The Department of Economic Development (DED) announced today that it will award more than $6 million in 50% and 70% tax credits through the Neighborhood Assistance Program (NAP) to 30 organizations for community development projects statewide.
“We’re proud to support organizations that provide critical services for those most in need,” said Governor Mike Parson. “Through the Neighborhood Assistance Program, we’re able to assist efforts that are improving lives across our state. We look forward to seeing these awards strengthen communities and create brighter futures for Missourians.”
A total of up to $16 million are awarded through NAP annually, with projects limited to $250,000 in 50% tax credits and $350,000 in 70% tax credits. Credits for this fiscal year will be awarded in two rounds, with this being the first round that opened in the spring of 2023. Eligible applicants include nonprofit organizations, educational institutions, and businesses that meet program requirements. During the Fiscal Year 2024 cycle, tax credits were reserved for organizations providing critical services, with priority given to projects located in previously underserved areas of the state. The full list of 2024 Round 1 NAP recipients and projects is available here.
“The Neighborhood Assistance Program allows us to partner with organizations that are doing incredible work to better their communities,” said Michelle Hataway, Acting Director of the Department of Economic Development. “This program is helping Missourians prosper by opening new doors of opportunity all across our state. We’re grateful for the chance to support these recipients as they make a positive difference for Missouri.”
About the Neighborhood Assistance Program (NAP)
Administered by the Division of Business and Community Solutions, NAP helps nonprofit organizations leverage private-sector funds by providing partial state tax credits to businesses that make contributions to approved community improvement projects. The program can help fund job training initiatives, crime prevention, community service projects, and revitalization of community-based buildings and areas. For more information, including upcoming application cycles, eligibility criteria, and frequently asked questions, visit the NAP webpage.
About the Missouri Department of Economic Development
The Missouri Department of Economic Development (DED) works to create an environment that encourages economic growth by supporting Missouri’s businesses and diverse industries, strengthening our communities, developing a talented and skilled workforce, and maintaining a high quality of life. As one team built around the customer and driven by data, DED aspires to be the best economic development department in the Midwest. Through its various initiatives, DED is helping create opportunities for Missourians to prosper.
For the latest updates on DED’s current or future programs and initiatives, visit DED’s website.