BOISE — Idaho communities could soon see new investments, thanks to the Montana and Idaho Community Development Corporation, which secured a $65 million award through the U.S. Treasury’s New Markets Tax Credit 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.
Montana and Idaho CDC has had eight awards totaling $496 million since it started its program in 2008. The organization sells the tax credits to investors, turning the awards into cash which is then used to finance businesses, nonprofits and real estate developments. Prior awards have financed manufacturing facilities, grocery stores, hotels, homeless shelters, downtown mixed-use buildings, community food banks, nonprofit medical centers and other essential community facilities.
“This program has helped Idahoans grow their businesses 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,” Dave Glaser, president and CEO of Montana and Idaho CDC, said in a statement. “There’s a positive domino effect to these projects that extends well into the future. Where these investments are made, we’ve seen additional investment follow. The tax credits are the catalyst, but Idahoans take it from there.”
If you know of a project that will cost at least $4 million, and would like to be considered for NMTC financing, call Sarah Fitzgerald at 844-728-9234 or email email@example.com.