HRIF Awarded $30 Million for New Markets Tax Credits
Funds awarded through U.S. Department of the Treasury CDFI Fund
ST. LOUIS (Oct. 16, 2024) – Heartland Regional Investment Fund, LLC (HRIF), a subsidiary of St. Louis Economic Development Partnership (STL Partnership), was recently awarded $30 million in New Markets Tax Credits (NMTC) through the U.S. Department of the Treasury Community Development Financial Institutions Funds (CDFI Fund). Through the NMTC Program, the CDFI Fund allocates tax credit authority to Community Development Entities (CDEs) through a competitive application process, where HRIF was selected.
“We are excited to receive these New Markets Tax Credits from the CDFI Fund,” said Jeff Colona, director of New Markets Tax Credits at STL Partnership. “These dollars will help a lot of companies throughout the St. Louis metro area that are looking to grow through expansion and job creation.”
The HRIF provides financing to projects in distressed communities by the managing members, consisting of the City of St. Charles, Southwest Illinois Development Authority and STL Partnership. Eligible areas HRIF serves are the City of St. Charles and St. Louis County in Missouri and Bond, Clinton, Madison and St. Clair counties in Illinois.
The NMTC Program helps economically distressed communities attract private investment capital. This federal tax credit helps to fill project financing gaps by enabling investors to make larger investments.
About St. Louis Economic Development Partnership
The St. Louis Economic Development Partnership (STL Partnership) provides economic development services for the City of St. Louis and St. Louis County. The Partnership works in collaboration with the St. Louis Development Corporation, Greater St. Louis, Inc., the Missouri Department of Economic Development, the Missouri Partnership and other economic development partners to attract, retain and grow companies coming to or expanding in the St. Louis region. Learn more at stlpartnership.com.
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