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Important Information for 2012 NMTC Program Applicants Affected by Hurricane Isaac
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August 31, 2012

On July 24, 2012, the Community Development Financial Institutions Fund (CDFI Fund) announced in a Notice of Allocation Availability (NOAA) for the New Markets Tax Credit Program (NMTC Program) that the deadline for electronic allocation applications is 5:00 p.m. Eastern Time on September 12, 2012.

Due to the recent occurrence of Hurricane Isaac, the CDFI Fund will consider extending this deadline, on a case-by-case basis, for applicants that have been directly affected by Hurricane Isaac. In general, to be eligible for an application deadline extension, an applicant must demonstrate that it cannot submit its application by the September 12, 2012, deadline because:

  1. Its principal place of business is located in a county which the U.S. Department of Homeland Security's Federal Emergency Management Agency has designated as affected by a “major disaster” declared since August 29, 2012; or

  2. There exist mitigating factors directly attributable to the disaster-related conditions in a county which FEMA has designated as affected by a “major disaster” declared since August 29, 2012.

If you would like to request an application deadline extension, you must send your request via e-mail to cdfihelp@cdfi.treas.gov with the subject line “Deadline Extension Request: 2012 NMTC Allocation Application.” If you are unable to file your request by e-mail, you may contact the NMTC Program Office by telephone at (202) 622-6355, option 3 for the NMTC Program, or by facsimile at (202) 622-7754, attention NMTC Program Manager. Be sure to indicate in your telephone message or fax that you are requesting an extension of the 2012 NMTC Allocation Application deadline.

In your request, you must explain why the application deadline extension is necessary, citing the specific circumstances preventing your organization from completing and/or submitting the application materials by the deadlines set forth in the NOAA. You must address, at a minimum, whether: your offices were closed and/or were without electricity for significant periods of time; staff members were not available to work on the application materials during critical periods; and/or other application partners (e.g., investors, consultants, community partners) were not available to provide materials critical to the compilation of a complete application.

To ensure full consideration of your request prior to the NMTC Program application deadline, you should submit your extension request as soon as feasible and by no later than 5:00 p.m. Eastern Time, September 10, 2012. The CDFI Fund reserves the right, in its sole discretion, to request additional supporting documentation before rendering a final determination. When establishing new application deadlines, the CDFI Fund will consider the individual facts and circumstances of the applicant.

Please also note that the CDFI Fund is not at this time accepting any requests to extend deadlines pertaining to the issuance of qualified equity investments by prior allocatees planning to apply for allocations in the Calendar Year 2012 round of the NMTC Program (see section III.A.2.(a) of the NOAA). All other information and requirements set forth in the July 24, 2012 NOAA shall remain effective, as published.

For more information about the 2012 NMTC Allocation Application and the New Markets Tax Credit Program, please visit www.cdfifund.gov/nmtc.

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