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Community Development Financial Institutions Fund
Important Information for 2012 NMTC Program Applicants Affected by Hurricane Sandy

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:

  1. 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
  2. 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 nmtc@cdfi.treas.gov 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.

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