HRIF Receives Award from R&R Marketplace
NMTC provider wins Difference Maker award
Heartland Regional Investment Fund, LLC (HRIF), a subsidiary of St. Louis Economic Development Partnership (STL Partnership), recently won the Difference Maker award from Refuge and Restoration (R&R) Marketplace, a mixed-use facility in Dellwood, Mo.
In 2023, HRIF provided a $13 million New Markets Tax Credit (NMTC) allocation for the R&R Marketplace, 90,000-square-foot multi-use facility on West Florissant Avenue. This redevelopment is expected to bring new opportunities for jobs, childcare, healthcare services and more. Early estimates include the creation of 100 jobs within one year and 2,000 jobs within five years. The fund partnered with Smith NMTC Associates, U.S. Bancorp Community Development Corporation, Midwest BankCentre and Summit Real Estate Group on this NMTC allocation.
The award ceremony took place at R&R Marketplace tenant Brilliant Angels Academy on Oct. 1 and was hosted by Ken and Beverly Jenkins, founders of Refuge and Restoration. U.S. Bank and Smith NMTC also won Difference Maker awards. Jeff Colona, NMTC director at STL Partnership, accepted the award on behalf of HRIF.
For more information on NMTC and the work of HRIF, click here.