Central States Development Partners
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Within four months of closing on its first New Market Tax Credit (NMTC) Allocation Award with the U.S. Department of Treasury, Central States has closed and/or allocated one hundred percent (100%) of its $45 Million award.
The investments made to date will support more than $110.82 Million in project costs, creating 1425 jobs, 360 construction jobs and 222 indirect jobs.
Up to 90% of the new jobs created will benefit low income persons.
Projects receiving NMTC allocations serve highly distressed markets in Illinois, Iowa, and Indiana that have exhibited high rates of rent burden, low-median worker rates compared to the area, and high percentages of poverty.
New Market Tax Credit financing was an integral part for these projects to move forward. Many considerations are given for New Market Tax Credit financing, with prioritization relying predominantly on the level of distress, the level of job creation, quality, accessibility and advancement opportunities, access to affordable fresh food or community services, project innovation with proven approaches that support business growth, and the viability of a project to support the ongoing growth of the community.
The investments made to date will support more than $110.82 Million in project costs, creating 1425 jobs, 360 construction jobs and 222 indirect jobs.
Up to 90% of the new jobs created will benefit low income persons.
Projects receiving NMTC allocations serve highly distressed markets in Illinois, Iowa, and Indiana that have exhibited high rates of rent burden, low-median worker rates compared to the area, and high percentages of poverty.
New Market Tax Credit financing was an integral part for these projects to move forward. Many considerations are given for New Market Tax Credit financing, with prioritization relying predominantly on the level of distress, the level of job creation, quality, accessibility and advancement opportunities, access to affordable fresh food or community services, project innovation with proven approaches that support business growth, and the viability of a project to support the ongoing growth of the community.
