KANSAS CITY, Mo. – The U.S. Department of the Treasury recently announced awards of New Markets Tax Credits, and Travois New Markets, a nationally certified Community Development Entity, will receive an $80 million allocation. Out of 249 applicants, 99 CDEs received allocations. Travois New Markets is the only national CDE receiving an allocation in this round that will dedicate it solely to serving the American Indian community.
Travois New Markets’ award comes from the additional $1.5 billion of New Markets Tax Credit investment authority that was authorized through the American Recovery and Reinvestment Act of 2009.
“Jobs will result from this wonderful allocation – gobs of jobs,” said David Bland, Travois chairman. “There is no place in the country more in need of jobs than Indian country. This $80 million allocation, which is a larger allocation than all but 16 of the 99 made nationwide, will give us the ability to finance energy projects, critical water, waste water and telecommunication infrastructure projects and any number of other creative and critically important projects on Indian reservations. We are on cloud nine about this allocation and cannot wait to put the money to use.”
New Markets Tax Credits are allocated annually by the Community Development Financial Institutions 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 in American Indian communities that export goods and services and meet local needs. It will focus on rural reservations but will also consider projects in highly distressed urban communities that have significant American Indian populations.
“The NMTC program allows us to offer low-cost, flexible financing to economic development projects,” said Phil Glynn, Travois director. “We will give Indian country leaders the resources they need to generate green energy, develop landmark buildings and create high-paying jobs.”
A full list of the 2009 allocations can be seen online.
In 2007, Travois New Markets received a $30 million allocation of New Markets Tax Credits. With this allocation, Travois supported three projects: The construction of two electrical substations for the Navajo Tribal Utility Authority, which brings power to 400 families who were previously without it; the renovation of the historic Hotel Andaluz in downtown Albuquerque, which is setting aside 20 percent of hotel jobs for American Indians; and the construction of a fish processing plant in the Alaska Native village of Platinum, which supports a network of nearly 600 fishermen.