Travois has received $45 million in New Markets Tax Credits (NMTC) to support economic development projects in Native communities.
The U.S. Department of the Treasury awarded these tax credits to Travois New Markets, a nationally certified Community Development Entity (CDE). As part of the largest allocation in the history of the NMTC program, this round tax credits will stimulate economic growth and empower private-sector investment in distressed communities.
“The New Markets Tax Credit program is a vital resource for economic development,” said Phil Glynn, president of Travois. “Our team is committed to using this allocation to generate economic growth in rural areas and create accessible, quality jobs in local Native communities.”
New Markets Tax Credits are allocated by the Community Development Financial Institutions (CDFI) Fund, a division of the U.S. Department of Treasury. These credits are allocated to qualified CDEs, which finance economic development projects in low-income communities.
In the past year, Travois’ economic development team has used the NMTC program to support essential projects, including Tribal enterprises, infrastructure, and housing in rural Native communities.
Travois is actively seeking Tribal economic development projects that qualify for NMTCs to support efforts that support lasting job growth.
About the New Markets Tax Credit
The New Markets Tax Credit (NMTC) supports economically distressed communities by providing tax credits to Community Development Entities (CDEs) for specific investments.
Now a permanent part of the U.S. tax code, the NMTC program has led to $77 billion in qualified equity investments and $143 billion in overall development financing, creating over 1.2 million jobs across the country.