Rural Development Partners Secures $90 Million NMTC Award to Enhance Rural Economic Development
Rural Development Partners (RDP) has announced the receipt of a substantial $90 million allocation in New Markets Tax Credits (NMTC) from the U.S. Department of Treasury's Community Development Financial Institutions Fund (CDFI Fund). This award marks RDP's fourteenth success in securing NMTC allocations, bringing the total to an impressive $906.7 million. The organization aims to foster economic growth across rural America, enabling over 50 businesses and nonprofits to benefit from lower borrowing costs and enhanced liquidity, which subsequently leads to job creation and significant economic development in underserved areas nationwide.
"We are thrilled to be recognized as one of the recipients of the recent NMTC award from the CDFI Fund," stated Dan Helgeson, the CEO of Rural Development Partners. He emphasized that this funding would enable RDP to focus on generating high-quality job opportunities in rural regions while addressing food insecurity issues across the country. The CDFI's latest release of $10 billion in NMTC allocation is noteworthy as it represents the largest amount ever allocated in the program's history. Since the program's inception in 2000, the NMTCs have catalyzed approximately $77 billion in Qualified Equity Investments and garnered a total of $143 billion in development financing. The remarkable leverage of $8 in private-sector investment for every dollar of federal funding received emphasizes the significant impact and effectiveness of the NMTC initiative.
The NMTC program's value is further illustrated by its broad reach, spurring investments in over 8,900 businesses located throughout low-income urban, suburban, and rural communities. Moreover, it has played a crucial role in creating over 1.2 million jobs nationwide, displaying its fundamental importance in bolstering local economies. As we transition into the new year, a significant development is that the NMTC has now been made permanent under the U.S. Tax Code through the One Big Beautiful Bill Act (OBBBA). This legislation paves the way for even greater amounts of private capital investments directed towards critical infrastructure, business financing, and community facilities. Such enhancements will undoubtedly bolster the scope and impact of NMTCs, continuing to revitalize underserved economies across the country.
Rural Development Partners continues to serve as a Community Development Entity (CDE) that actively engages in public-private partnerships aimed at promoting job growth and improving access to healthy food in rural areas. By collaborating with businesses, nonprofit organizations, and local governments, RDP aims to create sustainable economic development strategies that benefit communities.
In addition to the NMTC allocations, RDP is aware that simply generating jobs is not enough. A trained workforce is essential for filling the roles created, and RDP actively addresses this through its Community Investment Program (CIP). This initiative focuses on providing matching funds grants, allowing local stakeholders to develop tailored solutions that meet the workforce training and hiring needs of their specific communities. Local Community Advisory Boards (CABs) work alongside RDP to ensure that investments align with community needs while enhancing job retention strategies and workforce recruitment efforts. Such community-centric approaches solidify the positive impact of RDP’s initiatives, helping workers strive towards achieving their aspirations.
In summary, Rural Development Partners’ recent $90 million NMTC award stands as a significant milestone in the ongoing mission to stimulate economic growth in rural America. Its continued focus on addressing workforce education, job creation, and supporting community needs reaffirms RDP’s dedication to fostering healthier, thriving, and more sustainable rural communities throughout the nation. For further details on Rural Development Partners and the NMTC program, interested individuals can explore their efforts across various platforms, including their official website, Facebook, LinkedIn, and YouTube, where impacted communities share their stories.
"We are thrilled to be recognized as one of the recipients of the recent NMTC award from the CDFI Fund," stated Dan Helgeson, the CEO of Rural Development Partners. He emphasized that this funding would enable RDP to focus on generating high-quality job opportunities in rural regions while addressing food insecurity issues across the country. The CDFI's latest release of $10 billion in NMTC allocation is noteworthy as it represents the largest amount ever allocated in the program's history. Since the program's inception in 2000, the NMTCs have catalyzed approximately $77 billion in Qualified Equity Investments and garnered a total of $143 billion in development financing. The remarkable leverage of $8 in private-sector investment for every dollar of federal funding received emphasizes the significant impact and effectiveness of the NMTC initiative.
The NMTC program's value is further illustrated by its broad reach, spurring investments in over 8,900 businesses located throughout low-income urban, suburban, and rural communities. Moreover, it has played a crucial role in creating over 1.2 million jobs nationwide, displaying its fundamental importance in bolstering local economies. As we transition into the new year, a significant development is that the NMTC has now been made permanent under the U.S. Tax Code through the One Big Beautiful Bill Act (OBBBA). This legislation paves the way for even greater amounts of private capital investments directed towards critical infrastructure, business financing, and community facilities. Such enhancements will undoubtedly bolster the scope and impact of NMTCs, continuing to revitalize underserved economies across the country.
Rural Development Partners continues to serve as a Community Development Entity (CDE) that actively engages in public-private partnerships aimed at promoting job growth and improving access to healthy food in rural areas. By collaborating with businesses, nonprofit organizations, and local governments, RDP aims to create sustainable economic development strategies that benefit communities.
In addition to the NMTC allocations, RDP is aware that simply generating jobs is not enough. A trained workforce is essential for filling the roles created, and RDP actively addresses this through its Community Investment Program (CIP). This initiative focuses on providing matching funds grants, allowing local stakeholders to develop tailored solutions that meet the workforce training and hiring needs of their specific communities. Local Community Advisory Boards (CABs) work alongside RDP to ensure that investments align with community needs while enhancing job retention strategies and workforce recruitment efforts. Such community-centric approaches solidify the positive impact of RDP’s initiatives, helping workers strive towards achieving their aspirations.
In summary, Rural Development Partners’ recent $90 million NMTC award stands as a significant milestone in the ongoing mission to stimulate economic growth in rural America. Its continued focus on addressing workforce education, job creation, and supporting community needs reaffirms RDP’s dedication to fostering healthier, thriving, and more sustainable rural communities throughout the nation. For further details on Rural Development Partners and the NMTC program, interested individuals can explore their efforts across various platforms, including their official website, Facebook, LinkedIn, and YouTube, where impacted communities share their stories.
Topics General Business）
【About Using Articles】
You can freely use the title and article content by linking to the page where the article is posted.
※ Images cannot be used.
【About Links】
Links are free to use.