CDFI Fund Opens CY 2014 Round of
New Markets Tax Credit Program 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) 2014 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 2014 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 836 awards—totaling $40 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: August 22, 2014
- NMTC Electronic Application: October 1, 2014
- Prior Allocatees' Issuance of Qualified Equity Investments: January 30, 2015
Please refer to the NOAA for more details about these and other deadlines. Application Materials Learn About Applying to 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 the Application Materials section. 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 applicant 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. The dial-in number and passcodes are the same for both calls. The dial-in number is 1-888-810-3948 and the pass code is 5217369. No prior registration is necessary. NMTC Application Conference Calls - Tuesday, August 12, 2014, 2:00 p.m. EDT
- Thursday, August 14, 2014, 4:00 p.m. EDT
Reasonable Accommodations: Requests for reasonable accommodations under Section 504 of the Rehabilitation Act should be directed to Ms. Marcia Wilson, Office of Civil Rights and Diversity, U.S. Department of the Treasury at Marcia.Wilson@Treasury.gov no later than 48 hours before the conference calls begin. 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. About the CDFI Fund Since its creation in 1994, the CDFI Fund has awarded over $1.9 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Award Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $40 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and has approved the term sheets and the execution of agreements to guarantee $325 million in bonds through the CDFI Bond Guarantee Program. Learn more about the CDFI Fund and its programs at www.cdfifund.gov. | 
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