MetaFund Awarded $50 Million New Markets Tax Credit Allocation
Media Release: November 8, 2022
OKLAHOMA CITY — MetaFund is proud to announce it has received its seventh New Markets Tax Credit (NMTC) allocation from the U.S. Treasury Department's Community Development Financial Institution (CDFI) Fund. The allocation will be used to spur private investment in economic development projects that create good jobs, improve health outcomes, and support community facilities throughout Oklahoma.
The $50 million allocation is MetaFund’s fourth award in the last six rounds and brings its total allocations to $329 million. Obtaining a NMTC allocation involves working through a rigorous process with stiff competition and requires expertise and experience to be successful.
The NMTC program is geared to help economically disadvantaged communities attract private investment capital. Generally, the program can provide roughly 20 percent of a project’s funding needs in the form of permanent capital and catalyze favorable financing terms.
”This award allows us to bring critically needed private investment to historically underserved Oklahoma communities. We will work alongside community leaders in these areas to identify and support projects that expand economic opportunity,” noted Blake Trippet, MetaFund President.
The new allocation will be used primarily in rural areas with a focus on manufacturing businesses that provide high-quality, accessible jobs, as well as healthcare facilities that improve access to care. Prioritization will be given to projects with strong community input and support. The funds can be used for both new development and expansion, and can finance real estate, equipment, and other assets. MetaFund specifically focuses on large projects ($5 million or more) that can significantly impact the communities’ economic base.
In announcing this year’s tax credits allocations, federal officials said they had awarded $5 billion in NMTC to 107 organizations across the country. Award recipients came from 35 states and the District of Columbia. Federal officials note that the NMTC awards have generated $8 of private investment for every $1 invested by the federal government.
For more information about MetaFund, please visit www.metafund.org or call 405-949-0001.
