MuniStrategies receives $70 million in New Markets Tax Credit allocation
JACKSON, MS, November 17, 2016 — MuniStrategies LLC was awarded its fourth New Markets Tax Credit (NMTC) allocation from the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of Treasury. In the most recent round, MuniStrategies was awarded $70 million in NMTC allocation authority.
MuniStrategies is a Mississippi-based community development entity (CDE) that targets high community impact investments in primarily rural areas in Mississippi, Alabama, Arkansas, Tennessee and Georgia. Targeted projects include manufacturing, agribusiness and rural health projects.
$198 million in NMTC allocation since 2011
Through a highly competitive application process, $7 billion of NMTCs were awarded this round by the CDFI Fund, which received 238 applications from entities nationwide requesting an aggregate total of $17.6 billion in NMTC allocation authority. This latest allocation brings MuniStrategies total allocation awards to $198 million since 2011. Previously, MuniStrategies has deployed $128 million in NMTC authority spanning three allocations awarded in 2011, 2013 and 2014.
“Our team has been hard at work identifying worthy projects that can measurably help businesses, sustain communities and improve the lives of local residents,” said Alan Lange, Managing Director of MuniStrategies. “This latest allocation is validation of the impacts that our investments have created throughout our service area.”
A select list of previously funded projects can be found at http://munistrategies.com/impact/
MuniStrategies projects since 2011 have resulted in $600 million in total investment, the creation of nearly 2,400 permanent jobs, and have resulted in project commitments of $1,300,000 in workforce development spending on scholarships and internships.
More information about the NMTC program can be found at CDFI’s website.
MuniStrategies is a Community Development Entity (CDE) as recognized through the Department of Treasury to participate in New Markets Tax Credit (NMTC) financing and have previously deployed $128 million in allocation authority. More information about MuniStrategies is available at www.munistrategies.com.