Millions in private investor funds will be directed to Indian country development projects, thanks to the U.S. Department of the Treasury allocating $50 million in New Markets Tax Credit (NMTC) to Travois New Markets, a nationally certified Community Development Entity (CDE). Since its formation in 1995, the Kansas City, Missouri-based CDE has helped bring over $1 billion of investment to Indian country.
The Treasury released a total of $7 billion of tax credit awards last week.
“We are thrilled to be able to continue financing catalytic projects throughout Indian Country,” said Travois President Phil Glynn. “We want to thank all of our partners, our advisory board and the CDFI Fund.”
Travois New Markets is part of the Travois family of companies that raises private investor capital for housing and economic development projects benefiting American Indian, Alaska Native and Native Hawaiian communities. In this round, it is the only national CDE that received an NMTC allocation that will dedicate it solely to serving Native communities. Travois was one of 120 organizations around the country to receive an award, and one of two awarded CDEs based in Kansas City.
New Markets Tax Credits are allocated by the Community Development Financial Institutions Fund (CDFI Fund), a division of the U.S. Department of Treasury, to qualified CDEs. CDEs are private companies that finance economic development projects in low income communities.
Travois New Markets will use its allocation to help fund economic development projects that are sponsored by tribal nonprofits or governments, Native-owned for-profit businesses and individual Native entrepreneurs in American Indian, Alaska Native and Native Hawaiian communities. It will focus investment on rural areas in all 50 states.
This is Travois New Markets’ fourth award. In 2012, It received a $70 million award; in 2009, it received an $80 million allocation, and in 2007, it received a $30 million allocation. With these allocations, Travois New Markets has brought investor equity to a wide range of projects that had faced financing gaps, including: Educare Winnebago, a comprehensive early education facility for the Winnebago Tribe of Nebraska; a fish processing plant in the Alaska Native village of Platinum; and a health and wellness center developed by Little Big Horn College, a tribal college in Montana.
Travois is a mission-driven consulting firm focused exclusively on promoting housing and economic development for American Indian, Alaska Native and Native Hawaiian communities. Since 1995, Travois has brought investor equity to 196 projects through the Low Income Housing Tax Credit program and New Markets Tax Credit program, making an impact of more than $1 billion across Indian Country. These private investor funds have helped build or rehabilitate more than 5,100 homes and have helped finance critical economic development projects, including infrastructure, health care, community centers, education facilities and other businesses. The Travois family of companies also offers architectural design and construction monitoring services, environmental assessments, consulting on green energy improvements, asset management and compliance services and comprehensive training to clients in 21 states, from Hawaii and Alaska to Maine. For more information, visit www.travois.com or find the company on Facebook, Twitter, LinkedIn, YouTube, Pinterest, Instagram, or read about the CDE on its blog.
The 17th Annual Travois Indian Country Affordable Housing & Economic Development Conference, created to provide information about Low Income Housing Tax Credits and New Markets Tax Credits, will be held April 3-5, 2017, in Austin, Texas.