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Our philosophy and guiding principles

Travois exists to support Indigenous clients as they build affordable housing and grow their economies. We want to help our clients create communities where every family has a safe home and every person has a good job.

In our work, we see Native Nations meeting historical and current manifestations of colonization, oppression, and violence with resilience and strength. However, we recognize that this fight to maintain and strengthen Tribal sovereignty is constant.

Because we are not a Native-owned organization, it is imperative that we steadfastly acknowledge this context and continually educate ourselves about the realities faced by those we serve. We are committed to standing with Native Nations as they face these challenges, and we are dedicated to supporting a future defined by them.

As a company, we are committed to helping our clients thrive as well as our employees who serve them. By grounding ourselves in a mindset of asking “What can we do?” rather than saying “This is what we do,” Travois is working to ensure:

• Indigenous voices are well-represented on our team and elevated in our work.

• Native communities have access to private and public resources.

• We meet the needs of our team members as a whole person, so that they can more effectively meet the needs of our clients.

• Our internal and external partners have a shared understanding of and are collectively invested in supporting our clients’ visions.

Supporting a future defined by our clients

First, I want to express my profound gratitude to our clients for placing their trust in us in 2024.

We are honored to work with the most committed and determined housing and economic development professionals and know that we owe our success to their partnership.

Second, I am deeply proud of our staff and their dedication to our mission. They are kind and creative and care about our clients above all else. I am honored to work with such incredible colleagues.

We were grateful to meet many of the strategic goals we set for ourselves in early 2024. Building on several years of growth, we again generated the highest revenue yet in our 29-year history.

Together, we secured funding to build and rehabilitate 278 homes for Native American families. We were also thrilled to receive another award of $35 million in New Markets Tax Credit (NMTC) allocation, following the $50 million we received in 2023.

Over the years, we’ve helped bring over $146 million dollars to economic development projects through the NMTC program. This funding makes it possible for our clients to continue to create good, well-paying jobs in Tribal Nations across diverse industries from childcare to hospitality to healthcare.

This was another year of growth in our company personnel as well. To meet continued growing demand for our services, we welcomed several new people to Travois, bringing our employee count to 47.

We were thrilled to announce several promotions for longtime employees as well. Bryan Schuler was named Chief Strategy Officer and Alexandria Murnan (Shawnee Tribe, Cherokee Nation) became our vice president for affordable housing.

As we navigate the change of political administrations in 2025 and a more turbulent federal funding outlook, we keep our focus on providing our clients with the stability and expertise they need to build affordable housing and grow their economies.

Elizabeth Glynn, CEO

Following our clients’ lead since 1995

Since our founding, Travois has dedicated itself to a fundamental belief: the leaders of Tribal nations know best how to meet their communities’ needs, and we are here to support them on that path.

By transforming ideas into impactful developments, we take on the work to help our clients create more opportunities for their members.

Our clients have built or rehabilitated over 6,500 affordable housing units, providing new homes for thousands of families through the Low-Income Housing Tax Credit (LIHTC) program. Last year, we reached a significant milestone by surpassing $1 billion in LIHTC funding secured for our clients, which reflects their dedication to creating homes for those they serve.

In its 15th year, our architecture team continued its core mission of providing customized, culturally relevant plans that break the mold of affordable housing design. At the same time, the team kept expanding its portfolio beyond housing to include economic developments, market-rate apartments, community amenities, and more.

Travois New Markets, our economic development team, has helped create more than 8,700 jobs across more than 45 projects. Most importantly, these projects provide essential services, including education, health care, access to fresh foods, and more.

$1.7B

Funding for housing and economic developments

117

Native organizations

281

Client developments

Developments designed by our architects

6,564

Homes built or rehabilitated

2,161

Households out of homelessness

8,711

Jobs created

Housing

Housing Development

Another record-breaking year

Key highlights included securing record funding to expand housing development, achieving success in all LIHTC applications, and a historic first in Tribal housing.

In 2024, the housing development team helped our clients access more funding to build more homes in Native communities than ever before.

The record-breaking $115 million in funding secured through the Low Income Housing Tax Credit (LIHTC) program last year will create or rehabilitate nearly 280 homes across eight Tribal nations.

Our clients partnered with Red Stone Equity Partners on three developments, Raymond James Affordable Housing Investments and RBC Community Investments on two each, and Hunt Capital Partners on one.

Additionally, the team secured $11.6 million in grants through the Affordable Housing Program (AHP) of the Federal Home Loan Bank (FHLB), the most in a year in our company’s history. This vital funding source assists our clients in bridging funding gaps to complete housing developments.

