New Markets Tax Credits (NMTC) support investments that create jobs and provide services in economically disadvantaged areas.
ST. LOUIS (Feb. 6, 2023) – St. Louis Economic Development Partnership (STL Partnership) is pleased to announce the hiring of Jeff Colona as the New Markets Tax Credits Director. Colona has 15 years of commercial real estate investment brokerage experience and joined STL Partnership from Marcus & Millichap where he worked as Senior Associate, specializing in workforce housing and development.
“We are thrilled to have Jeff Colona join the organization,” said Rodney Crim, CEO and President of STL Partnership. “Jeff’s experience will be a key asset as we pursue new development projects in the low-income urban areas of St. Louis.”
As the Director, Colona will lead the Heartland Regional Investment Fund (HRIF), a Certified Development Entity (CDE) that deploys New Markets Tax Credits for projects in distressed communities throughout the greater St. Louis metropolitan area. HRIF serves St. Charles and St. Louis County in Missouri, as well as Bond, Clinton, Madison and St. Clair counties in Illinois.
“I am honored and excited to have joined STL Partnership,” Colona said. “The New Markets Tax Credit program helps economically underserved communities, and I am looking forward to continuing the mission of helping businesses and services grow in St. Louis.”
New Market Tax Credits can be used to fund commercial, industrial, community and mixed-use projects. Most recently, the program funded R&R Marketplace, a redevelopment in North St. Louis County that will connect the community with jobs, childcare, finances, and health care.
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