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 in Wyoming. MoFi (formerly Montana & Idaho Community Development Corporation) lends money to businesses and nonprofits across the Northern Rockies.
This most recent award builds on a successful track record of investment in Wyoming. In 2018, MoFi financed three NMTC projects totaling over $16.2 million. 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. Together, these projects expanded access to much-needed services and created nearly 100 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 Wyoming.”
MoFi is actively reviewing projects for the $70 million allocation, which will be deployed in qualified areas of Wyoming, Idaho and Montana. Major qualifying areas in Wyoming include Casper, Cheyenne, Cody, Laramie, Riverton and Torrington. 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 email@example.com to see if the project might qualify.