CPLC Prestamos CDFI Invests $21M to Anchor Largest OSB Plant in North America and Supports 300+ Jobs in East Texas
Corrigan, TX – Prestamos CDFI, a division of Chicanos Por La Causa, is pleased to announce a $21 million New Markets Tax Credit (NMTC) investment to support a major expansion of an oriented strand board (OSB) manufacturing facility in the rural community of Corrigan, Texas.
The project will strengthen and expand operations at RoyOMartin, a leading manufacturer with more than 100 years of experience producing engineered wood products used in residential and commercial construction. The site currently includes a large-scale manufacturing facility of more than 400,000 square feet, and the expansion will add an additional 300,000+ square feet of production capacity. Once completed, the combined operation will be the largest OSB manufacturing plant in North America.
NMTC financing will support equipment upgrades and working capital across both facilities, enabling the site to operate at full capacity and significantly increase production efficiency. The investment is expected to create more than 120 new full-time jobs and retain over 200 existing positions. These jobs will offer wages above the Polk County living wage, along with comprehensive benefits, training, and opportunities for career advancement.
Jose Martinez, President of Prestamos CDFI, stated, “The project directly aligns with our mission to finance impactful deals that create high-paying, accessible jobs in rural areas. This project will solidify RoyOMartin’s operations in the low-income community and allow it to be a significant economic driver throughout the region.” The project has also received strong support from federal, state, and local representatives, including Texas Governor Greg Abbott, who described the RoyOMartin facility expansion as “an important investment in the future of Corrigan and an important piece in the economy of a bigger, better Texas.”
The facility is located in a deep distress rural community with strong potential for continued economic growth and access to educational opportunities. This investment is expected to serve as a catalyst for regional development, supporting job creation, strengthening the local workforce, and generating lasting economic benefits throughout East Texas. According to the Texas Association of Manufacturers, each job created by the project is expected to support an additional 7.4 indirect jobs, resulting in an estimated 2,300+ total jobs across the broader community.
RoyOMartin will also continue to build on its strong ties to the Corrigan community by expanding workforce and community development initiatives. These include woodworking programs for high school juniors and seniors, scholarships for employees’ children, and ongoing career training and skills development for its workforce.
The project is supported by additional NMTC allocations totaling $65.5 million from the Community Business Investment Fund, National New Markets Fund, Central States Development Partners, and Texas LIC Development Company. Prestamos CDFI is an eight-time NMTC award-winning allocatee serving Arizona, California, New Mexico, Nevada, Puerto Rico, and Texas.
