In the year ahead there will be a new source of funding for high-impact projects Montana and Idaho — including here in Butte.
After receiving a $90 million award in New Markets Tax Credits from the U.S. Treasury Department in November, Montana & Idaho Community Development Corporation is seeking to fund projects that are worth at least $4 million and have a gap in financing.
MICDC, a nonprofit consulting service, works with investors to turn New Markets Tax Credits into cash that can be used to finance business startups and expansions.
MICDC also uses the tax credits to finance community facilities that serve low-income people.
“Bringing this additional capital to Montana and Idaho is a great win for everyone,” said Dave Glaser, president of MICDC. “Through New Markets Tax Credits, we’re able to fund projects that create jobs and build economic vitality in areas that really need it. We now have the opportunity to do more.”
Since 2009, MICDC has provided $322 million in tax credits to fund 26 projects in Montana and Idaho, including the Great Falls Rescue Mission’s new Cameron Family Center in Great Falls, Copper King Hotel in Butte, Universal Athletic Service headquarters in Bozeman, tribal government building on the Fort Peck Reservation in Poplar, Red Lion Inn & Suites in Polson, Western States Equipment Caterpillar facility in Pocatello, Idaho, Golden Valley Natural jerky-manufacturing facility in Shelley, Idaho and Targhee Professional Offices medical facility in Rexburg, Idaho.
This is the seventh award MICDC has received since 2008 and brings its cumulative total to $430 million.
Altogether, the projects MICDC has funded with New Markets Tax Credits have created more than 2,300 permanent, quality jobs and more than 800 construction jobs, and have served the needs of over 17,500 low-income people.
U.S. Sens. Jon Tester and Steve Daines both touted the New Market Tax Credit Program.
“This job creating investment will help small businesses open their doors in the pockets of our state that need it the most,” Tester, D-Mont., said. “I have seen firsthand the important role New Market Tax Credits play in Montana’s economy.”
Republican Sen. Daines agreed.
“Through the New Markets Tax Credit we can continue to create good-paying jobs right here in Montana.” Daines said. “I am pleased to see that MICDC has once again received this award and am excited to see what work the credits will make possible.”
Interested parties should contact Sarah Fitzgerald, NMTC Director, at 844-728-9234 ext. 251 or sarahf@mtcdc.org to see if a project qualifies.