November 18, 2016

Rural development boosted with $80M in New Markets Tax Credits to CEI

Courtesy / CEI Capital Management
Courtesy / CEI Capital Management
CEI Capital Management CEO Charlie Spies said that the award of $80 million in New Markets Tax Credits will allow the company to identify new ways to assist rural economies.

The U.S. Department of Treasury has allocated $80 million in New Markets Tax Credit capacity to CEI Capital Management, which the nonprofit says it will use for economic development projects in rural, low-income communities across Maine and the United States.

"[This award] allows us to identify new opportunities to strengthen rural economies so the effect of each newly created or saved job ripples through the community," CEI Capital Management CEO Charlie Spies said in a statement. "In our dozen years working with this program we have crisscrossed the nation, working on the ground and getting to know the people in rural places who are dedicated to bringing positive change to their communities."

CEI has employed New Markets Tax Credits for 90 projects since 2004, creating or preserving 4,699 permanent jobs for positions in primarily rural places, according to a news release. These projects have supported the growth and economic viability of industries including manufacturing, the arts, healthcare, agriculture, conservation, hospitality and technology.

Thanks to the New Markets program, the owners and employees of St. Croix Tissue in Baileyville celebrated the grand opening of a new papermaking facility with state-of-the-art equipment that positions the company to be successful in a globally competitive market. As a result, the project not only creates 80 new, skilled jobs, but preserves hundreds more, keeping livelihoods intact and creating a ripple effect that benefits the entire region, according to CEI.

"This award will enable us to work with community leaders to understand the long-term needs of their regions and to help grow businesses that create jobs and provide avenues to economic opportunity for individuals and families, particularly those with low-incomes, who live there," said CEI CEO Betsy Biemann in a statement.

Altogether, the U.S. Department of Treasury made allocations to 120 organizations nationwide for a total of $7 billion in New Markets Tax Credit awards. This is the largest single award round since the New Markets Tax Credit Program was created in 2001.

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