On several occasions, MMCDC’s track record of successful rural community development has been recognized and rewarded with an allocation of federal New Markets Tax Credits (NMTCs). Allocations are to be used primarily within qualified areas of North Dakota, South Dakota, Wyoming and Minnesota.
NMTCs were developed to increase the flow of capital to businesses and low income areas by providing tax incentives to private investors. Over the years, NMTCs make difficult-to-finance projects viable through lower interest rates, partial debt forgiveness, higher loan-to-value ratios, extended amortization periods, reduced debt service requirements and/or interest-only payments for seven years.
MMCDC’s NMTC projects to date have included manufacturers, office space, retail stores, food co-ops, hotels, medical facilities and sports and community centers.
To find out if your project might be eligible for NMTC financing, contact Julia Nelmark, Director of New Markets Tax Credit Financing. Reach her at 218-844-7019 or firstname.lastname@example.org. You can also click here to tell us more about your project.