MetaFund Awarded $60 Million New Markets Tax Credit Allocation

July 15, 2020

MetaFund is excited to announce that it has received its sixth New Markets Tax Credit (NMTC) allocation to serve disadvantaged communities across Oklahoma. This $60 million allocation brings MetaFund’s total allocations to $279 million, making MetaFund one of the most successful allocatees in Oklahoma, and nationally under this program. Obtaining an allocation under the NMTC program is an extremely rigorous process with hundreds of competitors, and requires significant experience and expertise. In general, the NMTC can provide approximately 15% of a project’s funding needs in the form of permanent capital.

We are actively looking for community development projects that can use this powerful incentive to improve outcomes for low-income communities. For this round, we are targeting manufacturing businesses that create good jobs accessible to disadvantaged individuals; healthcare organizations that provide quality care to medically underserved communities; and, education providers with proven abilities to break the cycle of poverty. We are currently focused on identifying projects in rural areas of Oklahoma. The credits can be used for both development and expansion and can finance real estate, equipment, and other assets. Preferred transaction sizes are $5 million and larger.

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 $900 million of economic impact in low-income communities, creating over 2,500 permanent jobs.

Please contact us if you think you may have a qualifying project to take advantage of this attractive source of capital.