The U.S. Department of the Treasury announced awards of New Markets Tax Credits today, and Travois New Markets, a nationally certified Community Development Entity (CDE), will receive an $80 million allocation.
Travois New Markets is the only national CDE receiving an allocation in this round that will dedicate it solely to serving the American Indian community.
Travois New Markets will use its allocation to help fund economic development projects in Native communities that export goods and services and meet local needs. It will focus on rural reservations but will also consider projects in highly distressed urban communities that have significant American Indian populations.
Click here to download the official announcement.
In 2007, Travois New Markets received a $30 million allocation of New Markets Tax Credits. With this allocation, Travois New Markets supported three projects: the construction of two electrical substations for the Navajo Tribal Utility Authority, which brings power to 400 families who were previously without it; the renovation of the historic Hotel Andaluz in downtown Albuquerque, which is setting aside 20 percent of hotel jobs for American Indians; and the construction of a fish processing plant in the Alaska Native village of Platinum, Alaska., which supports a network of nearly 600 fishermen.
“We’ve helped fund three exceptional projects so far, and we’re ecstatic that we’ll have more opportunities to continue our work in Indian Country,” said Phil Glynn, director of Travois New Markets. “We’re eager to get started and want to hear about more Indian Country businesses or community development ideas that need help with financing.”
To learn more about New Markets Tax Credits, click here. To submit a proposal for funding, click here and fill out our online Project Description Form. For more information, e-mail newmarkets@travois.com.
About Us
Since 1995, Travois Inc. has been the leading housing consulting firm in Indian Country, working with tribal clients to alleviate housing shortages and rehabilitate substandard homes. Travois
has helped clients to build or rehabilitate more than 3,500 homes in states stretching from Maine to Washington and has brought in more than $350 million in investor equity using the Low Income Housing Tax Credit program. Travois also offers asset management and design and inspection services. In addition, Travois New Markets has invested $30 million in New Markets Tax Credits in economic development projects benefiting American Indians. For more information, visit www.travois.com.