The St. Louis Development Corp. approved two rounds of federal new markets tax credits Thursday, one for a charter school system and another for a development in Midtown.

Up to $8 million in the federal credits will go to KIPP St. Louis, which runs five charter schools in the city. The system wants to use credits to help finance the acquisition and renovation of a building at 3740 Marine Avenue for a new elementary school, which will be its sixth location. That building formerly housed the St. Louis Language Immersion School, which moved to Pine Street downtown. The project will cost about $7 million.

KIPP also plans to use the credits to relocate its Wisdom Academy from 2647 Ohio Street in the Fox Park neighborhood to a larger building at 1224 Grattan Street. It plans to acquire and renovate the building, which formerly housed St. Louis College Prep School, for about $3 million.