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New Markets Tax Credits of $70M awarded to two Iowa organizations


The U.S. Department of the Treasury’s Community Development Financial Institutions Fund announced it has awarded $5 billion in New Markets Tax Credits that will spur investment and economic growth in low-income urban and rural communities nationwide. Two Iowa-based organizations were among 100 Community Development Entities that were awarded tax credit allocations through the 2020 round of the New Markets Tax Credit Program. Midwest Renewable Capital in Grimes was allocated $20 million in tax credits, and Rural Development Partners LLC in Forest City received $50 million in tax credits. “These investments will create jobs and spur economic growth in urban and rural communities across the country,” U.S. Treasury Secretary Janet Yellen said in a press release. The federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. The 100 CDEs receiving awards were selected from among 208 applicants that requested an aggregate total of $15.1 billion in tax credit allocation authority. The award recipients are based in 34 states and the District of Columbia.

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