Grimes, Mason City firms authorized to distribute $140 million in federal tax credits
Two Iowa firms that distribute federal New Market Tax Credits have received a total of $140 million of a $3.5 billion allocation from the U.S. Treasury Department. Midwest Renewable Capital LLC, a Grimes firm that specializes in funding renewable energy, clean technology, energy efficiency and advanced manufacturing projects, will receive $65 million. Rural Development Partners LLC in Mason City will receive $75 million for agricultural, forestry and renewable energy projects. Both companies, which have been designated as federal Community Development Entities, are authorized to help fund projects anywhere in the country. In all, 73 CDEs received awards, out of a total of 230 applications seeking $16.2 billion in tax credit allocation authority. According to a release, the tax credit program has generated $8 of private investment for every $1 in tax credits. Through the end of fiscal 2016, the most recent data available, NMTC Program award recipients allocated more than $44.4 billion in investments in low-income communities and businesses, with impacts such as the creation or retention of nearly 750,000 jobs, and the construction or rehabilitation of more than 190 million square feet of commercial real estate, according to the release.