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MO-Based Groups Receive $365 Million from Blunt-Backed New Markets Tax Credit Program

September 01, 2021

WASHINGTONU.S. Senator Roy Blunt (Mo.) today commended the U.S. Treasury Department’s announcement that seven Missouri-based organizations have been selected to receive a total of $365 million in New Markets Tax Credit (NMTC) allocations. The NMTC program provides a 39 percent federal tax credit for businesses or economic development projects in areas with poverty rates of at least 20 percent, or median incomes at or below 80 percent of the area median.

“The New Markets Tax Credit Program has supported more than 400 Missouri businesses and economic revitalization projects,” said Blunt. “In bigger cities like St. Louis, this program helped fund a new 18,000 square-foot social services center that serves thousands of individuals each year. In smaller cities like Cape Girardeau, NMTC investments helped transform the historic Marquette Hotel into a thriving tech center with office space for innovative companies and high tech workforce training programs for people across southeast Missouri. With today’s announcement, I’m confident we’ll continue to see new investments that create opportunities and improve the quality of life in underserved areas. The NMTC has a proven track record of success and I’ll continue working to make the program permanent.”

Following are the organizations benefiting from the NMTC:

Organization

Location

Funding

CBKC CDC, LLC

Kansas City

$30,000,000

Enterprise Financial CDE, LLC

St. Louis

$60,000,000

Heartland Regional Investment Fund

St. Louis

$50,000,000

Legacy Economic Growth Fund, LLC

Rogersville

$60,000,000

MBS Urban Initiatives CDE, LLC

St. Louis

$60,000,000

St. Louis Development Corporation

St. Louis

$40,000,000

USBCDE, LLC

St. Louis

$65,000,000

In 2020, under Blunt and U.S. Senator Ben Cardin’s (Md.) leadership, the NMTC program was extended for five years at a $5 billion annual allocation level. Blunt and Cardin introduced a measure this year to permanently extend the NMTC program.


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