Introduction
The Heartland Regional Investment Fund, LLC (“HRIF”) is a certified Community Development Entity, created by the St. Louis Economic Development Partnership (the “Partnership”), the Southwestern Illinois Development Authority, and the City of St. Charles, Missouri.
Organized in 2010, HRIF was created to be a catalyst for equitable and inclusive community development within St. Louis’ highly distressed suburban low-income communities just beyond the urban core – specifically, St. Louis County and the City of St. Charles in Missouri; and Madison, St. Clair, Clinton, and Bond counties in Illinois (the “Service Area”). Since inception, HRIF has been awarded $180 million in New Market Tax Credit (“NMTC”) allocation authority from the Community Development Financial Institutions Fund (the “CDFI”) of the U.S. Department of Treasury to stimulate investment and job creation in the Service Area, including a combined $80 million in the 2020 and 2021 rounds.
Accordingly, HRIF will be applying to CDFI’s next NMTC round for a new allocation (the “20th NMTC Application Round”). HRIF issues this Request for Proposals (“RFP”) to retain a firm or firms to assist with the preparation and filing its application for the 20th NMTC Application Round (the “Application Services”).
Scope of Services
The firm selected would work closely with and at the direction of Partnership staff in providing the Application Services. Generally, the Application Services would require the successful firm or firms to (1) assist with the preparation of HRIF’s application for the 20th NMTC Application Round, including: accurate responses to all elements of the application form; summaries of prior performance and investments; projected business activities, investment, and development strategies; forecasts for new investments, economic activity, and job creation; anticipated community impact; strategy for program compliance; capitalization strategy; letters of support; investment commitments; and all other information and supporting documents necessary to secure a NMTC allocation; and (2) advise HRIF, as needed, on a variety of other issues that may enhance its application for the 20th NMTC Application Round, including: appropriate products, services and investment criteria; appropriate type and mix of Qualified Low Income Community Investments; targeted investment areas; potential pipeline projects; flexible and innovative investment strategies; additional development incentives and other sources of financing that may be available.
See the full RFP here.
Submission of Proposals
To be considered, proposals must be received no later than Friday, June 30, 2023 by 3:00 PM CST. Proposals received after the deadline identified above may not be considered.
Questions and electronic proposals should be sent by email to [email protected] with a copy to [email protected].
Heartland Regional Investment Fund, LLC
c/o St. Louis Economic Development Partnership
Attn: Howl Bean II
7733 Forsyth Blvd., Suite 2200
St. Louis, Missouri 63105
[email protected]