Release Date: 09-02-2021
Nonprofit subsidiary allocates funds for economic, social, and environmental benefit
PORTLAND, Ore.—September 2, 2021—Ecotrust CDE has received a $50 million federal New Markets Tax Credit allocation to continue its mission-driven investments. The new allocation will develop infrastructure and provide capital for low income communities across the Pacific Northwest and beyond. New Markets Tax Credits are issued by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, through a competitive process that this year included 100 allocations totaling $5 billion.
“This new allocation will unlock potential across our region,” said Nathan Kadish, managing director of Ecotrust Investments. “We have an exciting mix of pending projects with tribal entities and businesses that plan to create accessible jobs in ways that also generate environmental benefit and enhanced racial and social equity in their communities. This allocation will enable them to put those plans into action.”
Ecotrust CDE is a subsidiary of the nonprofit Ecotrust and shares the nonprofit’s mission to create economic opportunity, social and racial equity, and environmental well-being, as well as the goals of the organization’s Strategic Plan. Ecotrust CDE is increasingly prioritizing working with Black, Indigenous, and people of color-controlled and -owned entities, in addition to its long-standing focus on tribal organizations and rural communities. Through strategic partnerships, Ecotrust CDE aims to increase wealth in low income communities, while supporting sovereignty, promoting economic justice, and delivering environmental benefits.
Ecotrust CDE received its first federal New Markets Tax Credit allocation in 2005 and since that time has issued $277 million in New Markets Tax Credits to support 31 projects. Allocations have funded investments in clean drinking water, rural food processing, urban development, wastewater management, and climate-smart forestry. Thirty-seven percent of Ecotrust CDE’s allocations are to tribal organizations. Learn more about Ecotrust CDE and its projects at ecotrust.org/new-markets-tax-credits.
About Ecotrust CDE
Ecotrust CDE is a community development entity that directs New Markets Tax Credits (NMTC) toward innovative initiatives that create economic, social, and environmental benefits in rural and historically excluded communities. Since 2005, Ecotrust CDE has received $277 million in NMTC allocations that have been used to finance projects seeking to build long-term community and environmental wealth, with special focus areas on supporting tribal communities, forestland restoration, and sustainable agriculture. Learn more at ecotrust.org/new-markets-tax-credits.
Ecotrust creates and accelerates triple-bottom-line innovations to benefit our region and inspire the world. Our work is rooted in the region from California to Alaska that holds productive lands and determined people. On the farm, at the coast, in the forest, and across our cities, we work in partnership towards an equitable, prosperous, climate-smart future. We recognize the legacy of colonialism and the deep inequities of this place, and we believe that radical, practical change is possible and necessary. Since 1991, we have created durable change and sparked ideas across the globe. Join us at ecotrust.org.