“But For” the NMTC Financing, the Overall Financing Cannot Otherwise Proceed

A Borrower must show that it cannot otherwise obtain a significant amount of its financing needs in the traditional marketplace.

Specifically, the “But For Test” is applied as follows: “but for” the receipt of the NMTC financing —

• the overall financing will not proceed;
• the project or operations will be significantly reduced in scope;
• the project or operations will be substantially delayed;
• there will be unrealized substantial community impacts; and/or
• the project or operations would not otherwise be located in a “Low-Income Community.”