MISSOULA — MoFi, a nonprofit community development financial institution based in Montana, has received an $85 million New MarketsTax Credit award from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
The New Markets Tax Credit, created by Congress in 2000, is designed to attract private investment to communities with limited access to capital by offering tax credits to investors. The program supports job creation and economic activity, particularly in rural and undercapitalized areas.
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MoFi will deploy the award across the region it serves, with projects in Montana expected to be a central focus.
MoFi will begin working with business owners, community leaders, and project partners this year to deploy the new tax credit authority, with an emphasis on rural communities.
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