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$70 Million to Catalyze Business Growth and Job Creation

The U.S. Treasury has awarded MoFi $70 million in New Markets Tax Credits (NMTC) to lend to businesses and projects that stimulate economic activity and create jobs across the Rocky Mountain West.

This most recent award builds on a successful track record of investment across MoFi’s geography. In 2018, MoFi financed nine NMTC projects totaling over $93 million. These included the new Cobblestone Hotel & Suites in Torrington, Wyoming (with First State Bank, a division of Glacier Bank), the expanded Family Service facility in Billings, Montana (Western Security Bank) and the expanded Premier Industries manufacturing and welding facility in Blackfoot, Idaho (Wells Fargo). Together, these projects expanded access to much-needed services and created or retained over 1,000 jobs.

MoFi sells the tax credits to investors, turning the awards into cash, and then puts the cash into projects as a subsidy. Since 2008, MoFi has received nine NMTC awards totaling $566 million, and has financed 40 projects across Wyoming, Idaho and Montana. Prior awards have helped build or expand manufacturing facilities, community food banks, medical centers, grocery stores, homeless shelters, mixed-use buildings and more.

“We’ve been fortunate to work with community leaders, banks, nonprofits and business owners to understand local needs and identify projects where our financing can have the greatest impact,” said MoFi President Dave Glaser. “But there is more work to be done. We’re thrilled to deepen the impact of NMTC with this award, resulting in more jobs and stronger communities across our region.”

MoFi is actively reviewing projects for the $70 million allocation, which will be deployed in qualified areas of Wyoming, Idaho and Montana. If you know of a project that is at least $4 million and would like to be considered for NMTC financing, contact Greg Astle, Director of Tax Credit Lending, at 844-728-9234 or grega@mofi.org to see if the project might qualify.