A rare feat

The team reached another significant milestone by successfully securing awards for all eight LIHTC applications submitted to state housing agencies.

This achievement is noteworthy, as it is uncommon for consultants in the industry to reach such a high success rate.

Historic first in housing

In a first for Tribal housing, the team helped the Laguna Housing Development and Management Enterprise (LHDME) create a plan to substantially renovate aging homes through the resyndication of a previous tax credit award.

Resyndication, which allows developers to get new tax credits and extend the life of an affordable housing development, had never been used before by a Tribally Designated Housing Entity (TDHE).

As a result, LHDME secured $10.4 million in funding to substantially rehabilitate 40 LIHTC units built in 2005. RBC Capital Markets facilitated the equity investment, with Freddie Mac serving as the upper-tier investor, making the project financially feasible.

278 Units to be built or rehabilitated with new funding

8 LIHTC applications submitted

8 LIHTC applications awarded $11.6M In grant funding across seven developments $115.4M Housing credit investor equity

$126M

426

Households moved in Equity processed

113

Special needs households moved in

7,981

Tenant files reviewed

160

Developments supported by the team’s services

Asset Management & Compliance

Supporting clients’ housing goals every day

Our asset management and compliance team helped move hundreds of families into homes and processed millions in funding for housing construction and operations.

Moving families into new homes

In 2024, the team helped move 426 families into homes, including over 113 households classified as having special needs. These special needs households consist of elderly individuals, veterans, people living with disabilities or substance use disorders, and those who were previously homeless.

The detailed process of qualifying families for housing involves analyzing various data, such as income, household composition, and public assistance. To support our clients, the team reviewed more than 7,900 tenant files while providing services to over 160 affordable housing developments.

Processing funds to achieve housing goals

As part LIHTC process, funds must be drawn from investors to support housing construction. This crucial task falls under the responsibility of the asset management and compliance team.

In 2024, the team successfully processed $126 million in equity, providing our clients with the necessary funds to cover building costs and achieve their housing goals.

Extra support

The team consistently went above and beyond to support our clients by offering free ongoing education opportunities.

Team members hosted virtual meetings to discuss various topics related to managing and operating affordable housing. Additionally, they conducted compliance trainings throughout the year to help clients better understand complex subjects.

Dozens of Tribal housing professionals participated in every training, gaining valuable insight into complex subjects.

Project highlight

North Fork LIHTC Homes I

North Fork Rancheria Indian Housing Authority

The North Fork Rancheria Indian Housing Authority (NFRIHA) received a prestigious award in 2024 for developing more than two dozen affordable homes.

North Fork LIHTC Homes #1 earned the Charles L. Edson Tax Credit Excellence Award in the category of Housing for Native American or Tribal Populations. Presented by the Affordable Housing Tax Credit Coalition (AHTCC), this award is regarded as a top honor in the industry.

It addresses a critical need for housing among members of the North Fork Rancheria of Mono Indians of California.

Additionally, the Rancheria provides after-school programming for children living in the homes, along with opportunities for adult education, health and wellness initiatives, and skill-building programs.

The development received $10.6 million in LIHTC equity through the California Tax Credit Allocation Committee (TCAC) with support from Travois as a consultant. RBC Community Investments was the investor.

It also received $5 million through the Indian Housing Block Grant (IHBG) Competitive Grant Program, annual IHBG formula funding, and resources from the Indian Health Service Division of Sanitation Facilities Construction resources.

“This project was a significant achievement toward addressing our Tribal housing need. It is difficult to otherwise secure this level of funding through our typical funding sources, and this project was years in the making.”

Paul Irwin Executive Housing Director North Fork Rancheria Indian Housing Authority

“This project is the first in about 20 years to be completed in the community and provide additional housing for Pueblo of Laguna members.

Affordable housing and economic development are critical to ensure Tribal sovereignty and sustainable communities that incorporate cultural values and traditions, allowing for Tribal members who live away from ‘home’ to come back and help contribute to the Tribe.”

Jamie Navenma Executive Director

Laguna Housing Development & Management Enterprise

Project highlight

Laguna III

The Laguna Housing Development and Management Enterprise (LHDME) celebrated the completion of its newest affordable housing project with a ribbon-cutting ceremony in July, an event with dancing, vendors, and speakers.

Laguna III consists of 20 townhome units, a community building, a basketball court, and a playground—all designed with families from the Pueblo of Laguna in mind, especially those with children. Travois architects incorporated Pueblo-inspired elements such as building colors that reflect the surrounding landscape and a site layout that fosters a sense of community.

