Nonprofit to provide new financing resource for Wyoming developers « Back to Search Results
Wyoming developers have another resource to launch their next project with the arrival of the nonprofit Montana and Idaho Community Development Corporation (Montana and Idaho CDC).
The company provides both New Markets Tax Credits and small business loans for “almost bankable” businesses.
“We just made the announcement last week, and the response has been immediate,” said Dave Glaser, company president. “We are blown away and excited because it means we are providing a resource needed by folks in Wyoming.”
The organization has financed $400 million in projects across Idaho and Montana, and Glaser expects to finance $12 million to $15 million in Wyoming in the coming year.
Developers can qualify for a New Markets Tax Credit for projects over $4 million built in low-income census tracts, or primarily serving or employing the poor.
Companies like Montana and Idaho CDC sell tax credits awarded by the U.S. Treasury to investors. That cash is then used to finance businesses, nonprofits and development to improve parts of communities most in need of the investment.
Between 2003 and 2015, developers used $13.4 million in New Market Tax Credits for three Wyoming projects, according to the New Markets Tax Credit Coalition.
One example of the tax credits’ success is the historic Casper Fire Station, built in 1921. The building fell into disrepair after sitting vacant for nearly 30 years.