New Markets Tax Credit Native Initiative


The New Markets Tax Credit (NMTC) Native Initiative is the next step in broadening the on-ramp to the NMTC Program. The goal of the NMTC Native Initiative is to increase NMTC investments in Federal Indian Reservations, Off-Reservation Trust Lands, Hawaiian Home Lands, and Alaska Native Village Statistical Areas, collectively referred to as NMTC Native Areas.

In 2022, the CDFI Fund announced the selection of a Contractor (Big Water Consulting) to assist with this important effort. The work to be performed under this initiative can be divided into three key categories:

  1. Research and Analysis, which included: (1) a Market Research Report that summarizes peer reviewed and sponsored research on Tribes that have implemented community and economic development strategies that were successful in attracting private investment; and (2) a Case Study Report that presents findings, best practices, and recommendations from past NMTC investments in NMTC Native Areas.  
  2. Training and Technical Assistance, , which included (1) two Technical Assistance Workshops, (2) 100 hours of Individual Training and Technical Assistance; and (3) the creation of a Self-Assessment Guide.
  3. Best Practices, sharing research finding and best practices at various NMTC Industry and Native-Focused Conferences.


The Research and Analysis performed as part of the NMTC Native Initiative was the foundation of the overall effort. The Market Research Report is a comprehensive report based on an extensive review of existing research and data to better understand the unique history, challenges, industries, actors, and available funding and capital sources that shape how tribes and Native actors successfully participate in community economic development.

The Case Study Report presents findings, best practices, and recommendations derived from an online survey and subsequent interviews with individuals who have participated in past NMTC investments in NMTC Native Areas. In examining selected case studies, the report identifies common challenges and opportunities for expanding NMTC investment in Native Areas. Participants identified best practices that were critical to the success of past NMTC investments. The Case Study Report also includes a summary of data on past NMTC transactions in Indian Country.

The Market Research Report and the Case Studies and Best Practices report are posted in the Resource Bank.


Providing Training and Technical Assistance to Native organizations was an important focus of the NMTC Native Initiative. Two Technical Workshops were held, and more than 70 hours of Individual Technical Assistance were provided. The Technical Workshops and Individual Training and Technical Assistance sessions were reserved for Native owned or controlled CDEs, Native CDFIs, and other tribal entities that have or would like to invest in NMTC Native Areas. Links to the Technical Workshop materials are included in table below.

The topics and feedback provided during the Technical Workshops and Individual Training and Technical Assistance sessions informed the Self-Assessment Guide for Native Organizations interested in participating in New Markets Tax Credits. The Self-Assessment Guide for Native Organizations is located in the Resource Bank.

Technical WorkshopsLocationDatesMaterials
Technical Workshop #1Phoenix, AZSeptember 21-22, 2022Agenda 
Technical Workshop #2Denver, COFebruary 22-23, 2023Agenda 


Research findings and best practices will be shared with a variety of audiences at the following NMTC industry sponsored and native-focused conferences. The following workshops have been scheduled. Additional workshops may be announced in the future.

Native CDFI Network Policy & Capacity Building SummitWashington, DCDecember 5, 2023
Novogradac 24th Annual New Markets Tax Credit Conference Carlsbad, CAJanuary 24, 2024
Native CDFI Network NMTC Native Initiative WebinarVirtualJanuary 11, 2024 

For more information on these events, please visit Big Water Consulting’s website: