The Federal Reserve Bank of Minneapolis recently published the article “Making the New Markets Tax Credit work in Native communities” in the October 2011 issue of its publication “Community Dividend.”
The article highlights the Navajo Tribal Utility Authority and Travois New Markets, who worked together to use New Markets Tax Credits to fund NTUA’s electrical substation project.
The article quotes Phil Glynn, vice president of economic development for Travois, who said, “This investment is a remarkable example of how the NMTC program can be used to address infrastructure issues in Native communities.”
It concludes with this paragraph: “More to come? In June 2011, the CDFI Fund announced the availability of $3.5 billion for the 2011 tax credit allocation round of the NMTC program. How much of that total will be invested in Indian Country remains to be seen. Thanks to a small but determined group of development organizations and tribes, including those mentioned here, entities that are interested in using the NMTC program to benefit Native communities have some good examples to follow.”
To download the article, click here.
To read the entire issue, click here to download the issue from the Federal Reserve Bank of Minneapolis.