CDFI Fund Publishes Amended Notice for New Markets Tax Credit Program to Expedite Implementation of the Recovery Act

CDFI Fund Publishes Amended Notice for New Markets Tax Credit Program
to Expedite Implementation of the Recovery Act

Washington, DC - The Treasury Department’s Community Development Financial Institutions (CDFI) Fund today released an amended Notice of Allocation Availability (NOAA) for the 2009 round of the New Markets Tax Credit (NMTC) Program. This amended NOAA updates the original NOAA that was published in the Federal Register on January 22, 2009 by:

1. Announcing that, due to the additional $1.5 billion in NMTC allocation authority made available for the 2009 NMTC round under the American Recovery and Reinvestment Act of 2009 (Recovery Act), the CDFI Fund will have the authority to allocate a total of up to $5 billion in NMTC allocation authority, rather than $3.5 billion as initially announced;
    
2. Announcing that the CDFI Fund will waive Qualified Equity Investment issuance requirements with respect to awards made in the 2008 NMTC allocation round for Community Development Entities applying under the 2009 NOAA;
    
3. Announcing that the CDFI Fund will increase the anticipated maximum award amount from $100 million to $125 million; and
    
4. Providing notice that allocatees that receive allocation authority under the Recovery Act will have additional reporting requirements as identified by the Recovery Act, Office of Management and Budget guidance, and the CDFI Fund.

To make these important changes available to the public as soon as possible, the CDFI Fund is posting the amended NOAA electronically on its website in advance of the Federal Register publication on Thursday, March 26, 2009. Potential applicants are strongly encouraged to read this notice thoroughly.

The application deadline for the 2009 round of the NMTC Program is April 8, 2009.

The Amended NOAA can be found by visiting http://www.cdfifund.gov/news_events/CDFI-2009-14-Amended-Notice-for-New-Markets-Tax-Credit-Program.asp.

Additional guidance on the NMTC Program can be found by visiting http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=5#2