QEI Issuance Extension Requests
On July 24, 2012, the Community Development Financial Institutions Fund (CDFI Fund)
published in the Federal Register a Notice of Allocation Availability (NOAA) for
the New Markets Tax Credit Program (NMTC Program) in which it established a deadline
of 11:59 p.m. Eastern Time on October 31, 2012 for Applicants that are prior Allocatees
with Qualified Equity Investment (QEI) issuance requirements.
Due to the recent occurrence of Hurricane Sandy, the CDFI Fund will consider extending
this deadline, on a case-by-case basis, for applicants that have been directly affected
by Hurricane Sandy. In general, to be eligible for a QEI Issuance deadline extension,
an applicant must demonstrate that it cannot register its QEIs by the October 31,
2012, deadline because:
- Its principal place of business is located in a county which the Federal Emergency
Management Agency (FEMA) has designated as affected by a “major disaster” declared
since Sunday, October 28, 2012; or
- Mitigating factors exist that are directly attributable to the disaster-related
conditions in a county which FEMA has designated as affected by a “major disaster”
declared since Sunday, October 28, 2012.
If you would like to request a QEI Issuance deadline extension, you must send your
request via e-mail to email@example.com with the subject line “Deadline Extension
Request: 2012 NMTC QEI Issuance.” If you are unable to file your request by e-mail,
you may contact the NMTC Program Office by telephone at (202) 653-0421, option 3
for the NMTC Program, or by facsimile at (202) 508-0084, “Attention: NMTC Program
Manager.” Be sure to indicate in your telephone message or fax that you are requesting
an extension of the 2012 NMTC QEI Issuance deadline.
In your request, you must explain why the QEI Issuance deadline extension is necessary,
citing the specific circumstances preventing your organization from completing and/or
submitting the QEI documentation by the deadline 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 QEI
documents during critical periods; and/or other QEI participants (e.g., investors,
consultants, QALICBs. community partners) were not available to provide materials
critical to the compilation of a complete QEI package.
To ensure full consideration of your request, you must submit your extension request
as soon as feasible and no later than 5:00 p.m. Eastern Time, Monday, November 5,
2012. The CDFI Fund reserves the right, in its sole discretion, to request additional
supporting documentation before rendering a final determination. The QEI Issuance
deadline extension, if granted, will require applicable QEIs to be recorded and
finalized in ATS by Friday, November 9, 2012 at 11:59 p.m. Eastern Time.
If you have any questions regarding the above request, please contact the NMTC Program
Office by telephone at (202) 653-0421, option 3.