Ecotrust backs new markets

| Print |  Email
Articles - February 2011
Thursday, January 27, 2011

 

0211_Ecotrust_01
0211_Ecotrust_02
0211_Ecotrust_03
Garibaldi Forest Management (top), NewWood Corp. (middle) and ZeaChem (bottom) all benefited from New Market tax credits meant to help economically distressed communities.
Struggling rural towns got a $60 million boost in 2010 from the federal New Market tax credit program and Portland-based Ecotrust CDE, which funneled money from the program into regional businesses creating green jobs in economically distressed communities.

Several promising businesses received investment through the program, among them:

  • ZeaChem Applied Technology, which is building a $40 million plant in Boardman to convert waste sawmill wood into ethanol;
  • Ochoco Lumber, which has completed a wood pellet mill in John Day;
  • Garibaldi Forest Management, which is exploring a new economic model involving carbon storage and habitat restoration as well as wood products.
  • NewWood Corp., which makes composites used for fencing, pallets and other products, made from waste wood and recycled plastic.
Under the program, Ecotrust and other CDEs (short for “community development entity”) receive capital in the form of federal tax credits and invest in businesses expanding in economically distressed areas. Nationally, most new market investments occur in urban areas, but Ecotrust's CDE specializes in rural areas that have lost jobs in natural resource industries. The Ecotrust projects backed in 2010 are expected to retain or create 300 jobs directly and another 500 jobs indirectly.

Bettina von Hagen, who has run the Ecotrust CDE since 2008, says a long pipeline of worthy projects awaits further investment in 2011 and beyond. “We’re seeing a tremendous amount of interest,” she says. “We could do $100 million to $200 million in projects per year.”

President Obama had sought to extend the program at $5 billion per year.  That amount was shaved to $3.5 billion, with more than $25 billion in proposals competing for the money.

BEN JACKLET
 

More Articles

Urban renewer

Linda Baker
Wednesday, June 24, 2015
UnknownBY LINDA BAKER   

One year after he was appointed chair of the Portland Development Commission, Tom Kelly talks about PDC's longevity, Neil Kelly's comeback and his new role as Portlandia's landlord.


Read more...

Farm in a Box

July/August 2015
Friday, July 10, 2015
BY JACOB PALMER

Most of the food Americans consume is trucked in from hundreds of miles away. Eric Wilson, co-founder and CEO of Gro-volution, wants to change that. So this past spring, the Air Force veteran and former greenhouse manager started work on an alternative farming system he claims is more efficient than conventional agriculture, and also shortens the distance between the consumer and the farm.


Read more...

Apartment Mania

Guest Blog
Thursday, June 18, 2015
4805983977 11466ce1d6 zBY BRAD HOULE | CFA

While most categories of commercial real estate have performed well, one of the most robust has been apartment buildings.


Read more...

10 Innovators in Rural Health

July/August 2015
Monday, July 13, 2015
BY AMY MILSHTEIN | PHOTOS BY JASON E. KAPLAN

Telemedicine, new partnerships and real estate diversification make health care more accessible in rural Oregon.


Read more...

Stemming the tide of money in politics

Linda Baker
Wednesday, June 10, 2015
 jeff-lang-2012-thumbBY LINDA BAKER

Jeff Lang and his wife Rae used to dole out campaign checks like candy.  “We were like alcoholics,” Lang says. ”We couldn’t just give a little.”


Read more...

Oregon needs a Grand Bargain energy plan

Linda Baker
Monday, June 22, 2015
0622-gastaxblogthumbBY LINDA BAKER

The Clean Fuels/gas tax trade off will go down in history as another disjointed, on-again off-again approach to city and state lawmaking.


Read more...

Storyteller in Chief: Natural Prophets

July/August 2015
Monday, July 13, 2015
BY SAM BLACKMAN

Storyteller-in-chief with the CEO and co-founder of Elemental Technologies.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS