Rural Development Partners receives $75 Million NMTC Award
Marks 8th award since 2003
(Mason City, IA) February 13, 2018: Rural Development Partners, LLC (RDP) is proud to announce receiving $75 million in New Markets Tax Credit (NMTC) authority from the U.S. Treasury's CDFI Fund. The NMTC program allows RDP to direct capital to underserved rural communities nationwide through financing high-impact, mission-focused projects that improve the economic and social vitality of low-income and financially distressed rural communities. This is RDP’s eighth New Market Tax Credit award for a total of $$541.7 million in allocations since the program’s inception.
"RDP exists to help ensure rural areas have access to capital to create employment opportunities where it is most needed. NMTC has proven to be one of the most effective tools to make projects successful, to help achieve our mission, and to improve communities for the lives of residents in distressed rural communities,” said Jude Conway, CEO of RDP.
RDP’s vision is to increase the economic sustainability of America’s rural communities by investing in projects that support the expansion of opportunities in rural America. This vision specifically focuses on funding job-creating businesses in processing, manufacturing renewable energy, rural health care and projects related to getting nutritious foods to low income individuals. These businesses provide accessible, career ladder jobs which utilize local and regional supply chains that support the sustainable growth of rural communities. Since their first NMTC award in 2003, RDP has maintained and created more than 5,400 permanent jobs and more than 3,400 construction jobs.
Rural Development Partners is one of the nation’s few rural Community Development Entities with a national service territory and with a focus on operating businesses that create significant, high quality jobs that are accessible to Low-Income Persons (LIP) or residents of Low-Income Communities in rural, highly distressed areas. Preference will be given to businesses that impact rural communities as well as businesses and non-profits that service rural food deserts with fresh and healthy foods.
The New Markets Tax Credit (NMTC) program was established by Congress in 2000 to encourage the investment of private capital in designated low-income communities in order to create jobs, generate economic activity and improve the quality of services in low-income communities and to low-income persons. NMTCs financing to transformative development projects in low-income communities across the country. For more information, visit www.cdfifund.gov.