| CDFI Fund Releases Summary Report and Public Data for NMTC Program for FYs 2003-2017 | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=364 | CDFI Fund Releases Summary Report and Public Data for NMTC Program for FYs 2003-2017 | <p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today released a Summary Report and data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2017. The CDFI Fund requires all Community Development Entities (CDEs) that have been awarded NMTC allocations to submit an annual report detailing how they invested Qualified Equity Investment (QEI) proceeds in low-income communities. These reports must be submitted to the CDFI Fund by the CDEs, along with their audited financial statements, within six months after the end of their fiscal year.</p><p>The Summary Report categorizes all investments utilizing the North American Industry Classification System (NAICS), which is the standard used by Federal statistical agencies to classify businesses. Analysis of NAICS data shows that nearly 70 percent of NMTC investments made through 2017 have been concentrated in single/mixed-use real estate, health care and social assistance, manufacturing, and educational services (see slides 8-12).</p><p>Further, the Summary Report documents: the geographic distribution of NMTC investments by region (slides 13-16); the extent that CDEs go beyond the minimum statutory distress requirements of the NMTC Program by committing to serve areas of higher distress, rural areas or targeted populations (slides 17-20); and that CDEs leverage the NMTC to offer financing with flexible or non-traditional rates and terms (slides 21-22).</p><p><b>Related Links:</b></p><ul><li><p><a href="/Documents/2019%20NMTC%20Public%20Data%20Release_FY_17-comments%20incorporated_BL%20Edits%20incorporated_Final.pdf" target="_blank">NMTC Public Data Release: 2003-2017 Summary Report</a><br></p></li><li><p><a href="/Documents/2019%20NMTC%20Public%20Data%20Release_FY_17.xlsx" target="_blank">NMTC Public Data Release: 2003-2017 Data File</a><br></p></li></ul><p><b>About the NMTC Program</b></p><p>The NMTC Program enables economically distressed communities to leverage private investment capital by providing investors with a federal tax credit. All NMTC investments must meet statutory qualifications for their investors to be able to claim the tax credit. The vast majority of NMTC investments are made within statutorily defined “Low-Income Communities.” Low-Income Communities are census tracts with a poverty rate of 20 percent or greater, or a median family income at or below 80 percent of the applicable area median family income. In addition to investments located in Low-Income Communities, investments can qualify for NMTCs by using other statutory provisions designed to target certain areas or populations, including provisions for Rural Counties, and Low-Income Targeted Populations.</p><p>Through the first 15 application rounds of the NMTC Program, the CDFI Fund has made 1,178 awards, allocating a total of $57.5 billion in tax credit authority to CDEs through a competitive application process. This $57.5 billion includes $3 billion in Recovery Act allocations and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone.</p><p>To learn more about the NMTC Program, visit the NMTC Program webpage on the CDFI Fund’s website at <a href="/nmtc" target="_blank">www.cdfifund.gov/nmtc. </a></p>
| 2019-11-25T05:00:00Z | Updates | 364 | | |
| CDFI Fund Releases Application Demand for 2019 Round of NMTC Program | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=365 | CDFI Fund Releases Application Demand for 2019 Round of NMTC Program | <p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received a total of 206 applications under the 2019 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development Entities (CDEs) for targeted investments in eligible areas. </p><p>The CDEs that applied under the 2019 round are headquartered in 44 states, the District of Columbia, and Puerto Rico. These applicants requested an aggregate total of $14.7 billion in NMTC allocation authority, over four times the $3.5 billion in authority available for the 2019 round. </p><p>The NMTC Program was established by Congress in December of 2000 and permits individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments in CDEs. The credit provided to the investor totals 39% of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must be used by the CDE to make qualified investments in low-income communities. Successful applicants are selected only after a competitive application and rigorous review process that is administered by the CDFI Fund. </p><p>Through the first fifteen rounds of the NMTC Program, the CDFI Fund has made 1,178 awards totaling $57.5 billion in tax credit allocation authority. This $57.5 billion includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone. </p><p>For more information about the NMTC Program, visit the CDFI Fund’s website at <a href="/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>. </p>
| 2019-11-25T05:00:00Z | Updates | 365 | | |
| Thinking About 2020: CDFI and NACA Program Pre-Application Webinar | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=363 | Thinking About 2020: CDFI and NACA Program Pre-Application Webinar | <p>As 2019 comes to a close, now is a great time to start thinking about preparing your organization for a fiscal year (FY) 2020 Community Development Financial Institutions Program (CDFI Program) or Native American CDFI Assistance Program (NACA Program) Application. The Community Development Financial Institutions Fund (CDFI Fund) is tentatively planning to open the FY 2020 Financial Assistance and Technical Assistance application round in early 2020. </p><p>There are steps your organization can take now to get ready to apply. Join CDFI Fund staff for an informational pre-application webinar on Wednesday, December 18, 2019, to learn more. Topics covered will include setting up your critical SAM.gov and Grants.gov accounts, adjusting your organizational profile in the Awards Management Information System (AMIS), and other ways your organization can prepare in advance for the FY 2020 application round. </p><p>
<b>CDFI and NACA Program Pre-Application Webinar</b></p><p>Advance registration is not required to participate in the webinar. Please access the webinar, using the link provided below, at least five minutes prior to the beginning of the webinar. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Jay Santiago at the CDFI Fund at 202-653-0300.<br></p><p>Viewing this webinar requires the use of WebEx. To download the Webex Meetings Desktop Application, please see the instructions on the
<a href="https://www.mymeetings.com/netconferencing/WBS33.6.4_Plug-Ins_11-27-2018.php" target="_blank">WebEx Downloads webpage</a>.<br></p><p>
<b>Date:</b> Wednesday, December 18, 2019</p><p>
<b>Time:</b> 2:00 p.m. – 4:00 p.m. Eastern Time</p><p>
<b>Access Details:</b><br> </p><ul><li>Call-In: 1-888-390-2955</li><li>Webinar Access:
<a href="https://www.mymeetings.com/nc/join/" target="_blank">https://www.mymeetings.com/nc/join/</a> </li><li>Conference Number: PWXW9724499</li><li>Audience Passcode: 3578890<br></li></ul><p></p><p>To learn more about the CDFI Program, visit
<a href="/cdfi" target="_blank">www.cdfifund.gov/cdfi</a>. More information about the NACA Program can be found at
<a href="/native" target="_blank">www.cdfifund.gov/native</a>.
<br></p> | 2019-11-21T05:00:00Z | Updates | 363 | | |
