Midwest Renewable Capital LLC in Grimes can distribute $80 million in federal New Market Tax Credits for economic development projects across the country, while Iowa Community Development LC in Johnston can allocate $75 million for projects in the state, according to a news release from the U.S. Department of Treasury. The tax credits are allocated to investors who take an equity stake in the projects that the firms, called Community Development Entities under the U.S. Treasury Department program, vet and endorse. All told, 120 organizations nationwide will receive $7 billion in tax credits under the program, which was launched in 2001 to encourage private investment in projects in economically distressed communities.