WASHINGTON – Five development companies with ties to Rhode Island received tax credits under the federal government’s new markets tax credit program, the U.S. Treasury Department announced.

All told, five companies with potential projects in Rhode Island received $260 million in a round of funding announced on Oct. 30. However, those companies will likely spend the credits in a variety of states.

The companies receiving credit with ties to the Ocean State were Consortium America LLC ($80 million), MBS Urban Initiatives CDE LLC ($40 million), MHIC NE New Markets CDE II LLC ($90 million), National Trust Community Investment Corporation ($35 million) and Urban Action Community Development LLC ($15 million)

Companies were not required to pitch specific projects to receive the credits, but some of the credits could flow to the American Locomotive Works project in Providence, said Karl Schlachter, a senior vice president at McCormack Baron Salazar, a St. Louis-based developer that received credits through its affiliate MBS Urban Initiatives.

Schlachter said an undetermined amount of credits could be utilized to renovate a single-story structure at the corner of Valley and River streets into offices or a warehouse. But the company is still looking for a tenant and the renovation remains up in the air at the moment, Schlachter said.

The Massachusetts Housing Investment Corporation (MHIC) is reviewing a pipeline of potential projects in Rhode Island, said Peter Sargent, director of capital development. Sargent said it was too early to identify specific projects.

Representatives at other companies did not immediately return messages seeking comment.

The new markets tax credit program provides tax credits to investors who make “qualified equity investments” in investment vehicles called community development entities. The entities are required to invest the proceeds from investments in low-income communities. The credit provided to the investor equals 39 percent of the investment and is claimed over a seven-year period.

Among projects in the region that have used the new markets program are:

• Rising Sun Mills, in Providence.

• Hampton Inn & Suites, in Providence

• Hope Street Family Center, in Woonsocket

• Dreyfus Hotel, in Providence.