$45 Million in New Market Tax Credits Now Available to Iowa Developers Iowa Business Growth Company Will Administer Funds to Improve Iowa's Economic Health
JOHNSTON, Iowa - Iowa Business Growth Company announced today that Iowa Community Development (ICD) has received a $45 million New Market Tax Credit (NMTC) allocation from the United States Department of the Treasury's Community Development Financial Institutions Fund. The NMTC program spurs new and increased investments in low-income communities by giving tax credits to operating businesses and real estate projects.
"NMTCs help revitalize low-income communities and increase employment opportunities," said Dennis Murdock, ICD chairman. "ICD is pleased to once again have these funds to help entrepreneurs and developers invest in the state of Iowa."
This is the fifth time ICD has received an NMTC allocation, for a total of $245 million in tax credits. Iowa Business Growth Company administers the tax credit program for ICD.
"NMTCs have been instrumental in our efforts to attract and retain projects that improve the economic health of Iowa as it competes with other states for these investments," said Daniel Robeson, Iowa Business Growth Company president.
Since the NMTC program's inception in 2000, Iowa Community Development has awarded NMTC tax credits to 19 projects in 15 different communities in Iowa. One such project was the 2013 construction and expansion of a manufacturing facility by Winegard Company in Burlington, Iowa. Winegard manufactures TV reception products.
"NMTC funded $12 million of the $17 million Winegard project," Robeson said. "The expansion resulted in the creation of 70 new full-time jobs, and the retention of 320 jobs and 200 contract positions - which is very meaningful in a rural community with high poverty and unemployment rates."
Iowa Business Growth Company is a certified development company that assists businesses throughout the state with alternative financing through various programs, including NMTC and Small Business Administration (SBA) 504 loans. Businesses interested in applying for NMTC funding can contact Daniel Robeson at 515-223-4511 or Dan@IowaBusinessGrowth.com.
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