Native CDFI Network Statement on New Market Tax Credit Allocations

Native CDFI Network Statement on New Market Tax Credit Allocations

Native CDFI New Markets Tax Credits NMTCs

For Immediate Release

September 3, 2021

WASHINGTON — The U.S. Department of the Treasury’s Community Development Financial Institutions Fund yesterday announced $5 billion in New Market Tax Credit (NMTC) allocations to 100 community development entities (CDEs) in 34 states. The allocations include $30 million in NMTCs awarded to Alaska Growth Capital BIDCO Inc., a Native CDFI/CDE based in Anchorage.  It is the first allocation secured by a Native CDFI/CDE since 2017.

The following statement can be attributed to Jackson Brossy, executive director of the Native CDFI Network:

“We are pleased to see that a Native CDFI/CDE has been included in the New Market Tax Credit allocations for the first time in four years. Alaska Growth Capital (AGC) is a worthy recipient that will leverage these federal tax credits to bring much-needed infrastructure and community development projects to rural and Native communities. AGC is a great leader in the Native CDFI community and we are proud of AGC’s Mary Miner who serves on the Native CDFI Network Policy Committee.”

“At the same time, it’s important to note that Native-led applicants have received just $30 million out of a total of $20 billion in NMTC allocations over the past four years — just 0.15 of one percent. The overall lack of NMTC allocation to Native-led applicants highlights the dire need for program improvements that will support Native American communities across Indian Country. This is recognized not only in the Native CDFI/CDE community, but in Congress as well. Last September, the House Ways and Means Committee sent a bipartisan letter to the CDFI Fund calling for the Fund to ‘examine’ its allocation application and review process and revise elements that might ‘limit investment in Indian Country.’ Subsequently in March of this year, NCN submitted comments on recommendations for program improvement. We reiterate our call for improvement again. The Treasury can take two important steps by:

  • Establishing an NMTC Native American program — similar to its successful Native American CDFI Assistance (NACA) program — to help ensure Native-controlled CDEs receive a minimum allocation each year.
  • Clarifying rules to state that a tribal government can own a qualified active low-income community business (QALICB).

“New Market Tax Credits are an extremely important tool for promoting community revitalization, which is the core of what Native CDFIs and CDEs do throughout Indian Country. We are calling on Secretary Yellen and the CDFI Fund to make those tools more readily available to Native CDFIs and CDEs.”

For more information or to speak to a Native CDFI executive about how changes to the NMTC program could benefit Indian Country, please contact NCN Executive Director Jackson Brossy at 650-387-5899 or via email at jbrossy@nativecdfi.net

Native CDFI Network Celebrates Natalie Charley’s Service to the Board and Welcomes Dave Tovey

Native CDFI Network Celebrates Natalie Charley’s Service to the Board and Welcomes Dave Tovey

WASHINGTON, D.C. – Today, the Native CDFI Network (NCN) celebrated and acknowledged Natalie Charley’s service to the NCN as a Board Director and accepted her resignation as her career progresses. NCN also welcomed Dave Tovey, the Executive Director of the Nixyaawii Community Financial Services, and a member of the Confederated Tribes of the Umatilla Reservation to serve the remainder of Ms. Charley’s board term.

Ms. Charley is stepping down to pursue additional growth opportunities and will remain affiliated with the Taala Fund and will support other Native CDFIs in the Northwest. “Natalie has served the NCN members admirably for several years and we will miss her strong voice of reason,” stated NCN Board Chairman Pete Upton. “Natalie proudly volunteered her service to the Native CDFI Network. We say ahxé’ee’ – thank you for your service, Natalie. We look forward to your continued leadership for economic and financial justice for Indian Country” added NCN Executive Director, Jackson Brossy.

Like Natalie, Dave has a wealth of experience in tribal economic development and is also the former executive director for the Confederated Tribes of the Umatilla Indian Reservation in northeast Oregon. He has also served in top executive roles with the Siletz Tribal Business Corporation, Cayuse Technologies, the Coquille Indian Tribe, and the Affiliated Tribes of Northwest Indians Economic Development Corporation (ATNI-EDC). He was named Economic Development Leader of the Year for the State of Oregon by former Governor John Kitzhaber in 2001 and currently serves on the boards of two CDFI’s—the President of the ATNI-EDC and the Secretary/Treasurer of the Indian Land Capital Company.  Pete Upton noted, “Dave has so much experience in economic development in Indian Country  and we are looking forward working closely with him.” Jackson Brossy added, “we have been blessed with many great leaders in the Native CDFI movement and we are fortunate to welcome Dave to the Board.”

Tovey launched Nixyaawii Community Financial Services as a nonprofit, one-stop financial services source for the Umatilla Reservation’s residents during the pandemic. Nixyaawii Community Financial Services provides loans, home ownership assistance, business development services, and youth and adult financial education to members of the Umatilla Tribes and reservation residents.

As envisioned in 2009, the Native CDFI Network is led by a Board of Directors which 100% comprised of executives of member Native CDFIs from across the country.

More information on the Taala Fund can be found at:
https://www.facebook.com/Taala.Fund/

More information on Nixyaawii Community Financial Services can be found at:
https://www.nixyaawii-cdfi.org

PDF version here.