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Economic development projects in Indian Country will continue to benefit from tax credits
Travois New Markets receives $70 million allocation of New Markets Tax Credits
A total of $3.6 billion in New Markets Tax Credits were awarded, while $26.7 billion was requested. Seventy CDEs out of 314 applicants received allocations.
“We are thrilled with this huge allocation,”
New Markets Tax Credits are allocated annually by the Community Development Financial Institutions Fund (CDFI Fund), a division of the U.S. Department of Treasury, to qualified CDEs. CDEs are private companies that finance economic development projects in low income communities.
Travois New Markets will use its allocation to help fund economic development projects that are sponsored by tribal nonprofits or governments, Native-owned for-profit businesses and individual Native entrepreneurs. It will focus on rural areas in all 50 states but will also consider projects in highly distressed urban communities. Travois New Markets is the only national CDE receiving an allocation in this round that will dedicate it solely to serving the Native community.
“Leaders in Native communities across America have used our past NMTC allocations to do amazing things,” said Phil Glynn, vice president of economic development. “We are ecstatic to have more allocation to make available in American Indian, Alaska Native and Native Hawaiian communities.”
For a full list of the 2012 allocations, please visit http://www.cdfifund.gov/
In 2007, Travois New Markets received a $30 million allocation of New Markets Tax Credits, and in 2009, it received an $80 million allocation. With these allocations, Travois New Markets has brought investor equity to a wide range of projects that had faced financing gaps: two electrical substations for the Navajo Tribal Utility Authority, a fish processing plant in the Alaska Native village of Platinum; a health and wellness center developed by the Montana tribal college, Little Big Horn College; and a Community Technology, Employment and Education Center for Native Hawaiians on the island of O’ahu, among other projects.
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About Travois New Markets
Travois New Markets, a nationally certified Community Development Entity (CDE), is dedicated exclusively to meeting the economic development needs of American Indians, Alaska Natives and Native Hawaiians in low income communities. Travois New Markets has invested a total of $110 million in New Markets Tax Credit allocation that it was awarded from the Community Development Financial Institutions (CDFI) Fund of the U.S. Department of the Treasury. The Travois family of companies raises capital for housing and economic development in Indian Country and provides educational, environmental, architectural, engineering and asset management services.
The 12th Annual Travois Indian Country Tax Credit Conference, created to provide information about Low Income Housing Tax Credits and New Markets Tax Credits, will be held Sept. 10-13, 2012, at the Casino Del Sol in Tucson, Ariz. For more information, visit www.travois.com.