FOREST CITY, Iowa, November 8, 2022 /PRNewswire/ — Rural Development Partners (RDP) has been awarded $45 million in the New Markets Tax Credit (NMTC) Authority of the US Treasury CDFI Fund. This is RDP’s eleventh NMTC award since the company was founded in 2004, totaling $701.7 million. RDP has funded 44 projects to date, driving economic growth, providing access to food and creating quality jobs accessible to low-income workers in underserved communities nationwide.
Rural development partners receive $45 million in the NMTC’s authority to drive catalytic job growth in rural America.
“The New Markets Tax Credit program has an excellent track record of generating economic growth in underserved areas across the country. This latest NMTC award will allow us to do our part by continuing to invest in projects that create accessible, high-quality jobs in troubled areas that generally have less access to capital.” – Dan HelgesonRDP CEO
The NMTC program was created by Congress in 2000 and has been one of the most effective tools to catalyze economic development and revitalize low-income communities nationwide. More than one million jobs have been created or retained as businesses and organizations use this program to fund economic development expansion in qualified communities outside the economic mainstream. Through the end of fiscal year 2021, NMTC award winners have deployed nearly $64 billion in investments and have financed more than 7,500 projects.
In addition to providing an NMTC allowance, RDP provides additional investment to the communities they serve through their community investment program. RDP partners with NMTC project grantees to provide grants for 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 skills needed to maximize employment opportunities, paving the way for successful careers , job growth, quality of life and economic stability in the region.
Rural Development Partners are a Community Development Entity (CDE) with a national service area and are eligible to apply for an annual federal NMTC allocation. RDP strives to combine NMTCs with bank loans and tax credit investor funds to create financing solutions more favorable than those available through conventional loans and investments. RDP seeks to serve and partner with businesses, nonprofits, communities, and government entities that share its mission to build public-private partnerships for catalytic job growth in America. rural. To learn more about RDP or the NMTC program, visit their website, Facebook or LinkedIn. To listen to the stories told by the communities they impact, visit their YouTube channel.
CONTACT: Melanie Holtan[email protected]
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SOURCE Rural development partners