The U.S. Department of the Treasury announced $7 billion of New Markets Tax Credit (NMTC) awards last week, and Travois New Markets, a nationally certified Community Development Entity (CDE) based in Kansas City, Mo., will receive a $50 million allocation.
Travois New Markets is part of the Travois family of companies that raises private investor capital for housing and economic development projects benefiting American Indian, Alaska Native and Native Hawaiian communities. In this round, it is the only national CDE that received an NMTC allocation that will dedicate it solely to serving Native communities. Travois was one of 120 organizations around the country to receive an award and is one of two awarded CDEs based in Kansas City, MO.
“We are thrilled to be able to continue financing catalytic projects throughout Indian Country,” said Travois President Phil Glynn. “We want to thank all of our partners, our advisory board and the CDFI Fund.”
New Markets Tax Credits are allocated 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 in American Indian, Alaska Native and Native Hawaiian communities. It will focus investment on rural areas in all 50 states.
Click here for a full list of the recent allocations.
This is Travois New Markets’ fourth award. In 2012, it received a $70 million award; in 2009, it received an $80 million allocation, and in 2007, it received a $30 million allocation. With these allocations, Travois New Markets has brought investor equity to a wide range of projects that had faced financing gaps, including: Educare Winnebago, a comprehensive early education facility for the Winnebago Tribe of Nebraska; a fish processing plant in the Alaska Native village of Platinum; and a health and wellness center developed by Little Big Horn College, a tribal college in Montana.