Rural Enterprises of Oklahoma

Rural Enterprises of Oklahoma Incorporated (REI) is a non-profit community development corporation with more than 20 years experience providing economic development services and financial assistance to businesses and communities throughout rural Oklahoma .

REI approached Rapoza Associates in February, 2002 after the Internal Revenue Service issued its initial guidance on the New Markets Tax Credit. Aware of our work on New Markets, REI asked Rapoza Associates to help them figure out how the Credit could be used to enhance their already successful business financing and economic development work.

  Fast Forward:

After making a trip to Oklahoma to brief the REI Board of Directors and staff on the New Markets Tax Credit (NMTC), Rapoza Associates was retained to assist REI develop a New Markets business plan and apply for an allocation.

We worked with REI staff and attorneys to structure and certify REI's community development entity (CDE), worked to develop a plan for approaching investors, assisted in identifying potential NMTC projects, and worked closely with REI staff in writing their successful Round I NMTC application.

REI was awarded an $80 million NMTC allocation in 2003. They were one of the first 66 CDEs to be awarded Credits out of a field of with more than 347 applicants.

Since awarded their NMTC allocation, we have continued to provide ongoing support to REI as they implement their NMTC program. We provided guidance in negotiating the Allocation Agreement, and working with investors and have worked with staff and attorneys in reviewing potential deals. We have also been on call to answer questions with regard to CDFI or IRS policies as they arise.

Rapoza Associates also consulted with REI on their successful Round III allocation application which resulted in a $56 million NMTC award.