Local Projects Are Awarded NAP Tax Credits

The Department of Economic Development announced today that it will award $12.6 million in 50% and 70% tax credits through the Neighborhood Assistance Program (NAP) to 66 organizations for community development projects statewide, including two projects in north Missouri that receive 70 percent tax credits.
The Mercer County Area Development Corporation aims to drive community revitalization and business development in the Mercer County area. The organization will utilize $70,000 in NAP donations to establish a revolving loan fund for physical revitalization of the downtown and small business districts.
Livingston County Community Development Corporation will utilize $132,897 in donations received as part of this NAP project for the continuation of the Main Street Chillicothe Program. The program promotes downtown revitalization and economic development, improving the downtown environment through: facade renovation of downtown properties, support of current downtown businesses with a monthly visit, and solicitation of new businesses to the downtown.
“Missouri nonprofits provide critical services to citizens and our most vulnerable populations,” Gov. Mike Parson said. “This program supports organizations in their work to provide assistance to Missourians who need it most, which helps ensure our communities remain healthy and strong.”
NAP helps nonprofit organizations leverage private-sector funds by providing partial state tax credits to businesses that make contributions to approved community improvement projects. During the Fiscal Year 2022 cycle, tax credits were reserved for organizations providing critical services, with priority given to projects providing job training, education, and those located in previously underserved areas of the state. Other project types include crime prevention, community service projects, and revitalization of community-based buildings and areas.
“A strong economy begins with thriving communities, and the Neighborhood Assistance Program is a great example of the public and private sectors collaborating to ensure both,” Missouri Department of Economic Development Acting Director Maggie Kost said. “This program increases the positive impact nonprofits have on their communities, which means increased opportunity and prosperity for all Missourians.”