Excerpt from KPAX.com in Missoula, MT:
Montana CDC and U.S. Bank have secured $6 million in permanent financing to support the Mission Valley Aquatics community health facility.
“Supporting more than 40 jobs in Polson while building healthy community infrastructure is a win-win,” said Senator Max Baucus, who helped make New Markets Tax Credits available to rural areas as Chairman of the Senate’s tax-writing committee. “This is a smart investment into Montana jobs while bolstering an important economic corridor for Indian Country and the entire Flathead community.”
Over the past ten years, Mission Valley Aquatics created a design that is well-suited for the needs of the town’s residents, gathered letters of support from community members, and raised more than $4.6 million in funding from private donors and lenders. The New Markets Tax Credit financing from U.S. Bancorp Community Development Corporation, the community development subsidiary of U.S. Bank, and Montana Community Development Corporation provides a critical piece of the project and allowed the facility to open for the summer season. Harnessing the power of NMTCs, Montana CDC raised U.S. Bank’s investment and leveraged funding from private donors and lenders to provide patient, low-cost capital to Mission Valley Aquatics.
Senator Jon Tester is also a long-time supporter of the New Markets Tax Credit program. “The New Market Tax Credit has helped dozens of Montana communities grow and create jobs,” Tester said. “Investing in this Mission Valley Aquatics facility, with its strong community support, is a smart way to improve access to care and raise the quality of life for folks in Polson.”