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Missoula Food Bank Expanding with Help of New Markets Tax Credits

New Food Bank for Missoula Community

To meet growing demand for its services, the Missoula Food Bank on Monday, Feb. 27, 2017, closed on financing for its new $6.6 million headquarters at 1720 Wyoming St. with the help of the MoFi, First Security Bank and the New Markets Tax Credit (NMTC) Program. Using NMTCs, MoFi provided $1.4 million in funding that the Food Bank wouldn’t otherwise have received. Construction of the new headquarters wouldn’t have been possible on the same scale without NMTC funding. The Food Bank expects to move into its new headquarters in May.

Federal Support

U.S. Sens. Jon Tester and Steve Daines have been supportive of the NMTC Program for years and would like to see it used more in Montana.

“I was honored to attend and speak at the groundbreaking of this great facility.  The construction of a new Missoula Food Bank will support families who need it the most,” Tester said. “Thanks to New Markets Tax Credits we can ensure more Montanans have access to healthy food.  Its projects like this that strengthen our communities and our state.”

“Through the New Markets Tax Credit, we are able to better serve the underprivileged and strengthen the Missoula community,” Daines said.

In 2016, the Missoula Food Bank served more people than ever from its small store on South Third Street West. More than 21,000 individuals – roughly 1 in 6 Missoula County residents – sought services at the Third Street store, representing an increase of more than 14% over 2015. Additionally, the Food Bank reported a 52 percent increase in services provided through all its programs and a 131 percent increase in its number of volunteers in 2016.

More Space

The Third Street store has no off-street parking and its small confines create long waiting times for services, said Aaron Brock, the Missoula Food Bank’s Executive Director. The new two-story, 22,500-square-foot headquarters will have more room to serve people concurrently, space for nutritional classrooms, a community kitchen, dedicated parking spaces and more.

“We could not be more excited about helping the Missoula Food Bank build a new home,” said Dave Glaser, MoFi’s President. “Hundreds of Montana families will see a real benefit from this and we are proud to be a part of it.”

“This is a big project and we turned over every rock we could in terms of financial support,” Brock said. “MoFi’s ability to bring New Markets Tax Credits to the table was an essential component. Without New Markets Tax Credits, this project would not have happened on the same timeline or scale as it did.”

“We are thrilled about this project, as it’s something we have known that Missoula needs for a long time,” Brock added. “We are eager to be in this new space. Last year, more than 1 in 6 people who live here in Missoula County came through our doors in need of food at least once. We are excited to have a space to serve that population with dignity.”

 

Products Used: New Markets Tax Credits

Complete Missoulian Article