On May 2, 2017, the Community Development Financial Institutions Fund (CDFI Fund) issued its Notice of Allocation Availability (NOAA) for the calendar year (CY) 2017 round of the New Markets Tax Credit (NMTC) program. The NOAA pertains to a total of $3.5 billion in NMTC authority for the CY 2017 round.
Important deadlines that the CDFI Fund has issued with its CY 2017 NOAA:
- CDE Certification Application: May 17
- NMTC Application: June 21
- Prior Allocatees' Issuance of Minimum Qualified Equity Investments: August 18
The NOAA offers more specific details about these and other deadlines. Additional materials concerning the NOAA may be found on the CDFI Fund website.
The NMTC program, administered by the U.S. Department of the Treasury, was established by Congress in 2000 to incentivize increased investments in operating businesses and real estate projects located in low-income communities or serving targeted low-income populations. The NMTC program provides a tax credit against federal income tax obligations in exchange for the making of equity investments in specialized financial institutions called community development entities.
For more information please contact E. Tyler Smith, Esq., Special Counsel, at tylersmith@parkerpoe.com or 864-577-6364.
To learn more about Parker Poe’s New Markets Tax Credit team, please visit our webpage.