HRIF Provided $50 Million for New Markets Tax Credits

Allocation matches highest amount given to STL Partnership subsidiary 

Heartland Regional Investment Fund, LLC (HRIF), a subsidiary of St. Louis Economic Development Partnership (STL Partnership), was recently allocated $50 million in New Markets Tax Credits (NMTC) through the U.S. Department of the Treasury Community Development Financial Institutions Fund (CDFI Fund). This matches the largest allocation HRIF has received in its 15 years of existence when it also received $50 million in 2020.

“This is great news for the work we are trying to accomplish with HRIF,” said Jeff Colona, director of New Markets Tax Credits at STL Partnership. “These funds will be essential in us continuing to assist companies and developments that are looking to grow around the St. Louis area in both Missouri and Illinois.”

HRIF provides financing to projects in distressed communities surrounding the managing members—the City of St. Charles, Southwest Illinois Development Authority and STL Partnership. Eligible areas HRIF serves are St. Louis County and St. Charles County in Missouri and Bond, Clinton, Madison and St. Clair counties in Illinois.

HRIF will be issuing a request for proposals for this allocation later in 2026.

The CDFI Fund gives tax credits to Community Development Entities (CDEs), such as HRIF, to provide loans and investments to businesses in low-income communities. The CDFI Fund awarded $10 billion in allocations for the 2024-2025 calendar year of the NMTC Program, the largest allocation in the program’s history.