Offcials say award will drive economic and community development in low-income urban, rural and tribal communities
OKLAHOMA CITY – REI Oklahoma has been awarded $45 million in New Markets Tax Credit (NMTC) allocations.
“REI Oklahoma is honored to be entrusted with this allocation authority, allowing us to continue to drive meaningful change by investing in healthcare and high-quality job creating manufacturing facilities in distressed areas of Oklahoma,” said Scott Dewald, REI Oklahoma president and CEO.
A pioneer in using the NMTC program in Oklahoma, REI Oklahoma has previously received $550 million in tax credit authority, resulting in over $1.6 billion in economic impact. Since 2003, $257 million has been invested in manufacturing projects and $153 million in healthcare initiatives.
“The NMTC program encourages investments and provides essential financing and support in highly distressed communities,” said Debbie Partin, senior vice president of Business Lending. “The tax credits enable us to facilitate projects in areas of the state that need it the most.”
Since 1982, REI Oklahoma has been serving the needs of the underserved, by providing access to small business and housing capital resulting in economic growth and job creation for everyone. REI Oklahoma’s headquarters are in Durant, with additional Oklahoma City and Tulsa offices, delivering programs including Business Lending, Housing Down Payment Assistance Program, Business Resource Center, Minority Business Center, New Market Tax Credit Program, and the Women’s Business Center. To learn more about REI Oklahoma, visit https://www.reiok.org or call 800-658-2823. Follow REI Oklahoma on Facebook, Instagram, LinkedIn, and YouTube.