- Details
- By Brian Edwards
- Finance
Oweesta Corp. closed its first New Markets Tax Credit transaction, providing $16 million in allocation toward a $73.4 million health clinic for the Spirit Lake Nation in North Dakota.
Longmont, Colo.-based Oweesta, a national Native community development financial institution intermediary, received its first NMTC allocation in December 2025, when the U.S. Treasury Department awarded the organization $55 million as part of a combined $10 billion allocation round covering 2024 and 2025. Oweesta pledged to use the NMTCs for Native health projects.
The 52,342-square-foot Spirit Lake Nation Tribal Health Clinic will replace a half-century-old and overcrowded facility, consolidating primary care, dental, behavioral health, pharmacy, dialysis and other services. Annual patient visits, excluding pharmacy, are projected to more than double from 17,400 to more than 35,200, according to an Oweesta news release.
The project’s financing includes $63 million in NMTC allocations from four community development entities: Oweesta, Native American Bank N.A., Dakotas America, LLC and Midwest Minnesota Community Development Corp. Wells Fargo Community Investment Holdings, LLC served as the NMTC investor.
Oweesta partnered with Eagle Butte, S.D.-based Four Bands Community Development, a Native CDFI, to serve as its intermediary community development entity. The new structure gives Four Bands direct experience in an NMTC transaction and channels Oweesta’s allocation into the tribal project.
In addition to its focus on Native health projects, Oweesta has committed to deploying its entire $55 million NMTC allocation through Native CDFI intermediaries, an approach intended to help those institutions build transaction experience and a track record that could support future applications for NMTC allocations of their own.
The clinic is expected to create 35 permanent jobs, retain 159 positions and support more than 150 construction jobs.
