Montana & Idaho CDC awarded $90 million in federal New Markets Tax Credits
The U.S. Treasury Department has announced an award of $90 million in New Markets Tax Credits (NMTCs) to the Montana & Idaho Community Development Corporation (MICDC). MICDC is one of only four organizations to receive the largest award during this round of allocations, and the only one not working on a national level.
This is the seventh award MICDC has received since 2008 and brings its cumulative total to $430 million.
MICDC works with investors to turn New Markets Tax Credits into cash that can be used to finance business startups and expansions. MICDC also uses the tax credits to finance community facilities that serve low-income people.
Since 2009, MICDC has provided $322 million in tax credits to fund 26 projects in Montana and Idaho, including the Great Falls Rescue Mission?s new Cameron Family Center in Great Falls, Copper King Hotel in Butte, Universal Athletic Service headquarters in Bozeman, tribal government building on the Fort Peck Reservation in Poplar, Red Lion Inn & Suites in Polson, Western States Equipment Caterpillar facility in Pocatello, Golden Valley Natural jerky manufacturing facility in Shelley and Targhee Professional Offices medical facility in Rexburg.
U.S. Sen. Jon Tester and U.S. Sen. Steve Daines are both supporters of the NMTC Program.
"This job creating investment will help small businesses open their doors in the pockets of our state that need it the most," Tester said. "I have seen firsthand the important role New Market Tax Credits play in Montana’s economy, and I will continue to ensure that the folks at the Montana & Idaho Community Development Corporation are able to access this critical tool to help create jobs and increase economic activity."
"Through the New Markets Tax Credit we can continue to create good-paying jobs right here in Montana." Daines said. "I am pleased to see that MICDC has once again received this award and am excited to see what work the credits will make possible."
"Bringing this additional capital to Montana and Idaho is a great win for everyone," said Dave Glaser, President of MICDC. "Through New Markets Tax Credits, we’re able to fund projects that create jobs and build economic vitality in areas that really need it. We now have the opportunity to do more."
MICDC was awarded the tax credits after a highly competitive application process: 238 organizations requested $17.6 billion, but only 120 received allocations totaling $7 billion.
Altogether, the projects MICDC has funded with New Markets Tax Credits have created more than 2,300 permanent, quality jobs and more than 800 construction jobs, and have served the needs of over 17,500 low-income people.
In the coming year, MICDC is looking for high-impact projects greater than $4 million in size with a gap in financing to fund with its new NMTC allocation. Interested parties should contact Sarah Fitzgerald, NMTC Director, at 844-728-9234 ext. 251 or [email protected] to see if a project qualifies.
To learn more about the New Markets Tax Credits Program: https://mtcdc.org/loans/new-markets-tax-credits/
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