Kansas City Welcomes New Investment Opportunities for Native Communities
In the heart of Kansas City, exciting news is brewing for Native communities across the country. Travois, a leading organization based in the Crossroads area, has announced the allocation of $35 million in New Markets Tax Credits (NMTCs). These credits are set to empower Tribes and organizations in their pursuits to fund crucial projects, including essential facilities like schools and health clinics. Phil Glynn, president of Travois, emphasized the significance of these tax credits in bridging financial gaps in the areas that need it the most.
What Are New Markets Tax Credits?
New Markets Tax Credits are designed to spur investment in low-income communities. Administered by the Community Development Financial Institutions (CDFI) Fund, a segment of the U.S. Department of the Treasury, these credits are allocated to qualified Community Development Entities (CDEs). Travois New Markets stands out as the only CDE solely focused on supporting Native communities, making this allocation particularly impactful. Glynn proudly stated, “New Markets Tax Credits are an essential tool for filling funding gaps for projects in places with the greatest need.”
A History of Impact
Travois has a rich history that dates back to 1995, dedicated to promoting housing and economic development specifically for American Indian, Alaska Native, and Native Hawaiian communities. Over the years, the organization has successfully brought in investor equity to more than 260 developments across 23 states, totaling an impressive impact of over $2 billion in Indian Country. Glynn commended Tribal leaders nationwide for their efforts in advocating for increased access to NMTCs, saying, “We look forward to financing projects that create jobs, treat patients, educate students, provide groceries, and many other important services.”
Making Waves with Recent Allocations
In the latest funding round, Travois received tax credits for the second consecutive year, consolidating its role as a key player in community development. Tribal entities partnering with Travois can allocate these credits toward various projects—from building schools and health clinics to enhancing public infrastructure and supporting local businesses. Just last year, three Native-focused CDEs, including Travois, received a combined total of $150 million in NMTCs, showcasing the collective effort to uplift Native communities.
The positive influence of these tax credits is already being felt, demonstrated by the recent financing of a $36 million health clinic in Omak, Washington. This project was supported by NMTCs from multiple entities, including the Native American Bank and the Chickasaw Nation Community Development Endeavor. Glynn noted the vital role these funds play in enhancing community services, saying, “Tribal organizations have a proven track record of using New Markets Tax Credits to help fund community-focused projects.”
Looking Forward
As Travois seeks more Tribal economic development projects that are eligible for NMTCs, there’s a palpable sense of optimism in the air. Projects supported by NMTCs not only create infrastructure but also generate opportunities for job creation and improved health services for Native populations. Michael Bland, director of community investments at Travois, affirmed that these projects ensure significant and lasting benefits for their communities.
In conclusion, as Kansas City gears up for this new wave of investment in Native spaces, it’s heartening to see organizations like Travois leading the charge. The influx of New Markets Tax Credits stands to empower numerous communities, fostering resilience and helping to fulfill the potential that has remained dormant for far too long. Stay tuned as these projects unfold, bringing positive change and hope across Indian Country.
