Detroit Lakes, Minn.–Midwest Minnesota Community Development Corporation is poised to deploy $60 million in targeted investment in four states after finalizing its most recent federal New Markets Tax Credit allocation agreement.
These projects have the power to change lives. This is why the tax credit typically garners bipartisan support, and we applaud our elected officials – including Minnesota Sens. Amy Klobuchar and Tina Smith, 7th District Congressman Collin Peterson and 8th District Congressman Pete Stauber – for helping direct new investment to rural areas. — MMCDC President Julia Nelmark
“Today’s action demonstrates the Administration’s commitment to promoting economic growth and jobs in distressed communities, and to ensuring that every American can get back to work as quickly as possible,” Treasury Secretary Steven T. Mnuchin said when announcing the latest $3.5 billion in federal allocation nationwide.
As in the past, manufacturing centers, medical providers and community organizations top MMCDC’s list of potential financing recipients, with special emphasis on rural and Native American projects and highly distressed communities. The list includes potential projects in Wyoming, a state that is historically underserved by the NMTC, and in South Dakota, North Dakota and Minnesota.
Using allocation authority, MMCDC connects low-cost financing with hard-to-finance projects that create new and better jobs, services and facilities in underserved areas.
The program is administered by the federal Community Development Financial Institutions Fund, working in partnership with Community Development Entities such as MMCDC. For more information or a financing application, go to Commercial Lending.