(Oklahoma City) The US Department of the Treasury has awarded New Markets Redevelopment LP, an affiliate of Wiggin Properties LLC, $34 million of tax credits, to be used in qualified areas of Oklahoma City, to facilitate construction and redevelopment of office space, health care facilities, housing, and other real estate projects. 

The Community Development Financial Institutions (CDFI) Fund awarded $2 billion in allocations under the Treasury Department’s New Markets Tax Credit (NMTC) program. New Markets Redevelopment LP was one of  forty-one certified community development entities (CDEs) that were selected to receive NMTCs in the third allocation round. A

total of 208 CDEs applied for allocations, requesting an aggregate $23 billion in credits. Of the total applicant pool, approximately 20 percent were successful.

“We are delighted to receive this allocation, and look forward to putting it to use in redevelopment of the downtown and near-downtown areas of Oklahoma City”, said Chuck Wiggin, President of Wiggin Properties.  “This award is the culmination of three years of effort to tap into an important economic development program." 

The New Markets Tax Credit Program, created through legislation that was enacted in December of 2000, permits taxpayers to receive credits against Federal income taxes for making Qualified Equity Investments in designated Community Development Entities.  The credits provided to the investor total 39 percent of the cost of the investment and is claimed over a seven year allowance period.

New Markets Redevelopment LP (or “NMRLP”) was certified as a Community Development Entity, eligible to administer the federal tax credits, by the Treasury Department in 2002.  NMRLP applied for an allocation of the tax credits in the Treasury’s Third Round Allocation process in October, 2004.  The $34 million allocation award was announced on May 11, 2005. 

NMRLP’s tax credit investment activities will be led by Chuck Wiggin, with the assistance of David Huffman, Debbie Whitacre, and other officers of Wiggin Properties.  Wiggin Properties is a full service commercial/investment real estate company with offices in Oklahoma City and Tulsa.  

NMRLP intends to use the tax credit allocation to facilitate financing for real estate projects, which will have a significant economic impact on targeted areas in the Empowerment Zone of Oklahoma City.