History
Established in 2002, REI New Markets Investment LLC allows REI to attract new investments into Oklahoma and create needed jobs in underserved communities. The New Markets Tax Credit program provides investors with federal tax credits for investments into qualifying businesses.
The most recent award received by REI from the U. S. Treasury Department is for the administration of $39 million in federal tax credits. Over 250 applications for the NMTC incentive were submitted from across the nation and REI was the only Oklahoma organization successful in receiving authorization.
Previously, the organization received $136 million in tax credit authority resulting in projects totaling $360,402,708 in economic impact and creating/retaining 2,462 jobs.
Successful projects have included health care facilities in Muskogee, Owasso, Stigler and Tulsa. Other projects include the restoration of the historic Skirvin Hotel in downtown Oklahoma City and assistance to a milling company in Cushing, Oklahoma. These projects have provided the opportunity to catalyze additional private impacts through spin-off development efforts in the area.
The LLC is a wholly-owned subsidiary of Rural Enterprises of Oklahoma, Inc. The LLC’s investments consist of equity investments in, or loans to qualified Oklahoma businesses.
