Missoula's Montana Community Development Corp. was awarded $60 million in federal tax credits Thursday to continue its funding of startup and expansion businesses.

"What it means is $60 million worth of projects are going to get done in the state of Montana," MCDC director Dave Glaser said. "We'll be arranging financing with tax credits over the next 12 to 18 months."

The U.S. Department of the Treasury released $3.6 billion in New Market Tax Credits nationwide. MCDC was one of 70 organizations across the country that are authorized to distribute the credits. Recipients get a credit against their federal income taxes that can be converted to cash to make equity investments.

"Montanans are using these tax credits to help create good-paying jobs and revitalize community centers so that they can attract new businesses for the future," U.S. Sen. Max Baucus said in an email. "This is an extremely competitive process and this news speaks volumes about Montana CDC's commitment to creating jobs for the long haul."

While the credit has been available for 12 years, it was only recently expanded to rural areas like Montana.

Montana Community Development Corp. has received $156 million in tax credits since 2008. That's translated into 1,250 jobs and $1.1 billion in statewide economic impact, according to Baucus' office.

Past projects funded with the tax credits included Missoula's new Garlington, Lohn and Robinson law building, Bozeman's Town and Country Grocery store, and the Sears Building in Butte.

Octagon Partners developer Pete Goergen said the availability of such tax credits helped attract his interest in restoring the Missoula Mercantile Building.

"The Merc redevelopment would not be possible without the tax credits and Montana CDC's commitment to revitalizing downtown Missoula," he said in an email Thursday.

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