The Region 9 Economic Development announced that its Deputy Director, Brian Rose, was recently appointed this summer to serve on the advisory board of the Colorado Growth and Revitalization Fund.
According to a news release, the CGR Fund is a new market tax credit board that is under the Colorado Housing and Finance Authority which partners with the city of Denver.
The CGR Fund manages the state’s federal allocation of new market tax credits.
Rose said that the federal government gives an allocation of new market tax credits to each state, and they have a couple of years to fund projects that serve low- to moderate- income communities.
“New Market Tax Credits are typically sold to investors, as a way for projects that are creating impact in underserved communities to raise needed financial capital,” Rose said. “I am very interested in expanding my experience and my knowledge of these credits as part of a project capital stack to help support the region that I serve, as well as other communities across the State.”
Rose said that as projects come in, the board reviews them to see if it’s viable from a superficial loan review standpoint.
He intends to reach out to eligible projects in Southwest Colorado to see if they looked into tax credits. Since the projects are based on funds from banks, the tax credit helps to complete the project.
He said the board is looking for new projects in Montezuma County and other Southwest Colorado communities that might qualify. The board is working with 2021 allocations, on projects before Rose’s appointment, and next year they’ll begin their work with future allocations.
Rose has worked as a banker for 20 years. a banker for CHFA which has brought him to currently serving the nonprofit world through Region 9, a nonprofit community economic development corporation that helps set up loans for new startups.