Vermont Business Magazine Mascoma Community Development (MCD) is proud to announce a US$55 million grant in New Markets Tax Credit (NMTC) companies from the US Treasury Department’s Community Development Financial Institution (CDFI) Fund. The NMTC program allows MCD to direct capital to underserved communities by funding high-impact, mission-focused tasks nationwide, with a deal with New Hampshire, Vermont, Maine, New York and Massachusetts. Mascoma Bank has branches in Vermont.
This New Markets Tax Credit represents MCD’s fifth award and offers a complete of $285 million because it was first granted in 2014. MCD is a Community Development Entity (CDE) fashioned by Mascoma Bank to make use of tax credit for tasks that serve severely distressed, low-income people and/or communities and promote job retention and creation, downtown revitalization, enterprise improvement and Enlargement in addition to promote further catalytic improvement.
“We are very pleased that the CDFI Fund continues to support our community development efforts that bring positive change and economic growth to the communities we serve,” mentioned Dick Jennings, govt director of Mascoma Community Development. “Projects in rural areas, where we primarily focus our funding, have significant need for access to flexible capital and otherwise would not complete without this subsidy.”
The New Markets Tax Credit was launched in 2000 to encourage personal funding and financial progress in rural, low-income communities and smaller city neighborhoods that lack entry to versatile capital wanted to assist and develop companies, create jobs and is critical to keep up a wholesome native financial system. The NMTC is a 39 p.c federal tax credit score granted over seven years on investments in economically distressed communities.
“We are very grateful for the continued support of the NMTC program from our congressional delegations in Washington, DC. Your support of our community development efforts and the highly impactful NMTC program enable MCD to make meaningful and lasting change in communities across the country,” mentioned Clay Adams, President and CEO of Mascoma Bank.
When MCD receives a payment via its NMTC actions, a portion can be reinvested as a grant to assist a CDFI associate on-site for the underlying mission. Since 2021, MCD has funded $558,750 in grants from CDFI companions to deal with neighborhood wants reminiscent of childcare, neighborhood well being, inexpensive housing and small enterprise assist.
Headquartered in Lebanon, New Hampshire, Mascoma Bank is a $2.66 billion neighborhood financial institution, mutually owned and Certified B Corporation based in 1899 with 28 branches all through the Northeast. Most not too long ago, the financial institution was named “Best for the World” B Corp for Governance. In 2013, the financial institution fashioned Mascoma Community Development to assist increase capital, facilitate credit score, and assist neighborhood improvement all through northern New England and past. The financial institution is a member of the Federal Deposit Insurance Corporation (FDIC) and each the financial institution and MCD are equal alternative suppliers.
LEBANON, NEW HAMPSHIRE (October 28, 2022) – Mascoma Community Development