Each townhome is built to mitigate noise from neighbors and energy efficient features to reduce utility costs for tenants. The community building provides a space for families to engage in health and nutrition classes, health screenings, computer training, tutoring, youth character development, and financial literacy programs.

With support from Travois as a consultant, LHDME obtained nearly $7.9 million in LIHTC equity and $750,000 in grant funding to help pay for the project.

RBC Community Investments was the investor.

Laguna Housing Development & Management Enterprise

Architecture

Customized architectural designs and an expanding portfolio

The team continued its core mission to design custom, culturally relevant housing for our clients—completing more than 200 homes—while also expanding its work to include other types of projects and services.

Travois’ architects designed culturally relevant affordable housing and continued expanding the firm’s portfolio to include market-rate housing, economic development projects, and community facilities.

The team also broadened its services to assist clients in strategically planning for development in their communities.

Meaningful design—coast to coast

In 2024, Travois Architecture worked on 15 housing and economic development projects across seven states, conducting nearly 150 site visits to document progress and ensure that construction was completed correctly.

The projects varied widely, ranging from a business incubator space to cottage-style homes for seniors to a homelike living facility for unaccompanied children. Additionally, the architects continued their work on affordable housing projects, including apartment buildings, single-family homes, and townhomes.

This diverse range of projects reflects the team’s ability to understand and incorporate clients’ needs and preferences to create custom designs.

Throughout the year, the architects completed six bid sets, which are essential final drawings for contractors to price and start construction. These documents include detailed specifications and plans.

Our architecture team helped clients secure 219 certificates of occupancy, allowing Tribal members to move into their new homes.

Expanding services

Our architects, along with Travois’ marketing team, expanded our services to include strategic plan reports that outline an organization’s vision and roadmap for key decision-makers and community members.

Last year, Mille Lacs Corporate Ventures (MLCV) contracted Travois Architecture to create strategic plan reports for each of the Mille Lacs Band of Ojibwe’s three districts in Minnesota. The architects gathered insights from MLCV about each district’s status and goals, leading to tailored documents that outline steps for MLCV to achieve its objectives.

Bid sets completed, enabling construction to move forward

149

Site visits to document progress

219

Units that received certificates of occupancy

State architecture licenses

Licensed architects on staff

Project highlight

Xwch’angteng Housing

In the spring, the Samish Indian Nation completed a remarkable project: the first village built on its traditional lands in over 125 years.

Xwch’angteng Housing in Anacortes, Washington, is a development of 14 two-bedroom cottages and a community center designed for Samish elders. Translated, Xwch’angteng means “place of coming home” or “place of being brought home.” The homes support elders with low incomes and tenants facing permanent disabilities.

The Samish Indian Nation hired Travois Architecture to design the project. Important features include ADAadaptable cottages, a second-floor apartment in the community center for a resident manager, two-bedroom

floorplans that allow a caregiver to live onsite or family members to visit, and a playground for visiting children.

The two-acre site design also emphasizes a sense of community, with each cottage positioned close to one another to foster togetherness. Xwch’angteng is located near Samish government buildings, providing tenants easy access to the administration complex, Samish Longhouse preschool, childcare center, and Samish Health and Human Services.

The Samish Indian Nation celebrated the project with a ribbon-cutting ceremony in May, attended by elected officials and many community members who toured the homes.

Samish Indian Nation

“Native people are generational; we live with our grandkids sometimes and our brothers and sisters, and maybe our nieces and nephews might come and live with us...

So the hope is that by providing these resources for our elders, that not only will they come home, but the rest of the family will be engaged and want to come home as well.”

Tom Wooten

Samish Tribal Chairman

Training

Equipping Tribal housing professionals with new skills

With the establishment of a new training services program, we helped housing professionals learn about key funding sources, regulatory changes, and more.

In 2024, we launched a new service to train Tribal housing professionals, enabling them to better help their communities. Our training opportunities range from in-depth courses on key funding sources to enhancing organizational capacity, as well as leadership and teambuilding skills.

We trained over 160 housing employees through 16 events held at our Kansas City office and client locations during the inaugural year of the training program.

Developing the Certified Tribal Housing Professional (CTHP) course was a key highlight. This customized

curriculum provides housing employees with the essential skills to effectively use the LIHTC program, the primary funding source for affordable housing development, alongside NAHASDA.

Furthermore, we trained housing employees on regulatory changes that affect the daily operations of Tribally Designated Housing Entities (TDHEs), including updates to the Housing Opportunity Through Modernization Act (HOTMA) and the National Standards for the Physical Inspection of Real Estate (NSPIRE).

