The New Markets Tax Credit (NMTC) program targets debt and equity capital to businesses or organizations situated in low-income, economically distressed communities. This is a report on a diverse sample of five projects that utilized New Markets Tax Credits allocated early in the program's history. Its substantive purpose is to describe the characteristics, evolution, financial arrangements, and anticipated community impacts of the projects, while its methodological purpose is to explore the strengths and limitations of using in-depth, semi-structured telephone interviews with key project actors and stakeholders as a basis for generating data for a future evaluation of the NMTC program.