We're excited about Dakotas America, LLC receiving $80 million in New Markets Tax Credit (NMTC) allocation for economic development across North and South Dakota. South Dakota Rural Enterprise will administer the fund for Dakotas America and help this program attract private-sector capital investment into North and South Dakota low-income areas to help stimulate economic growth and create jobs. Dakotas America's 2006 $50 million NMTC award has already begun to show promising results in the Dakotas.

One project assisted by the 2006 NMTC allocation is Standing Rock Telecommunications, Inc., winner of this year's Non-Metro Award at the Novogradac NMTC Investors Conference in Boston. The 100 percent tribally-owned telecom company used $10 million in loans to build 13 wireless towers to serve 2.3 million acres of tribal land spanning two counties in North and South Dakota.

The big news about this year's award for the Dakotas is that more communities will be eligible under the new guidelines. The addition of "rural" to the distressed qualification criteria will expand the number of communities which may not have qualified as distressed for the 2006 allocation. While the program works for larger projects ($5 million and over), NMTCs will add value to vital developments that will positively impact distressed communities in North Dakota and South Dakota. A new link has been added to the Dakotas America web site making it easy for you to check an address: www.dakotasamerica.com/qualcomm.html.

Seventy organizations across the country were selected to receive a combined total of $3.5 billion in tax credits for use in low-income communities. The NMTC Program attracts private-sector capital investment into the nation's urban and rural low-income areas to help stimulate economic development in hard-to-serve communities.

The $80 million award to Dakotas America is one of the largest announced this year. Our two-state area is among the top twenty percent of NMTC allocation recipients for 2008.

Zack Boyers, chairman and CEO of US Bancorp Community Development Corporation, said recently that Dakotas America has been a strong and effective voice for community development in North and South Dakota. He commended Dakotas America for demonstrating the ability to evaluate critical problems in low-income rural communities and to identify new ways to address them, creating positive outcomes.

For more information about the New Markets Tax Credit program or Dakotas America, phone 605-978-2804, e-mail or go to the web site www.dakotasamerica.com.

2008 AUTUMN REPORT
	Entrepreneur Fairs focus on the future
	South Dakota heritage will serve us well today
	Development Institute provides creative networking opportunities
	CVAC communities are building success
	SAVE THE DATE
	Positive actions for troubled economic times
	Qualifying is easier for the 2008 Dakotas America New Markets Tax Credit allocation
	New Markets Tax Credit Low Income Communities by County
	Gregory and Lakota Fund receive "Success Stories" awards