This summer, Travois New Markets, a nationally certified Community Development Entity (CDE), closed five New Markets Tax Credit economic development projects that will benefit American Indians, Alaska Natives and Native Hawaiians in highly distressed communities. It has now invested all of the $80 million New Markets Tax Credit allocation it received in 2009 from the U.S. Treasury.
These projects meet local needs, create hundreds of jobs and will help grow and sustain tribal economies. While a portion of the $80 million allocation was deployed in 2010, Travois would like to congratulate the following organizations who closed in 2011:
Little Big Horn College Health and Wellness Center – Crow Agency, Mont.
Little Big Horn College (LBHC), the higher education institution of the Crow (Apsáalooke) Tribe of Indians, will soon complete construction on its new 35,000-square-foot Health and Wellness Center, thanks in part to $8.8 million in New Markets Tax Credit (NMTC) financing provided by Travois New Markets.
After assembling funds from various sources for the Health and Wellness Center, LBHC still faced a financing gap and turned to NMTCs for help. Once complete, the $10 million facility will provide a learning environment for health and wellness education programs and exercise facilities. The facility created 98 construction jobs and will create six full-time positions when it is operational. The project closed July 21.
Yukon-Koyukuk Elder Assisted Living Facility – Galena, Alaska
Five federally recognized Alaska Native tribes came together to build an assisted living facility in central Alaska because they needed a closer facility for their elders, who otherwise would have to travel 150 miles to receive access to safe, affordable housing, a healthy diet, medical care and quality assisted living services.
Because of NMTC financing, the facility will be able to include an energy efficient heat system and a rooftop solar array to offset rural Alaska’s high energy costs. YKEALF received $7.8 million in New Markets Tax Credit financing. The project closed July 26.
TERRA-Northwest – various sites in rural Alaska
TERRA-Northwest is the second phase of a project to extend terrestrial broadband service to remote rural Alaska Native areas. The first phase is focusing on southwest Alaska, and this second phase that includes NMTCs will connect the area generally surrounding Nome in northwest Alaska.
The new network will provide broadband to businesses, schools, hospitals and clinics, including the new $91 million American Recovery and Reinvestment Act-funded, tribally-owned and operated Norton Sound Regional Hospital in Nome. Alaska Natives who live in remote villages will be able to use video conferencing to receive medical and psychiatric care; students can connect over video conferencing to receive remote instruction in courses. Broadband will decrease the isolation these communities face and create opportunities for more education, job and economic growth. This project used $23.65 million in NMTC financing and closed August 29.
Bad River Health & Wellness Center – Odanah, Wis.
Members of the Bad River Band of the Lake Superior Chippewa Indians needed a Health & Wellness Center to replace their clinic that was lost in a fire. The new 25,000-square-foot facility will provide medical services, preventative care and education in a modern, culturally appropriate setting to 3,500 tribal members living both on and off the reservation. Travois New Markets provided $9.8 million in New Markets Tax Credits for the project, which closed on Oct. 5.
Travois New Markets team members are Phil Glynn, vice president of economic development, and Michael Bland, CDE manager. Travois New Markets team members can help find NMTC financing for qualified economic development projects. Please contact them at 816-994-8970 or newmarkets@travois.com. Travois New Markets submitted an application for another allocation of NMTCs; announcements are expected in early 2012.