DURANT – REI Oklahoma, a nonprofit economic development organization, announced recently 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% federal income tax credit for investments into qualifying businesses in low income communities.
“This New Markets Tax Credit award has been instrumental in spurring investment and economic growth in Oklahoma’s urban and rural communities,” said Kyle Hughbanks, REI Oklahoma Board Chairman. “We are very pleased to be able to continue utilizing it to create more jobs for Oklahomans.”
Seventy-three community development entities (CDEs) in 37 states and territories were selected to receive $3.5 billion in NMTC allocation authority during the recent award round.
The CDEs were selected from a pool of 214 applicants that requested more than $14.8 billion in allocation authority. Only 34% of applications were awarded funding.
“This allocation allows us to continue our long-proven work to expand Oklahoma’s prosperity” said Scott Dewald, REI Oklahoma President and CEO. “We’re appreciative of the leadership of our advisory board and volunteer board of directors, the expertise and commitment of our staff and the support of our state leaders and congressional delegation.”
A trailblazer in putting this program to work for the state, REI Oklahoma received $380 million in previous tax credit authority, resulting in projects totaling more than $1.2 billion in economic impact and creating/retaining more than 4,600 jobs since 2003.