The New Markets Tax Credit program helps economically distressed communities attract private investment capital by providing investors with a federal tax credit. Investments made through the NTMC Program are used to finance businesses and real estate projects, breathing new life into neglected, underserved communities. The NMTC Program catalyzes investment where it’s needed most; over 70% of NMTC investments have been made in highly distressed areas. These are communities with low median incomes and high rates of unemployment, and the NMTC investments can have a dramatic positive impact. For every $1 invested by the Federal government, the NMTC Program generates over $8 of private investment.
Central States Development Partners, Inc. (Central States) is a nationwide Community Development Entity (CDE) that was formed by its parent non-profit, Economic Growth Corporation to serve and provide investment capital for low-income communities or low-income persons.
Since its formation in 2009, Central States has sought to bring critical jobs, services and goods to low income communities.
First funded in 2016, Central States has received a total of $100 million in New Market Tax Credits (NMTC) back-to-back over three awards:
$35 million received in 2018 Allocation Round
$20 million received in 2017 Allocation Round
$45 million received in 2015-2016 Allocation Round
“Our community-driven efforts have consistently been directed at creating jobs, supporting neighborhoods and strengthening the community fabric in ways that sustains and promotes long-term viable economic success. We are proud that the CDFI Fund recognizes the work we’ve accomplished and has entrusted us with these tax credits to continue expanding our impact,” said Brian Hollenback, President and CEO of Central States Development Partners.
Central States’ previous $65 million NMTC allocation brought $192 million in project value to highly distressed areas, create and retain 2,423 direct permanent jobs, 1,456 construction jobs and over 300 indirect jobs. Up to 77% of these new jobs created benefit low income individuals.
Central States assists economically distressed communities in Illinois, Iowa, Indiana, and Florida with employment opportunities and healthcare, grocery and housing access.
Central States is an equal opportunity provider, and for additional information, please contact 309-794-6711.
In accordance with federal law and the U.S. Department of the Treasury policy, Central States Development Partners, Inc. is prohibited from discriminating on the basis of race, color, national origin, sex, age or disability. To file a complaint of discrimination, write to Department of the Treasury, Office of Civil Rights and Diversity, 1500 Pennsylvania Ave. NW, Washington D.C., 20220 or call (202) 622-1160.