The U.S. Department of the Treasury has named Midwest Minnesota Community Development Corporation (MMCDC) a New Markets Tax Credit allocatee in its most recent round.
We look forward to using this new $75 million allocation to drive more investment into communities that lack access to capital, including rural and Native Areas in Minnesota, North Dakota, South Dakota and Wyoming.” — MMCDC President Julia Nelmark
The New Markets Tax Credit recently was made a permanent part of the U.S. tax code.
“Under President Trump’s leadership, the One Big Beautiful Bill made the NMTC program permanent,” Treasury Secretary Scott K.H. Bessent said in a press release. “Investors, businesses, and communities now have the long-term certainty they need to plan ahead…”
In its publications, Treasury notes the program leverages tax incentives with additional private financing to make flexible loans and investments available at attractive rates and terms in communities in need of revitalization. The program has garnered strong bipartisan support.
MMCDC is a prior recipient of the program, with significant experience directing New Markets Tax Credit investments to a wide range of manufacturing, health care and community facilities. It was an early adopter of the Small Loan Fund model, which helps extend the program’s benefits to projects – including small, rural businesses and communities — for which the financing might otherwise be unaffordable and inaccessible.
Midwest Minnesota Community Development Corporation is a private nonprofit company providing commercial and home mortgage lending, as well as housing, business and community development services throughout Minnesota, the Upper Midwest, and beyond. It also is the parent company of a reservation-focused community development company. MMCDC is based in Detroit Lakes, Minn.
MMCDC President Julia Nelmark
