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New Market Tax Credits awarded to Iowa Community Development Corporation
Iowa Community Development Corporation (ICD) received notification of a $50 million award under the New Market Tax Credit (NMTC) program on Monday, October 20, 2008. ICD is managed by the Iowa Business Growth Company. This follows ICD's 2006 allocation of $40 million, which was used to finance (in whole or in part) the following projects:
- River Point West, Des Moines, IA
- Village Place, Des Moines, IA
- Northwest Airlines Reservation Center, Sioux City, IA
- Adler Theater, Davenport, IA
- Cambridge Investments, Fairfield, IA
Davis Brown attorneys represented ICD in connection with its 2006 allocation and look forward to representing ICD in connection with its 2008 allocation. In addition to representing CDEs, such as ICD, Davis Brown attorneys have represented individual real estate developers and business owners working with the NMTC program, the historic tax credit and low-income tax credit programs.
For questions about the NMTC program, please visit: http://www.cdfifund.gov/programs/nmtc/index/asp.
For questions about ICD please contact: Dan Robeson, Executive Director of Iowa Business Growth Company, 5409 NW 88th St., Suite 100, Johnston, IA 50131. 515.223.4511.
For questions about Davis Brown's tax credit finance services, please contact: Jason Stone or John Shors at 515.288.2500
