CASPER, Wyo. — $70 million in New Markets Tax Credits have been awarded to stimulate Wyoming, Montana and Idaho’s economies and create new jobs.
The tax credits will be available to projects in qualified areas which in Wyoming include Casper, Cheyenne, Cody, Laramie, Riverton and Torrington.
The United States Treasury awarded the tax credits to a community development organization called MoFi who will oversee the sale and distribution of the tax credits.
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The Wyoming Business Council shared this information on Wednesday, May 29.
“MoFi sells the tax credits to investors, turning the awards into cash, and then puts the cash into projects as a subsidy,” the Wyoming Business Council explained.
The WBC added that three Wyoming projects received over $16.2 million in financing from MoFi in 2018.
“These included the new Cobblestone Hotel & Suites in Torrington (with First State Bank, a division of Glacier Bank), the expanded Wind River Cares health clinic (First Interstate Bank) and the new Northern Arapaho Childcare Center (First Interstate Bank), both in Riverton,” the WBC said.
“Together, these projects expanded access to much-needed services and created nearly 100 jobs.”
MoFi’s president thinks the award will have an impact in Wyoming.
“‘We’re thrilled to deepen the impact of NMTC with this award, resulting in more jobs and stronger communities across Wyoming,’” MoFi President Dave Glaser said in the WBC’s news release.
Projects of at least $4 million may be considered for the New Market Tax Credits financing.
“[C]contact Greg Astle, Director of Tax Credit Lending, at 844-728-9234 or email@example.com to see if the project might qualify,” the WBC concluded.