The U.S. Department of the Treasury announced awards of New Markets Tax Credits today, and Travois New Markets will receive a $70 million allocation.
A total of $3.6 billion in New Markets Tax Credits were awarded, while $26.7 billion was requested. Only 70 CDEs out of 314 applicants received allocations.
“We are thrilled with this huge allocation,” said David W. Bland, Travois chairman. “Out of the 70 awards, ours is the seventh largest. This award validates the work we have been doing for 17 years in Indian Country and will help us provide crucial gap funding for some of the most needed and noteworthy economic development projects in the nation.
“This allocation is also a confirmation that the CDFI Fund of the U.S. Treasury has faith in Travois and in our tribal customers. This is a very big day for Travois and for the many American Indian nations that will now be able to move ahead with health clinics, water and wastewater projects, alternative fuel projects and others.We are proud to be in a position to move these innovative projects ahead.”
Phil Glynn, vice president of economic development, said: “Leaders in Native communities across America have used our past NMTC allocations to do amazing things. We are ecstatic to have more allocation to make available in American Indian, Alaska Native and Native Hawaiian communities.”
In 2007, Travois New Markets received a $30 million allocation of New Markets Tax Credits, and in 2009, it received an $80 million allocation. With these allocations, Travois New Markets has brought investor equity to a wide range of projects that had faced financing gaps.
If you are working on Native-focused economic development project and need our assistance, please email us at newmarkets@travois.com.
For more information about the NMTC program, click here. For a list of award recipients, click here.
For more information about the 12th Annual Travois Indian Country Tax Credit Conference, to be held Sept. 10-13 at the Casino Del Sol in Tucson, Ariz., click here.