REI Oklahoma, a nonprofit economic development organization, announces that its wholly owned subsidiary, REI Development Corp., has secured $65 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 most recent award isn’t just win for our organization, it’s a win for all Oklahomans,” said Gary Sherrer, REI Oklahoma Board Chairman. “It means everything from more quality jobs in our state to new life being breathed into aging facilities.”
120 community development entities (CDEs) were selected to receive a record $7 billion in NMTC allocation authority under the calendar years 2015-16 award round. The CDEs were selected from a pool of 238 applicants that requested more than $17.6 billion in allocation authority. The allocatees are located in 36 states, the District of Columbia and Puerto Rico.
“This $65 million allocation gives REI Oklahoma another powerful tool for expanding Oklahoma’s prosperity” said Scott Dewald, REI Oklahoma President and CEO. “Our success is a direct result of the leadership of our advisory board and volunteer board of directors, the expertize 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 $255 million in previous tax credit authority, resulting in projects totaling more than $842 million in economic impact and creating/retaining more than 3,000 jobs since 2003.
Through its NMTC and business lending programs, down payment and closing cost assistance program for Oklahoma homebuyers as well as support and training for women and minority business owners, REI Oklahoma stands ready to help create business and community opportunities across Oklahoma. Learn more by visiting www.reiok.org or calling 800.658.2823. Follow REI Oklahoma on Facebook, Twitter and YouTube.