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The FNFA was created under the FNFMA (First Nations Fiscal Management Act). This act outlines the processes that First Nations follow to FNFA membership and voluntary steps for First Nations who wish to establish a property tax regime to tax non-First Nations individuals and businesses that live/operate on a First Nation’s lands. No property tax supported loans are currently in any of FNFA’s debentures.
The FNFMA was modified by a regulation, the FSORR (Financing Secured by Other Revenues Regulation). This regulation outlines the processes and safeguards that First Nations must follow to request both FNFA membership and FNFA loans. These loans are secured by First Nation’s own-source revenues. These revenues can originate from revenue sharing agreements with federal/provincial governments, equity participation and business ventures, and contracts. All FNFA debentures are supported by these own-source revenues.