(Forest City, IA) July 15, 2020: Rural Development Partners (RDP) is proud to announce receiving $65 million in New Market Tax Credit (NMTC) authority from the U.S. Treasury’s CDFI Fund. The NMTC program allows RDP to provide flexible financing options that support the health and sustainability of highly distressed rural communities throughout America. This is RDP’s ninth NMTC award for a total of $606.7 million in allocations since the program’s inception.
“RDP is thrilled to be entrusted as stewards of our 9th NMTC award. We will use it to provide low-cost capital to rural businesses and rural-supporting industries including manufacturing, distribution, processing, and food access. These operating businesses bring accessible, quality jobs, supply chain growth, and stabilization to distressed rural communities. We look forward to building the local partnerships that attract private capital and create opportunities for catalytic growth,” said Jonathan Klaassen, CEO of RDP.
The New Markets Tax Credit 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.
Rural Development Partners is one of the nation’s few rural Community Development Entities with a national service territory. In addition to business/industry expansion, they have been instrumental in working with non-profit food bank distribution centers that have significant impact in highly distressed rural food deserts, bringing both high-quality jobs and fresh and healthy foods to Low-Income Communities.
To learn more about the New Market Tax Credit, Rural Development Partners, or to view documentary stories about the impact this program is having throughout America, visit their website at www.rdpimpact.com.
About RDP: 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). From 2004 through 2020, RDP has won nine NMTC awards from the U.S. Treasury totaling $606.7 million. RDP works to combine NMTCs with bank loans and tax credit investors to create more favorable financing solutions than are available through conventional lending and investing.