FORT WASHAKIE — The Wind River Development Fund has partnered with Midwest Minnesota Community Development Corp. to bring $90 million in tax credits for private investment in business and housing in underserved communities, including rural areas.

Lisa Wagner, executive director of the WRDF, notes that there are qualifying areas throughout the state, including parts of Casper, Laramie and Cheyenne.

“We can offer below market rates with the possibility of debt forgiveness after seven years,” Wagner said. “It might even provide the incentive for companies to relocate to an underserved area.”

The New Markets tax credit program, administered by the U.S. Department. of the Treasury, gives private investors credit against federal income tax in exchange for investments in business and housing in underserved communities. Midwest Minnesota Community Development matches qualified projects with investors, who receive the tax credits. MMCDC is responsible for monitoring project compliance with tax credit rules.

Funded projects are typically located in distressed areas. Ninety-five percent of MMCDC’s New Markets-related projects are made in census tracts with one or more of the following characteristics: poverty rates above 30 percent; median family income that is 60 percent or less of the statewide median family income; unemployment rates 1.5 times the national average; location within Indian reservations; SBA HUB Zones; HOPE VI redevelopment areas; or involve rural populations.

Potential borrowers are encouraged to contact Wagner at 207-335-7330 or their local Wyoming Business Council regional director for details.