Organization: Midwest Industrial Redevelopment Fund, LLC (MIRF)

Award: MIRF received a $60 million allocation in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.

Background:

• Mission: MIRF is dedicated to fostering economic growth and revitalization in low-income communities across the Midwest by providing crucial financial support for industrial redevelopment projects. Their focus is on transforming underutilized and abandoned industrial spaces into productive economic assets.
• Previous Awards: Advantage Capital, the firm behind MIRF, has been a consistent recipient of NMTC allocations, having received nearly $860 million since the inception of the NMTC program in 2001. Their extensive experience positions them well to manage and deploy these funds effectively.

Impact:

• Job Creation: The NMTC allocations have facilitated the creation and retention of over 65,000 jobs, significantly boosting local economies.
• Community Revitalization: Projects funded by MIRF often lead to the rehabilitation of industrial sites, turning them into vibrant centers of economic activity, which in turn enhances the quality of life for residents in these areas.

Project Focus:

1. Industrial Site Redevelopment: The $60 million NMTC allocation will be used to finance the redevelopment of underutilized industrial sites, transforming them into productive spaces that can house new businesses, manufacturing facilities, and logistics hubs.
2. Support for Small Businesses: MIRF will also focus on providing financial support to small and medium-sized enterprises (SMEs) that operate within these redeveloped industrial sites, fostering entrepreneurship and business growth in underserved communities.
3. Environmental Sustainability: The redevelopment projects will incorporate sustainable practices, including green building technologies and renewable energy solutions, to ensure long-term environmental benefits.

Quotes from Officials:

• Lisa Gibson, Vice President at Advantage Capital: “This $60 million NMTC allocation will allow us to continue our mission of driving economic growth in underserved communities. We are committed to creating jobs, supporting small businesses, and revitalizing industrial spaces across the Midwest.”
• Jodie Harris, Director of the CDFI Fund: “The New Markets Tax Credit program has been instrumental in facilitating essential investments into low-income communities. The impact of these investments is profound, as they help rebuild communities that have suffered from years of disinvestment.”

Significance: The NMTC program allows MIRF to attract private investment to critical projects that might not otherwise receive funding, helping to revitalize economically distressed areas and improve the quality of life for residents in St. Louis and beyond.