RDP Receives $65 Million in NMTC Authority to Help Revitalize Rural America

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Sep 19, 2024, 16:44 ET

FOREST CITY, Iowa, Sept. 19, 2024 /PRNewswire/ -- Rural Development Partners (RDP) was awarded $65 million in New Markets Tax Credit (NMTC) authority from the U.S. Treasury's CDFI Fund. This is RDP's thirteenth NMTC award since the company's inception in 2004 totaling $816.7 million. RDP has financed 50 projects to date, spurring economic growth, food access, and quality accessible jobs in underserved rural communities nationwide.

"We are thrilled to be selected to deploy NMTC allocation from the CDFI Fund for the fifth consecutive year. The success of this program has been immense, and we're proud to contribute to the catalytic impact across the nation as a result of the work we're doing at RDP. The program is up for renewal next year with the potential of permanency. We encourage those who feel so inclined to urge their state legislators to support this vital program for revitalizing the under-served areas of the country." – Dan Helgeson, CEO of Rural Development Partners.

Since established by Congress in 2000, the NMTC program has been one of the most successful tools for helping economically distressed communities attract private investment, generating $8 of private investment for every $1 of federal funding. The NMTC Program has been a critical source of financing for businesses and community facilities in rural and urban regions by drawing investment for a wide range of projects. The CDFI Fund reports that $66.6 billion in NMTCs have been invested in low-income communities since inception of the program. Investors claim a tax credit worth 39% of their original CDE equity stake over a seven-year period, receiving additional incentive through opportunities to enter new/unsaturated markets before their competitors, increasing chances of success while supporting the revitalization of America's communities.

Rural Development Partners is a Community Development Entity (CDE) with a national service area eligible to apply for an annual allocation of Federal New Markets Tax Credits. RDP seeks to serve and partner with businesses, non-profit organizations, communities, and government entities that share its mission to build public-private partnerships for catalytic job growth in rural America. To learn more about Rural Development Partners or the NMTC Program, visit their Website, FaceBook or LinkedIn. To hear stories told by the communities impacted, visit RDP's YouTube channel.

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SOURCE Rural Development Partners