Wicker, Hyde-Smith Support Award of $115 Million in Tax Credits to Mississippi Communities

Mississippi Senators Urged Greater Consideration for State’s Applicants

U.S. Senators Roger Wicker, R-Miss., and Cindy Hyde-Smith, R-Miss., today praised the award of three New Markets Tax Credit (NMTC) allocations to Mississippi totaling $115 million.

The NMTC program incentivizes private investment in distressed areas by awarding tax credits to community development entities (CDEs) that finance economic development projects in low-income neighborhoods.

“The New Markets Tax Credit Program is a powerful tool to attract private investment to regions of this country that need it most,” Wicker said. “I was glad to support the applications of Mississippi’s community development entities who received today’s well-deserved awards. These tax credits will stimulate a new round of high-impact investments, and I am sure they will join Mississippi’s other recent awardees in making a positive difference for our state.”

“The significant allocation of New Markets Tax Credits to Mississippi will encourage more private investment in economic development and community development projects in low-income urban and rural communities in Mississippi,” Hyde-Smith said.  “These tax credits have been put to good use in Mississippi and I think we can look forward to new projects to improve our state.”

In May, the senators wrote to the director of the Community Development Financial Institutions Fund to ask that greater consideration be given to the needs of Mississippi communities when deciding future allocations under the NMTC Program.

Mississippi CDEs received the following tax credits:

• $55 million for MuniStrategies, LLC.
• $35 million for Hope Enterprise Corporation
• $25 million for Three Rivers CDE, Inc.

Senator Wicker and Hyde-Smith Press Release

5/24/2019