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Idaho Sen. Mike Crapo, visited the future site of “Hemming Cedars,” the first combined married and single housing for students.
During a news conference for the new complex, Crapo said the project is being funded by a tax incentive program called “The New Market Tax Credit.” The program was designed to increase capital for businesses and low income communities.
“More than 600 jobs, full-time and construction, have been created by the use of The New Market Tax Credit in Idaho,” Crapo said. “While we push to streamline our tax code, we must remember the pro-competitive provisions like this that help us grow the economy and create jobs. Credit goes to the partners to make this project for Rexburg and BYU-Idaho a reality.”
NMTC, funded by Montana & Idaho CDC, offers a 39 percent tax credit to businesses for a seven year period. The program has donated more than $70 billion to communities in all 50 states, District of Columbia and Puerto Rico, according to Montana & Idaho CDC press release.
Richie Webb, CEO of Hemming Corporation, said NMTC’s contribution to Hemming Cedars will bless the community.
“The opportunity provided by New Market Tax Credits and our positive working relationship with Montana CDC and Wells Fargo has enabled us to further pursue redevelopment and revitalization of the core of the city,” Webb said. “We believe this project will help to meet specific needs of our growing community and be another building block toward positive growth and development for this region.”
Scott Johnson, Director of Economic Development for the City of Rexburg, said the Hemming Cedars project will nourish the Rexburg economy.
“New Market Tax Credits have made a significant difference for Rexburg,” Johnson said a NMTC press release. “By leveraging over $50 million in investment in our area, projects like Hemming Cedars are able to create jobs and economic vitality, and provide services that wouldn’t otherwise be here. Working in partnership with Montana & Idaho CDC has made achieving our goals a reality.”
The facility will open January 2018 and will have three components: housing for single students, housing for married students and retail accommodations such as shops and restaurants.
Hemming Cedars will be built where The Cedars BYU-I Approved Women’s Housing and four other Hemming owned housing now stand. These faculties will be torn down mid-April, leaving 144 students to find a new home.
The complex will be the largest housing facility offered by Hemming Properties with 450 total beds for single students, 60 apartment units for married students and 35,000 square feet of commercial space.