Nothing has been made official, but buzz in the industry tells us the 2012 New Markets Tax Credit (NMTC) allocation application may be published this month. If so, Community Development Entities (CDEs) like Travois will probably have about 60 days to compile and submit applications.
If our application is successful, that will give us more ability to provide NMTCs to Indian Country in 2013. Since 2006, we have succeeded in winning $180 million in NMTC authority to benefit Indian Country.
We are using our current NMTC allocation to finance projects that are ready to proceed immediately. While we still want to hear from project teams in Indian Country, this year’s allocation is fully committed.
But if you are working on a project that plans to break ground in 2013, please let us know. We would like to include it in our upcoming application as an example. Please keep in mind, if we put your project in our application that is not a guarantee that we will receive an allocation or that we will be able to provide funding to your project. But it would help us begin to develop a relationship and would increase the odds of NMTCs being made available for Indian Country projects. The more great projects we have to write about in our application, the better.
We will monitor the website and news releases coming from the Community Development Financial Institutions (CDFI) Fund — the agency that allocates NMTCs. We will get the word out once official NMTC timelines are announced. But if you want to talk with us about a 2013 project that you think deserves NMTC financing, pick up the phone and call anytime.