Sending Office: Honorable Denny Heck
Sent By:
Jaxon.Wolfe@mail.house.gov

        Request for Cosponsor(s)

Cosponsor H.R. 3664, the Aiding Development of Vital Assets in Native Communities and Environments (ADVANCE) Act

Endorsed by the National Congress of American Indians and the Affiliated Tribes of Northwest Indians

Cosponsors: Cole, DelBene, Haaland, Herrera Beutler, Kilmer, Kind, McCollum,
Newhouse, Torres

 

Dear Colleague,

Many Native American communities face unique challenges that have contributed to a lack of economic opportunity, as well as high unemployment and poverty. This is in part due to a lack of financial investment in Indian Country, including in American Indian
and Alaska Native-owned businesses.

In order to increase the flow of capital to businesses and low-income communities, including those in Indian Country, Congress created the New Markets Tax Credit (NMTC) program in 2000. Administered by the Community Development Financial Institutions (CDFI)
Fund within the Department of the Treasury, the NMTC program provides private investors with a federal tax credit for investments made in businesses or economic development projects located in some of the most distressed communities in the nation.

For every $1 invested by the federal government, the NMTC Program generates over $8 of private investment, and since the program’s inception, $49 billion in New Markets Tax Credits have been invested in businesses and revitalization projects in communities
with high rates of poverty and unemployment. Still, many businesses do not know about the opportunities provided by the NMTC program, and greater NMTC investments in Indian Country are greatly needed.

The ADVANCE Act would direct the CDFI Fund to provide proactive outreach and training to underserved communities, including in Indian Country. It would also codify an incentive currently in the application to receive a NMTC allocation for those applicants
that commit to making investments in Indian Country. Finally, the bill would also ensure that, to the maximum extent practicable, at least one organization whose primary mission is to fund projects within or that benefit Indian Country receives an allocation.

Last month, the CDFI Fund issued $3.5 billion in NMTC allocations to 73 Community Development Entities (CDEs) nationally. Unfortunately, the two CDEs with a primary mission of serving Indian Country both applied for but did not receive allocations, despite
having received allocations in prior years and having established track records of successfully financing NMTCs projects. The denials represent an abrupt departure from the CDFI Fund’s prior practice and underscores the need for this legislation.

Please support this bipartisan legislation to help Native communities and businesses grow and succeed. If you have any questions or would like to be added as a cosponsor, please contact Jaxon Wolfe at Jaxon.Wolfe@mail.house.gov or x5-9740.

Sincerely,

 

Denny Heck

Member of Congress

Related Legislative Issues

Selected legislative information: Finance, Natural Resources, Taxes

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