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The U.S. Department of the Treasury's Community Development
Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation
Availability (NOAA) for the calendar year (CY) 2015 round of the New Markets
Tax Credit Program (NMTC Program). The NOAA makes up to $5 billion in tax
credit allocation authority available for the CY 2015 round, pending
Congressional authorization. The CDFI Fund provided the NOAA on its website in
anticipation of its publication in the Federal Register later this week.
The New Markets Tax Credit spurs investment of private
sector capital into distressed communities by providing a tax credit to
corporate or individual taxpayers who make qualified equity investments in
designated Community Development Entities (CDEs). The CDEs, in turn, invest the
capital raised into projects and businesses in low-income communities. The
credit provided to the investor totals 39 percent of the investment in a CDE and
is claimed over a seven-year credit allowance period.
The CDFI Fund has made 912 awards—totaling $43.5 billion in
tax credit allocation authority—to CDEs through the NMTC Program since the
program’s inception. More information about the NMTC Program can be found
on the program’s website or in the
program’s fact sheet.
Important Deadlines
- CDE
Certification Application: November 6, 2015
- NMTC Electronic
Application submission: December 16, 2015
- Prior
Allocatees' Issuance of Qualified Equity Investments: January 29, 2016
Please refer to the NOAA for more details about these and
other deadlines.
Application Materials
Learn About Applying and Compliance for the NMTC Program
To provide more information about the NMTC Program and the
application process, the CDFI Fund has posted presentations for potential
applicants on the NMTC Program page, www.cdfifund.gov/nmtc,
under How
to Apply Step 2: Apply.
In addition to the detailed information that is available
through the NOAA, NMTC application, and presentations, the CDFI Fund will
conduct two one-hour conference calls to answer application questions. Please
see below for the dates and times for each call. No presentations will be given
during the calls; only questions from participants will be addressed.
NMTC Application Conference Calls
- Tuesday,
October 27, 2015, 2:00 p.m. EDT
- Thursday,
October 29, 2015, 3:30 p.m. EDT
The dial-in number and passcodes are the same for both
calls. The dial-in number is 1-888-469-1239 and the pass code is 5561021. No prior registration is necessary. Requests for reasonable accommodations under
section 504 of the Rehabilitation Act should be directed to Michael Jones at
202-653-0300 no later than 48 hours before the conference calls begin.
NMTC Certification,
Compliance Monitoring, and Evaluation Frequently Asked Questions
To provide additional resources for applicants, an updated
Frequently Asked Questions (FAQ) document for NMTC certification, compliance
monitoring, and evaluation questions is now available on the CDFI Fund’s
website. Updated guidance includes information on the use of Qualified Equity Investment
and Qualified Low-Income Community Investment proceeds; defining activities
that “support health related services;” “Innovative Investments;” and a
revision to the definitions of Real Estate Qualified Active Low-Income Community
Businesses (QALICBs) versus Non-Real Estate QALICBs.
The FAQ document may be viewed on the New Markets Tax Credit
(NMTC) Program page, www.cdfifund.gov/nmtc,
under How
to Apply Step 5: Compliance and Reporting.
Questions
For more information on the NMTC application or
certification as a CDE, please contact the CDFI Fund’s Help Desk at cdfihelp@cdfi.treas.gov or
202-653-0421.
Learn more about the CDFI Fund and its programs at www.cdfifund.gov.
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