Ecotrust gets $45 million in New Market credits
By Andy Giegerich
Digital Managing Editor
Ecotrust will use the new credits for rural business restoration programs, among other initiatives.
An Ecotrust subsidiary has landed $45 million in tax credit financing for projects in rural communities.
The money comes in the form of a New Markets Tax Credit allocation that will back “innovative initiatives that create economic, social and environmental benefit in rural and disadvantaged communities in the Northwest and beyond.”
Ecotrust used past New Markets funds on such projects as Seattle’s Bullitt Center, the world’s most ambitious living building project that opened this week.
“The Bullitt Center is the latest example of how Ecotrust uses New Markets Tax Credits and other forms of capital to push environmental and social innovation while creating jobs and successful new business models,” said Spencer Beebe, Ecotrust’s chairman, in a release.
Ecotrust is getting a chunk of $3.5 billion in the U.S. Treasury Department’s New Markets Tax Credit awards that are going to 85 organizations. The money aims to create and protect jobs in disadvantaged and distressed communities.
Ecostrust plans to use the money for projects involving businesses and organizations across the Northwest.
Bettina von Hagen, Ecotrust CDE’s managing director of investments and community engagement, said such projects include the conversion of an abandoned retail space into a state-of-the-art manufacturing facility. It will also help return such closed facilities as a paper mill, a sawmill and a biomass plant to working order.
“We are particularly excited about the opportunity to work with tribes on land repatriation and the launch of related tribal forest processing businesses,” she said.
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