The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released 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 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.
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, under How to Apply Step 2: Apply.
Upcoming Conference Call
The CDFI Fund will conduct a one-hour conference call to answer application questions. No presentation will be given during the call; only questions from participants will be addressed.
Dial-in number is 1-888-469-1239 and the pass code is 5561021. No prior registration is necessary
Photo courtesy of Pietromassimo Pasqui