Economic Development

Investing in vital projects to create jobs and opportunities

Travois New Markets helped to create hundreds of jobs and brought nearly $28 million in funding for economic developments serving Native communities.

In 2024, Tribal leaders across the U.S. were focused on attracting investment in quality jobs and community services.

Travois is proud to have made investments in retail and hotel projects that create living wage jobs that offer benefits and are targeted to Native American workers.

We are also thrilled to see construction proceeding on our investments in community facilities that will provide educational and recreational services in rural, Tribal communities.

As these projects launched, Travois’ economic development team grew in 2024. We are adding capacity to assist Tribal economic development professionals with the ongoing management required to support this surge in NMTC activity.

4 Projects received NMTC funding

211

Full-time jobs created

352 Construction jobs created $89.2M In total development supported $27.9M Investor equity raised

Project highlight

Elk Valley Tribal Fuel Mart

Elk Valley Rancheria, California

The Elk Valley Rancheria, California, received $1.7 million in equity through the New Markets Tax Credit (NMTC) program to increase the positive impact of a new fuel mart and convenience store.

The Elk Valley Tribal Fuel Mart in Crescent City, California, has generated 10 full-time positions, with an additional four anticipated by 2025. It provides salaries significantly above the local living wage, as well as paid leave, retirement benefits, and health insurance.

Additionally, the fuel mart offers customers healthy food options, including fresh fruits and vegetables, proteins, whole grains, and dairy products. First American

Petroleum, a Native-owned fuel supplier, will provide fuel and ongoing support.

With the boost in NMTC funding, the Elk Valley Rancheria paid off debt needed to cover rising construction costs in the region. Construction on the fuel plaza was completed in March 2024.

Travois New Markets allocated NMTCs to support the project, and U.S. Bancorp Impact Finance, a U.S. Bank subsidiary, provided the equity investment.

“By leveraging the NMTC, we are not only creating jobs and supporting local businesses but also providing essential services and strengthening our selfsufficiency.

This development represents our commitment to sustainable progress, and we look forward to the positive impact it will have for generations to come.”

Miller Elk Valley Rancheria Tribal Chairman

Dale

Project highlight

Nįkjąk Wakącąk (Sacred Children) Care Center North

Winnebago Tribe of Nebraska

The Winnebago Tribe of Nebraska is developing an innovative child care and workforce development center to support its young families.

At Nįkjąk Wakącąk (Sacred Children) Care Center North, up to 75 children will grow in a safe and culturally relevant environment while their parents receive essential job training and support services.

Like many Native communities, Tribal members face comparatively higher rates of poverty and unemployment. By addressing essential needs—child care and workforce development—the project will enhance the quality of life for Tribal members and empower them to pursue opportunities for economic stability.

The center will also create 24 permanent, high-quality jobs and 140 construction jobs. It received nearly $8 million in state and federal New Markets Tax Credit equity.

Two Native-owned entities—Native American Bank and the Chickasaw Nation Community Development Endeavor—allocated tax credits to support the project. Travois New Markets served as a consultant, while U.S. Bank was the investor.

In the community

Gathering to promote housing and economic opportunity

In its 24th year, our conference attracted over 200 dedicated professionals representing 40 Tribal housing and economic development entities.

Every year, we host a conference to support Native sovereignty through economic and housing development. This engaging three-day event features educational sessions, expert speakers, and networking opportunities.

Key topics last year included climate change advocacy, architectural design case studies, best practices in housing development, and economic development success stories.

Thanks to our sponsors, we continued to offer the conference at no cost to Tribal housing professionals and qualified economic development entities.

An acclaimed keynote speaker

Our conference was highlighted by a welcome reception at Tidelands, a new creative space founded by photographer Matika Wilbur (Swinomish and Tulalip) with a vision to redefine the narrative of Native America.

Wilbur, an acclaimed social documentarian and New York Times best-selling author, was also the keynote speaker. She spoke on the importance of Indigenous identity and confronting historical stereotypes.

Honoring excellence

Housing and economic development professionals deserve recognition for their incredible efforts to uplift their Tribal nation every day. During the conference’s Travois Superhero Awards ceremony, we celebrated the meaningful impact each recipient has on their community members. Winners included:

• Housing Professional of the Year: Laguna Housing Development and Management Enterprise Executive Director Jamie Navenma

• Economic Development Professional of the Year: Red Lake Nation Tribal Council Secretary Sam Strong

• Pillar of the Year: Tohono O’odham Ki:Ki Association

Senior Project Manager Lawrence Lopez

• Haven of the Year: Leech Lake Housing Authority

Housing Services Coordinator Esther Howard

• Project Team of the Year: Washoe Housing Authority

• Groundbreaking Team of the Year: Knik Tribe

• Transformative Initiative of the Year: Lac du Flambeau Chippewa Housing Authority

Travois Annual Conference

Giving back to our neighbors

We are dedicated to supporting organizations that align with our mission and causes that resonate with our employees.

