Treasury awards $65 million in tax credits to spur Wyoming, Montana, Idaho recoveries - Cheyenne, WY Cap City News
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Treasury awards $65 million in tax credits to spur Wyoming, Montana, Idaho recoveries

Ivinson Memorial Hospital in Laramie has received support from the tax credits program for an expansion project, according to MoFi. (File photo, Trevor T. Trujillo; Oil City)

CASPER, Wyo. — The United States Treasury has awarded $65 million in New Markets Tax Credits to the nonprofit lender MoFi aimed to help with economic recovery from impacts of the COVID-19 pandemic in Wyoming, Montana and Idaho, MoFi said on Thursday, July 30.

The tax credits are aimed to “help with development and job creation” in cities and towns across the region. MoFi sells tax credits to investors which turns the credits into cash and “puts that cash into projects as a subsidy.”

MoFi says the New Markets Tax Credits program was created under the Community Renewal and Tax Relief Act of 2000. The program aims to “help stimulate private investment and economic growth in low-income and rural areas.”

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“Communities and local businesses that can benefit from the program typically are unable to access capital for projects that help create jobs and growth in these areas,” the release adds.

MoFi have been involved with the program for a little over a decade and say they have assisted on “dozens of projects worth hundreds of millions of dollars, creating or retaining thousands of jobs.”

“NMTC funding is awarded once a year through a highly competitive process by the Treasury,” MoFi adds. “Since 2008, MoFi has received NMTC awards totaling $631 million, and has financed more than 45 projects across the Northern Rockies that created and retained nearly 4,400 jobs.”

“Prior awards have helped build or expand manufacturing facilities, community food banks, medical centers, grocery stores, homeless shelters, mixed-use buildings and more.”

President Dave Glaser said that MoFi has helped with projects totalling over $37 million in Wyoming since 2018. The first project they supported in Wyoming was the Cobblestone Hotel & Suites in Torrington which was completed in 2018.

“Since then, MoFi has brought the tax credits to several additional projects in the state, including a new childcare facility and health clinic expansion in Riverton, and an expansion of Ivinson Memorial Hospital in Laramie, ” the release states.

MoFi says the New Markets Tax Credits program received a one year extension from the U.S. Congress at the end of 2019 and an increase in tax credit authority from $3.5 billion to $5 billion annually.

“Work is underway to extend the NMTC Program again at the end of 2020, and legislation to make it permanent is gathering support in both houses of Congress and from both sides of the aisle,” the release says. “Because of the recent economic downturn related to COVID-19 and the NMTC Program’s robust job creation record, discussions are taking place to consider how the program can again help with recovery.” 

“MoFi is actively reviewing projects for the $65 million allocation, which will be deployed in qualified areas of Wyoming, Montana and Idaho. Communities, businesses and nonprofits that have projects of at least $5 million in value with a gap in financing are encouraged to contact MoFi at 844-728-9234 or to see if they qualify.”

This article originally appeared on Oil City News. Used with permission.

The Latest Statistics from the Wyoming Department of Health:

What to do if you are feeling sick: In the wake of the COVID-19 outbreak, the Casper-Natrona County Health Department says that people who are feeling sick or exhibiting symptoms should contact their primary physician.

If you do not have a primary care provider, and live in Natrona County, please contact the COVID-19 hotline, operated by the Casper-Natrona County Department of Health. The line is open Monday – Friday 8:00 am – 5:00 pm 577-9892. Hotline services are intended for Natrona County residents and may not be able to provide specific information to persons calling from out of county.

Officials ask that you please do not self-report to the Emergency Room. Persons experiencing problems breathing should call 9-11.

For general inquiries and non-symptom related questions about COVID-19, please contact the Casper-Natrona County Health Department via email:

  • Practice Social Distancing by putting distance between yourself and other people. This is especially important for people who are at higher risk of getting very sick.
  • Wash your hands often with soap and water for at least 20 seconds especially after you have been in a public place, or after blowing your nose, coughing, or sneezing. If soap and water are not readily available, use a hand sanitizer that contains at least 60% alcohol.
  • Avoid close contact with people who are sick
  • Stay home if you’re sick
  • Cover coughs and sneezes. Cover your mouth and nose with a tissue when you cough or sneeze or use the inside of your elbow.
  • Clean AND disinfect frequently touched surfaces daily. This includes tables, doorknobs, light switches, countertops, handles, desks, phones, keyboards, toilets, faucets, and sinks.

A list of area closures attributed to COVID-19 are available here.