] Roughly how many of these newly created
and kept permanent positions earn the following wages.
Count each full-time position as 1 and represent part-time positions as fractions of 1.
x

Entrylevel/lowwage_______%

x

Midlevel_______%

x

Management/professional_______%

x

Other_______%

[If jobs created or kept > 0] Thinking across all the permanent positions that were newly
created and/or retained by the NMTC [loan / investment] what percentage…
Percentage Don’t know
F11
F12

Were eligible for health insurance offered by your [firm /
organization]?
Were eligible for paid sick leave?

F13

Were eligible for a pension or matched savings plan?

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NMTC Evaluation
QALICB Survey
Next we would like to ask you about business outcomes of your [firm / organization] as a result
of the NMTC [loan / investment].
F14. Did your use of the NMTC [loan / investment] help to finance the start-up of any small
business or businesses?
a. Yes
b. No
c. Don’t know

F15. [If start-up = yes] How many small businesses received start-up financing?
________businesses
___ Don’t know

F16. As a result of your use of the NMTC [loan / investment], did your [firm / organization] or
your tenants pay more in taxes to the city or county where you used the use of the NMTC [loan /
investment]?
a. Yes
b. No
c. Don’t know

F17. [If (F32) response is a, Yes]: What is your best estimate of the increased amount your
[firm/organization] and your tenants pay in taxes to the city or county where the project is
located as a result of your use of the NMTC [loan / investment]? That is, how much more in
dollars do you pay now annually?
$______Additional sales tax
$______Additional payroll tax
$______Additional individual income tax
$______Additional corporate tax
$______Additional property tax
$______Additional other taxes (specify)
_______Don’t know

18

NMTC Evaluation
QALICB Survey
G. Indirect Outcomes
Please assess whether the use your [firm / organization] made of the NMTC [loan / investment]
also resulted in any of the following effects on the area surrounding where it was used—effects
that were not directly part of your use of the NMTC [loan / investment].

Strong
evidence
of a
positive
effect
G1

G2

G3

G4

G5

G6

G7

Possible,
but not
strong
evidence
of a
positive
effect

New businesses have
been created in the
surrounding area as a
result of our NMTC
[loan / investment
Businesses in the
surrounding area
have expanded as a
result of our NMTC
[loan / investment
(employment or
revenues)
Property values have
increased in the
surrounding area as a
result of our NMTC
[loan / investment
Green development
has been built in the
surrounding area as a
result of our NMTC
[loan / investment
Human and social
services have
expanded or
improved in the
surrounding area as a
result of our NMTC
[loan / investment
Amenities or
community facilities
have expanded or
improved in the
surrounding area as a
result of our NMTC
[loan / investment
Infrastructure has
improved in the
surrounding area as a
result of our NMTC
[loan / investment

19

No
evidence
of any
type of
effect

Possible,
but not
strong
evidence
of a
negative
effect

Strong
evidence
of a
negative
effect

Don’t
know

NMTC Evaluation
QALICB Survey

G8

G9

G1
0

The surrounding area
has been beautified
as a result of our
NMTC [loan /
investment
Tax revenues have
increased for the local
jurisdiction as a result
of our NMTC [loan /
investment
There have been
other effects resulting
from our NMTC [loan /
investment (Specify
_____
_______________

G11. Are there other important positive effects of your [firm / organization’s] use of the NMTC
[loan / investment] that have not been addresses in this survey?
a. Yes
b. No
c. Don’t know
G12. [If (G11) response is a, yes]: Please describe these effects.
____________________________________________________________________________
____________________________________________________________________________
G13. Did the use your [firm / organization] made of the NMTC [loan / investment] result in any
adverse effects on the area surrounding where it was used (e.g.. other business were closed,
residents were displaced, etc. )?
a
b
c

Yes
No
Don’t know

G14. [If (G13) response is yes]: What are they?
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________

THANK YOU
20