Travois New Markets recently helped the Pascua Yaqui Tribe secure New Markets Tax Credit (NMTC) financing for its new $8.7 million education center that broke ground in December 2011. Wells Fargo provided $2.4 million in New Markets Tax Credit equity for the project, which will help fund a nearly 40,000-square-foot two-story education center.
The tribe saw a great need for a state-of-the-art education center as it continued to see its students lag behind their counterparts in other ethnic groups in literacy and math but had been unable to begin building the center because of a financing gap that remained after grants and tribal funds were raised.
With NMTC allocation and equity from Wells Fargo, the Pascua Yaqui Education Center will provide instruction for multiple generations, including secondary, General Education Development (GED) and adult continuing education students, who will flourish under one roof and receive culturally appropriate education. Highlights of the center include an extensive Library and Resource Center, the technology-based education program called Tech Ania (Yaqui word meaning “world”) and a cultural preservation center. The education center will also host community engagements.
- Native Organization: Pascua Yaqui Tribe
- Environmental Services Client
- Date Closed with Investor: 2011
- Date Completed: 2013
- Development Type: Education
- Project Status: Complete
- Total Investor Equity: $2,442,960
- Total Project Cost: $8,700,000