Travois New Markets and NTUA project recognized with top Novogradac Foundation award
KANSAS CITY, Mo. – Travois New Markets, a nationally certified community development entity based in Kansas City, Mo., and its project partner, the Navajo Tribal Utility Authority, were recently honored with a community development award from the Novogradac Community Development Foundation. The two organizations received the non-metro qualified low-income community investment award.
In February 2009, the NTUA utilized $6.4 million in New Markets Tax Credits from Travois New Markets’ allocation to develop two electrical substations on the Navajo Nation and bring power to a remote region. NTUA upgraded a 40-year-old failing electrical substation in Cudeii, N.M., and constructed a new substation in Shiprock, N.M.
The NMTC investment allowed NTUA to finance the project without raising its customers’ rates and complete the project in one year instead of in phases. It brought power to 400 families and is expected to catalyze more than $41 million in other economic development for the Navajo Nation.
A substation is a small area that contains a transformer and associated electrical equipment. The equipment transfers the powerful current that runs through large lines – the type commonly seen in rural areas along highways – to a less powerful current that runs through the lines connected to individual homes.
“This project is extremely deserving of this award, and we are proud to be involved,” said Phil Glynn, director at Travois New Markets. “The Navajo Tribal Utility Authority is an innovative nonprofit that recognized the potential of New Markets Tax Credits, and we encourage other tribal developers to do the same. We would also like to thank U.S. Bancorp Community Development Corporation for providing the capital needed to launch the project.”
The NCDF awards recognize the contributions of individuals at the federal, state and local levels who have had a particularly strong impact on the field of community development, as well as honor community development entities that have made exceptional community development investments in small businesses, operating businesses, real estate, and metro and non-metro areas. The awards were presented during the Novogradac & Company LLP’s New Markets Tax Credit Investors Conference, held in Chicago.