CDFI Fund Launching NMTC Initiative in Native Areas
The CDFI Fund announced it will launch a New Market Tax Credit initiative in Native Areas aimed at supporting Native institutions. Learn why.
Investment in New Market Tax Credit initiative aims to support Native CDFIs.
The Community Development Financial Institutions (CDFI) Fund is taking several steps toward launching its New Market Tax Credit (NMTC) Native initiative, the Treasury Department announced this week.
CDFI Fund officials said the newly announced program marks the next step in attempting to increase NMTC investment in Native Areas. The Fund is now conducting market research that will include recording data on Tribes that have implemented economic development strategies that have resulted in attracting private sector capital to NMTC Native Areas during the past 20 years.
How the Initiative Will Be Implemented
Officials added they plan to develop training materials needed for technical assistance workshops and a guide to help Tribal entities take advantage of the NMTC program.
The CDFI Fund, it was further noted, has recorded NMTC investments of more than $1.6 billion in Indian country, including investments in healthcare, education, infrastructure, hospitality, and manufacturing.
The new initiative provides an opportunity to ensure that Native CDFIs receive the training needed to participate in the NMTC program, according to the Treasury Department.