New England Forestry (2005)

Jackman, ME

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NMTC Amount: $42,850,000

Est. Total Project Cost: $59,000,000

COMMUNITY IMPACT

The wood industry is one of the largest employers in the state of Maine accounting for approximately 19,000 jobs. A group of investors utilized NMTCs to enhance the credit terms of their forest land purchase, saving 428 jobs for loggers, sawmills, and papermill workers. Rural Development Partners (allocatee) and GE Capital (lender) also committed fees to further research for a soy-based adhesive project benefiting the wood industry, and contributed $2 million to assist inner city homeless shelters, alcohol and drug treatment centers, and low-income housing.

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