New Markets Tax Credits (NMTCs) are a promising source of capital to grow Native American communities, whether they are reservation-based, rural, suburban, or rural. While the program has proved successful in non-Native rural and urban communities and resulted in more than $60 billion in investments to revitalize communities, very little has gone to Native communities. Of the last three NMTC allocations, none have gone to Community Development Entities (CDEs) that have committed 100 percent of their activities to aiding Native American communities. This represents a severe missed opportunity for investment to grow opportunity in Native communities.
In 2020 the House Ways & Means Committee held a hearing on the subject and subsequently sent a letter to the Treasury on the subject, which you can view below.
In 2021, the Native CDFI Network (NCN) sent the following comment letter to the Treasury on the NMTC application.