MetaFund Receives $30 Million New Markets Tax Credit Allocation Award to Invest in Projects
MetaFund is excited to announce that it has received its fifth New Markets Tax Credit (NMTC) allocation. This $30 million allocation brings MetaFund’s total allocations to $219 million, making MetaFund one of the most successful allocatees nationally under this program. Obtaining an allocation under the NMTC program is a very rigorous process, requiring significant experience and expertise.
With this new $30 million allocation, and the balance of its previous $50 million allocation, MetaFund has significant funding for projects in distressed areas. Preferred transaction sizes are $5 million and larger.
In general, the NMTC can provide 20% to 25% of a project’s funding needs in the form of permanent capital. The credits can be used for development and expansion and can finance real estate, equipment, and other assets.
Although this is a tax credit program, the recipient of the funds is not required to use the credits directly. Typically, MetaFund facilitates the monetization of the credits with investors to provide capital for the project. MetaFund, along with its consortium of 25 member banks, can also make introductions to facilitate the remaining funding for projects. Over the past ten years MetaFund has leveraged New Markets Tax Credits to catalyze over $600 million of financing to low-income communities, creating over 2,000 jobs.
Please contact us if you think you have a qualifying project to take advantage of this attractive source of capital.
MetaFund is an Oklahoma non-profit Community Development Financial Institution which also has activities in Arizona, Kansas, Colorado, and Nebraska. In addition to its NMTC program, MetaFund also funds loans and investments in distressed areas, and works with its member banks to facilitate otherwise unbankable transactions. As a self-sustaining entity, MetaFund supports itself from revenues related to its mission-oriented loans and investments, and does not rely on charitable contributions, grants, or government funding.