As a Certified B Corporation, giving back is pivotal to our company. We are committed to being good citizens, actively engaging in our communities, respecting Tribal sovereignty, and assisting those who share these values with passion.

In 2024, we donated nearly $140,000 to philanthropic initiatives, which exceeded 1% of our revenue. Our contributions supported local groups in the Kansas City area as well as organizations nationwide. We also support organizations where our employees volunteer their time, contributing nearly $7,000 through the employee volunteer matching program.

Our employees volunteered over 675 hours through company-sponsored events and initiatives they find important, the most in our company’s history.

Supporting businesses with minority, women, or Native owners is also a priority. In 2024, 47 of our vendors met this standard and we hope to continue growing the number every year

We also stayed connected with our local community and clients through monthly “Lunch and Learn” events, which build connections and educate employees.

675

Hours volunteered by staff members

$6,845

Donated through volunteer matching program

$139,649

Donated to local and national organizations

Native-, minority-, or women-owned vendors supplied goods and services

Protecting our planet

We remained diligent in preserving the beautiful places where we live and work, dedicating ourselves to environmentally focused initiatives.

Since we began tracking it in 2019, our greenhouse gas footprint has continued to trend downward, an achievement as our company grows.

Due to increased travel linked to our expanding portfolio and the need to replenish our office cooling system, our year-over-year footprint experienced a moderate increase. Still, it remained 44% lower than the baseline five years ago.

We generated approximately half of our power from an on-site solar array and purchased the remainder from a local utility company. To offset our paid electrical usage and unavoidable emissions, we continued

our partnership with the Bonneville Environmental Foundation (BEF) to buy renewable energy certificates (RECs) and carbon offsets.

These purchases support BEF’s Tribal Renewable Energy Fund (TREF), which assists Native Nations in achieving energy independence, enhancing climate resilience, and lowering energy costs. The fund also promotes workforce development and energy education.

Additionally, our office composting program diverted nearly 2,000 pounds from landfills. Since starting the program in 2022, we have composted more than three tons of food and biodegradable materials.

102

MWh of Renewable Energy Certificates (RECs) equivalent to powering over nine U.S. homes for a year

1,890

Pounds of compost diverted from landfills

293

MT CO2e in carbon offsets purchased, the equivalent of eliminating 776,667 vehicle-miles traveled

44% Decrease from baseline greenhouse gas footprint

Employees

Supporting each team member as a whole person

Investing in employees is the right thing to do, and it’s good business. When our staff members are supported, they can more effectively help our clients achieve their goals.

Offering competitive wages, high-quality benefits, and a workplace environment where everyone can thrive is the foundation. But our company is committed to going even further.

We also offer employees on-site day care services with reduced fees, at least 12 weeks of paid parental leave,

98% Medical, dental and vision insurance is paid by Travois 10% Of employee salary contributed to 401(K) annually

financial assistance to help grow their families, unlimited paid time off, and contributions toward professional development and ongoing education.

In 2024, we also successfully continued our focus on hiring employees with a wide range of backgrounds and perspectives, specifically focusing on attracting new team members who reflect the communities we serve.

Additionally, our employees benefited from enhanced support from a human resources firm to ensure they receive the assistance they need.

$58,660 Contributed to employee development and education

12 Weeks or more of paid parental leave to welcome new children

Engaging young professionals

Travois is committed to supporting young professionals from Tribal colleges and programs through our internship program. Interns can gain valuable experience in various fields, including marketing, finance, business development, and architecture.

This paid internship provides a monthly stipend for those who need to relocate or commute to Kansas City. Since 2016, we have hosted 10 interns, several of whom have joined our team full-time.

In 2024, we sponsored Bailey Yazzie, who gained exposure to many aspects of our business and built professional connections while attending a national conference on Native housing.

Bailey joined us after graduating from Haskell Indian Nations University with a degree in business administration and began graduate school at Georgetown University following her internship.

“I would like to thank Travois and the supportive coworkers for helping me understand LIHTC and NMTC as well connecting me with people that could help me expand my network...

This has helped me see that there are Indigenous people in these financial spaces helping pave a way to ensure Tribal Nations have access to what they need to fund projects.”

Bailey Yazzie Navajo Nation

Haskell Indian Nations University