The U.S. Department of the Treasury has awarded a total of $112 million in tax credits to three Iowa-based organizations, including two in Greater Des Moines, that are expected to invest in rural and urban low-income communities, Sen. Tom Harkin announced Thursday. Community Development LC of Johnston was awarded a $35 million credit to offer financing with below-market interest rates to businesses that locate or expand in the state. Grimes-based Midwest Renewable Capital was awarded a $10 million credit to offer senior and subordinated debt products with significantly reduced interest rates, as well as equity and equity-equivalent financing. The New Markets Tax Credit (NMTC) program provides individual and corporate taxpayers with a credit against federal income taxes for making qualified equity investments through intermediary community development entities. “These tax credits will help spur economic development in communities across Iowa by supporting rural areas, providing low-interest loans and investing in renewable energy,” Harkin said in a press release.