We’re thrilled to announce that communities across Montana, Idaho and Wyoming will soon see new investments in their futures thanks to a $65 million award from the U.S. Treasury’s New Markets Tax Credit (NMTC) Program. That money will go directly to businesses that create jobs, stimulate growth and deliver critical community services in areas of high poverty, low wages and high unemployment.
“For ten years, we’ve had the pleasure of bringing in federal dollars to transform our communities. This program has helped businesses grow and create jobs, has breathed new economic vitality into lackluster areas in our downtowns and has helped our nonprofits expand to deliver critical community services where they are needed most,” said Dave Glaser, President and CEO of Montana & Idaho CDC.
This funding comes around once a year with the Treasury’s highly competitive, annual award. And, because these funds are some of the most sought after in the country for business financing, the money goes very quickly. Montana & Idaho CDC has received eight awards totaling $496 million since we started the program in 2008. We sells the tax credits to investors, turning the awards into cash which are then used to finance businesses, nonprofits and real estate developments. Prior awards have financed everything from manufacturing facilities to new grocery stores to hotels to homeless shelters and downtown mixed-use buildings.
Businesses that have used this financing include Town and Country Foods, a grocer in Bozeman that used the financing to convert a vacant movie theater to a grocery store, and Fresca Mexican Foods, the Boise-based tortilla manufacturer that used the financing to construct a new facility in an up-and-coming business district in Caldwell, jump-starting additional development in the area. Western States Equipment, an Idaho-based Caterpillar sales and service company, built a new facility that employs nearly 150 residents in Pocatello, Idaho.
Many nonprofits have used this financing to build new facilities, including the Great Falls Rescue Mission, which built a new family housing center, and the Missoula Food Bank, which expanded its facility to service the community’s growing needs.
Developers also use this financing for downtown professional and mixed-use buildings, including Hemming Cedars, a 220,000-square-foot commercial retail, office and apartment complex in Rexburg, Idaho. In addition, other cities have benefited from NMTC financing to build new homeless shelters, community food banks, new nonprofit medical centers and other essential community facilities.
Montana & Idaho CDC is actively discussing projects for the $65 million allocation, which will be deployed in Wyoming, Idaho, and Montana. If you know of a project that is at least $4 million in total cost, and would like to be considered for NMTC financing, call Sarah Fitzgerald, NMTC Director, at 844-728-9234 or firstname.lastname@example.org to see if the project might qualify.