We are gearing up to send in an application to the U.S. Treasury for an allocation of New Markets Tax Credits (NMTC). Here’s where we need your help. In the application, we need to provide information about projects that can benefit from and qualify for the program.
Do you have an economic development project that needs help filling a financing gap? Does your project have a minimum development cost of $5 million?
If you answered yes to both – get in touch with us. We want to hear your great ideas! These examples will show the U.S. Treasury that tax credits should be directed to Indian Country projects.
We are interested in a wide range of projects, including business, education, health care, infrastructure and others. See our past projects here. Call or email us at 816-994-8970 or newmarkets@travois.com to get your project included in our application.
More about the New Markets Tax Credit program:
The NMTC is a federal economic development incentive program that attracts private investor capital to community economic development projects. Created in 2000, the NMTC has attracted billions to business, health care, education and other projects across America.
Administered by the Community Development Financial Institutions Fund (CDFI Fund), the NMTC program allocates NMTCs to Community Development Entities (CDE). CDEs partner with leverage lenders and NMTC investors to provide low-cost, flexible debt or equity to projects.
As an independent CDE, Travois works with a vast network of leverage lenders and NMTC investors to serve a diverse, nationwide service area comprising the Native communities of the United States. Our goal is to see that Indian Country, Alaska Native areas and Native Hawaiian communities reap the full potential benefit of the NMTC program.
NMTCs are allocated nationwide, and competition among project sponsors is intense. As an advocate for Indian Country, we leverage our national relationships to secure NMTC allocation and investment equity for our service area.
There are a few restrictions on the use of NMTCs. We cannot finance casinos, racetracks, liquor stores, massage parlors, farms, golf courses or financial businesses. Beyond that, however, the possibilities are virtually limitless.
For more details, visit our frequently asked questions (FAQ) page.
FBIC is in the process of completing a Preliminary Architect Report for a new administration and the renovation of the existing administration building, to house the Tribal Council, and 50 Tribal Program, with 250 FTE and 230 PTE and the BIA with 45 FTE. We need assistance in completing the PAR, which already has been submitted to USDA twice, however, they continue to request additional information. Our plan is to submit an application to USDA for grant and loan funds for the complete project. Estimated total cost is approximately $13 million, for both a new administration building and the renovation of the existing building. We have utilize the assistance of an architect from CTA. He has attended several planning meetings, drafted preliminary drawings and provided a cost summary/analysis. In our last meeting with USDA, they ask the FBIC obtain a commitment from all tribal programs and their funding agencies, that they will be able to pay the required rent.
Would greatly appreciate both technical assistance in the planning of this project and also with potential financial assistance. You can call me at (406) 353-8418.
Hi, Caroline – Thank you for informing us about this project. I’ll call you to discuss the opportunities.
At the Nez Perce Tribe in north central Idaho, we would like to invest into a manufacturing facility and business center on land we purchased adjacent to a railroad spur. We do not have a private company/developer as yet though. We need to investigate all sources of funds, and so was interested in the NMTC program. We currently are seeking an EDA grant to conduct the preliminary engineering report and the Master design plan for developing this site. I was thinking it would be good to think in terms of mixed use development on this 35 acre site. Not too much room for housing units, but maybe a few retail sites, business center to lease (with incubator spaces) and a manufacturing building. I think this would exceed 5-10 million dollars.
Hi, Lilly – I’ll email you to discuss the opportunities. Thank you for sharing your project idea.