-Federal funding will be invested in climate and community resilience projects-

PORTLAND, ORE. – October 18, 2024 – Ecotrust Community Development Entity (CDE) is pleased to be awarded $40 million in tax credit allocation authority from the CDFI Fund as part of the US Department of Treasury’s 20th round of New Markets Tax Credit (NMTC) Program. Ecotrust CDE was one of 104 awardees, selected out of a pool of 196, to receive a portion of the $5 billion in NMTC allocation authority from the Community Development Financial Institutions Fund this year.

The New Markets Tax Credit Program was created by the US Congress to increase private capital investments in businesses and community development projects in low income areas of the country. Ecotrust, a Portland-headquartered nonprofit that advances innovative solutions at the intersections of equity, the economy, and the environment, has used the NMTC Program as one of its most effective tools for investing in socially and environmentally just causes. Ecotrust CDE has invested $427 million—leveraging nearly $1 billion in private investment—across 40 businesses and projects. A majority of these projects are located in tribal or rural communities, and Ecotrust CDE is committing 50 percent (or $20 million) of the latest award to projects on tribal lands.

In alignment with the nonprofit’s strategic goals, Ecotrust CDE is focused on investing in projects that increase climate resiliency, advance the stewardship of lands and waters, and build intergenerational wealth. Examples of projects that meet these investment goals include:

• community infrastructure facilities, such as substance abuse treatment centers, early childhood education, or community hospitals, that address inequities in areas at risk of climate-induced health impacts; 
• utility infrastructure such as a tribal wastewater treatment plant or broadband internet for remote Alaska Native villages; and 
• climate-smart operating businesses that create quality, accessible jobs or that advance community-ownership models that can decrease historic racial wealth gaps.

“We are thrilled to be selected to receive our ninth allocation award through the New Markets Tax Credit program,” says Olivia M. Rebanal, President of Ecotrust CDE. “This catalytic tool will allow Ecotrust to continue investing deeply in our communities, to specifically address ongoing disinvestment and racial disparities, and to focus our support for climate resilience, environmental stewardship, and wealth creation.”

Projects that are interested in NMTC financing from Ecotrust CDE should contact Olivia M. Rebanal at orebanal@ecotrust.org. Key attributes of an Ecotrust CDE NMTC project include having a minimum total project budget of $7 million; is located in a Low-Income Community as defined by the CDFI Fund; aligns with Ecotrust CDE’s investment strategy at the intersection of the economy, environment, and equity; has readiness to close on financing; and will use the proceeds for eligible uses. In particular, Ecotrust CDE seeks projects located in rural communities or are located on Federal Indian Reservations, Off-Reservation Trust Lands, Hawaiian Home Lands, or Alaska Native Village Statistical Areas.

###

About Ecotrust

At Ecotrust, we work in partnership from California to Alaska toward the vision of a more just, prosperous, and climate-smart future. Across more than 30 projects and with hundreds of partners, our approach focuses on impact at the intersections of equity, the economy, and the environment. Together, we uplift Indigenous leadership to respond to contemporary lands and water management challenges, connect schools with local producers, provide technical support for community-centered businesses, and more. We welcome you to join us in the pursuit of radical, practical change: ecotrust.org.