DURANT – REI Oklahoma, a nonprofit economic development organization, announces that its wholly owned subsidiary, REI Development Corp., has secured $55 million in New Markets Tax Credit (NMTC) allocations. The tax credits are provided by the U.S. Treasury Department’s Community Development Financial Institutions Fund and provide a 39 percent federal income tax credit for investments into qualifying businesses in low income communities.
“This New Markets Tax Credit award has been instrumental in spurring investment and economic growth in Oklahoma’s urban and rural communities,” said Kyle Hughbanks, REI Oklahoma Board Chairman. “We are very pleased to be able to continue utilizing it to create more jobs for Oklahomans.”
73 community development entities (CDEs) in 37 states and territories were selected to receive $3.5 billion in NMTC allocation authority during the recent award round. The CDEs were selected from a pool of 214 applicants that requested more than $14.8 billion in allocation authority. Only 34% of applications were awarded funding.
“This allocation allows us to continue our long-proven work to expand Oklahoma’s prosperity” said Scott Dewald, REI Oklahoma President and CEO. “We’re appreciative of the leadership of our advisory board and volunteer board of directors, the expertise and commitment of our staff and the support of our state leaders and congressional delegation.”
A trailblazer in putting this program to work for the state, REI Oklahoma received $380 million in previous tax credit authority, resulting in projects totaling more than $1.2 billion in economic impact and creating/retaining more than 4,600 jobs since 2003.
REI Oklahoma offers funding and guidance to business owners and homebuyers statewide. REI Business Lending collaborates closely with local lenders to help entrepreneurs navigate through business lending resources and programs. For women-owned businesses and minority-owned enterprises, REI Women’s Business Center and REI Native American Business Centers offer unique training, as well as technical assistance and access to capital. REI Down Payment Assistance provides support to potential homeowners. Additionally, business space is made available through the organization’s commercial facilities program. REI Oklahoma leverages the New Markets Tax Credit program to attract new investments into Oklahoma and create needed jobs in underserved communities. Learn more about the organization at www.reiok.org. Follow REI Oklahoma on Facebook, Twitter, LinkedIn and YouTube.