Iowa Nets $70 Million in New Market Tax Credits

The Iowa Community Development's (ICD) 2009 New Market Tax Credit application was recently approved. The application requested $100 million of NMTCs to be used to promote economic development and job creation within the borders of Iowa. While ICDs application was not approved at the $100 million dollar level, ICD did improve upon its previous allocations of $45 million in 2006 and $50 million in 2008, by receiving $70 million during this round.

The New Market Tax Credits are specifically targeted toward census tracts with “out-migration and economic distressed tracts.” Click on www.IADG.com to view  county-by-county maps that show qualifying areas in Iowa. Contact the IADG for more information.