REI Oklahoma Receives $55 Million In New Markets Tax Credits

October 28, 2022 (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.

 

REI Oklahoma is one of 107 community development organizations in the U.S. to receive a combined $5 billion in NMTC allocation, which is designated to create economic development in distressed communities.  The New Markets Tax Credit Program (NMTC Program) helps economically distressed communities attract private investment capital. This federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with investments in manufacturing, retail and technology. Communities also benefit from greater access to housing and public facilities such as health, education, and childcare.

 

“The New Markets Tax Credit program opens doors of opportunity for struggling businesses and communities in Oklahoma,” said Scott Dewald, REI Oklahoma President & CEO.  “The proof that these tax credits are an effective tool for promoting economic development can be found in the success of past NMTC projects throughout our state.”

 

REI Oklahoma received $435 million in previous tax credit authority from the U.S. Treasury Department, resulting in projects totaling more than $1 billion in economic impact and creating/retaining nearly 4,100 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, Instagram, LinkedIn, Twitter and YouTube.