Rural Development Partners Awarded $45 Million in New Markets Tax Credits

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Nov 08, 2022, 17:05 ET

FOREST CITY, Iowa, Nov. 8, 2022 /PRNewswire/ -- Rural Development Partners (RDP) was awarded $45 million in New Markets Tax Credit (NMTC) authority from the U.S. Treasury's CDFI Fund. This is RDP's eleventh NMTC award since the company's inception in 2004, totaling $701.7 million. RDP has financed 44 projects to date, spurring economic growth, providing food access, and creating quality jobs accessible to low-income workers in underserved communities nationwide.

"The New Markets Tax Credit program has a wonderful track record of generating economic growth in underserved areas across the nation. This latest NMTC award will allow us to do our part by continuing to invest in projects that create high-quality accessible jobs in distressed areas that have typically had less access to capital." – Dan Helgeson, CEO of RDP

The NMTC program was established by Congress in 2000 and has been one of the most successful tools for catalyzing economic development and revitalizing low-income communities nationwide. Over 1 million jobs have been created or retained as businesses and organizations utilize this program to fund economic development expansions in qualified communities outside the economic mainstream. Through the end of fiscal year 2021, NMTC award recipients have deployed almost $64 billion in investments and have financed over 7,500 projects.

In addition to providing NMTC allocation, RDP provides an added investment to the communities they serve through their Community Investment Program. RDP partners with NMTC project recipients to provide grants toward workforce development initiatives. RDP brings together local businesses, community leaders, and educators who can effectively implement initiatives that ensure low-income residents receive the education and skillsets needed to maximize job opportunities, setting the stage for successful careers, job growth, quality life, and economic stability in the region.

Rural Development Partners is a Community Development Entity (CDE) with a national service area and are eligible to apply for an annual allocation of Federal NMTCs. RDP works to combine NMTCs with bank loans and tax credit investor funds to create more favorable financing solutions than are available through conventional lending and investing. 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 RDP or the NMTC Program, visit their website, FaceBook or LinkedIn. To hear stories told by the communities they impact, visit their YouTube channel.

CONTACT: Melanie Holtan, [email protected]

SOURCE Rural Development Partners