MoFi, a nonprofit community development financial institution serving Western states, has received an $85 million New Markets Tax Credit (NMTC) allocation from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund. The award comes as part of a record $10 billion allocation round that included 142 organizations nationwide.
The New Markets Tax Credit program, created by Congress in 2000, is designed to attract private investment to communities with limited access to capital by offering tax credits to investors. The program supports job creation and economic development, particularly in rural and undercapitalized areas.
MoFi plans to work with business owners, community leaders, and project partners throughout 2026 to deploy the new credit authority, with a focus on rural communities. Projects may include manufacturers, health service facilities, and other businesses that provide well-paying jobs and long-term economic stability.
“We are excited to give communities more tools to move projects forward in places that often struggle to attract private capital,” said Heidi DeArment, MoFi’s CEO. “This award expands the capacity of communities across the West to finance critical businesses that create good jobs and economic resilience.”
Congress permanently authorized the NMTC program last summer through the “One, Big, Beautiful Bill Act,” ending decades of short-term extensions. Montana Senator Steve Daines and Idaho Senator Mike Crapo were among the lawmakers whose support helped secure the measure.
Over the past two decades, the program has delivered nearly $570 million in private capital to 46 businesses and projects across Montana and $472 million to 46 projects in Idaho. Most recently, NMTC funding helped finance the construction of a new manufacturing facility in Rupert, Idaho, completed in October 2025.
Founded in 1986, MoFi operates across the Rocky Mountains, Pacific Northwest, and portions of the Great Plains, with offices in Missoula, Bozeman, Boise, and Salt Lake City. The organization provides financing and business consulting to help transform communities and ensure the financial system works for everyone.