Rural Development Partners (RDP) was awarded $50 million in New Markets Tax Credit (NMTC) authority from the U.S. Treasury’s CDFI Fund. This is RDP’s tenth NMTC allocation award since the company’s inception in 2004, totaling $656.7 million. RDP directs NMTCs to spur economic growth, provide food access, and create quality jobs accessible to low-income workers in underserved communities throughout America.
“Rural Development Partners is gratified to receive our 10th NMTC award. This award affirms the great work our team and community partners are doing to maximize the impact of NMTC investments for their workers, employers, and all citizens. Our team is excited to continue building public-private partnerships that drive capital where it will be most effective in creating NMTC Program outcomes.” – Jonathan Klaassen, CEO of Rural Development Partners.
Since established by Congress in December 2000, the New Markets Tax Credit has been one of the most successful tools for catalyzing economic development in low-income communities nationwide. The NMTC Program has generated $8 of private investment for every $1 invested by the federal government. Through the end of fiscal year 2020, NMTC Program award recipients had deployed almost $56 billion in investments targeting low-income communities, creating or retaining nearly 871,000 jobs, and constructing or rehabilitating nearly 231.5 million square feet of commercial real estate.
Rural Development Partners has a mission to forge public-private partnerships for catalytic job growth in rural America. RDP is a Community Development Entity (CDE) with a nationwide service area. As a CDE, RDP is eligible to apply for an annual allocation of Federal New Markets Tax Credits. NMTCs are combined with traditional sources of capital to create more favorable financing solutions than are available through conventional lending and investing. To learn more about RDP or the NMTC Program, visit our website. To track the ongoing impacts of NMTC projects, visit RDP’s social media platforms at FaceBook or LinkedIn. Visit our YouTube page to see impact stories told by the communities they impact.
