CDFI News

 

 

Update for Capital Magnet Fund Applicants: AMIS Application Now Availablehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=266Update for Capital Magnet Fund Applicants: AMIS Application Now Available<p>The Application for the fiscal year (FY) 2017 round of the Capital Magnet Fund is now available in the Community Development Financial Institutions Fund’s (CDFI Fund) Awards Management Information System (AMIS). In order to be able to complete their FY 2017 Application in AMIS, applicants must have submitted a valid SF-424 through Grants.gov by July 28, 2017. </p><p>The CDFI Fund encourages all applicants to complete their Applications as early as possible to avoid last-minute problems. All FY 2017 Capital Magnet Fund Applications must be submitted through AMIS by <b>5:00 p.m. Eastern Time (ET) on Thursday, August 31, 2017.</b></p><p> <b>How to Start a Capital Magnet Fund Application in AMIS</b></p><p>To create a CMF Application in AMIS, follow these steps:</p><ol><li><p>Log-in to AMIS.</p></li><li><p>Open your Organizational Profile.</p></li><li><p>Navigate to the Program Profile section and open the CMF Program Profile.</p></li><li><p>Complete the required information in the CMF Program Profile (if necessary).</p></li><li><p>Click “New CMF Application” in the Funding Application section.</p></li><li><p>Enter the requested information and click “Save.” You will then be able to see the whole Application. You will be able to go back and edit any Application information before you Submit. </p></li></ol><p> <b>Need Help? Updated Guidance and Webinars Available</b></p><p>The CDFI Fund has posted additional Application guidance materials to its website, including an updated Frequently Asked Questions document. The training manual for the AMIS Application will be available on the website later this week. All of the 2017 Application guidance, pre-recorded modules, and presentations are available at <a href="http://www.cdfifund.gov/cmf">www.cdfifund.gov/cmf</a> under “How to Apply Step 2: Apply.” </p><p>The CDFI Fund has also scheduled two additional webinars for FY 2017 Capital Magnet Fund applicants on <b>August 14 and August 15, 2017</b> to provide a live demo of how to navigate and enter data into the AMIS Application. See the <a href="/programs-training/Programs/cmf/Pages/apply-step.aspx" target="_blank">CDFI Fund’s website </a>for information regarding how to access the webinars. </p><p>No prior registration is necessary to join the webinars. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Michael Jones at 202-653-0300 no later than 48 hours before the webinars begin. The recordings of the AMIS webinars will be posted to the CDFI Fund’s website a few days after they are conducted.</p><p> <b>Questions</b></p><p>Please direct any questions to the Capital Magnet Fund Help Desk via an AMIS Service Request, by e-mail to <a href="mailto:cmf@cdfi.treas.gov" target="_blank">cmf@cdfi.treas.gov</a>, or by calling 202-653-0421 (please note: this is not a toll-free number). The CDFI Fund will stop taking questions about the Application at <b>5:00 p.m. ET on Tuesday, August 29, 2017. </b></p><p>To learn more about the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>.  </p>2017-08-08T04:00:00ZUpdates266
CDFI Fund Releases Application Demand for 2017 Round of NMTC Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=267CDFI Fund Releases Application Demand for 2017 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 230 applications under the 2017 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program encourages economic development in low-income and 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 2017 round are headquartered in 42 states, the District of Columbia, Puerto Rico, and Guam. The applicants requested an aggregate total of $16.2 billion in NMTC allocation authority, over four-and-a-half times the $3.5 billion in authority available for the 2017 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 percent of the cost of the investment and is claimed over a seven-year period. Substantially all of the taxpayer's investment must in turn 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 thirteen rounds of the NMTC Program, the CDFI Fund has made 1,032 awards totaling $50.5 billion in tax credit allocation authority. This $50.5 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="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>.  </p> 2017-08-08T04:00:00ZUpdates267
Important Reminders for FY 2017 Capital Magnet Fund Applicantshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=264Important Reminders for FY 2017 Capital Magnet Fund Applicants<p>As a reminder for prospective fiscal year (FY) 2017 Capital Magnet Fund applicants, the deadline for online submission of the SF-424 through Grants.gov for the FY 2017 Capital Magnet Fund round is <b>July 28, 2017</b> at 11:59 p.m. Eastern Time (ET). The deadline for online submission of the application and required materials through the CDFI Fund’s Awards Management Information System (AMIS) is <b>August 31, 2017</b> at 5:00 p.m. ET. </p><ul><li><p>Applicants should keep in mind that the CDFI Fund does not administer Grants.gov, and that they are responsible for confirming with Grants.gov that their SF-424 was successfully submitted and validated by Grants.gov. An organization that does not meet the SF-424 deadline will be unable to submit an application through AMIS and will be deemed ineligible. For more details, please see Section IV of the <a href="/Documents/CMF%202017%20FR%20NOFA.pdf" target="_blank">FY 2017 Capital Magnet Fund Notice of Funds Availability</a>.</p></li><li><p>The CDFI Fund anticipates that the AMIS application will be available about four weeks before the August 31 deadline. More information will be provided when the AMIS application is released.</p></li></ul><p><b>New and Updated Application Materials and Resources</b></p><p>The CDFI Fund has provided new and updated materials and resources for FY 2017 applicants on its website. </p><ul><li><p><b>Excel Workbook:</b> The CDFI Fund has posted an Excel workbook tool as a resource to help applicants organize their information for entry into AMIS. The workbook is not a substitute for the AMIS application; applicants are still required to submit all final application materials through AMIS. </p></li><li><p><b>Updated Guidance:</b> All of the guidance, application materials, and pre-recorded webinar modules for the FY 2017 application round are available on the CDFI Fund’s website at <a href="http://www.cdfifund.gov/cmf" target="_blank">www.cdfifund.gov/cmf</a> under Step 2: Apply. Updated and additional guidance materials will be added to the CDFI Fund’s website on a rolling basis, so please make sure to check the website regularly. Most recently, Application and Outreach Modules 5, 6, 8, and 9 were updated. </p></li></ul><p><b>Webinars and Workshops</b></p><p>The CDFI Fund will be holding a webinar tomorrow, July 18, to discuss how to use a Capital Magnet Fund award to support Economic Development Activities. See the CDFI Fund’s website for information regarding how to access the webinar. Advance registration is not required to participate. </p><p>For those unable to attend the webinar, or who missed the webinars held earlier in July, recordings will be added to the <a href="/programs-training/Programs/cmf/Pages/apply-step.aspx" target="_blank">CDFI Fund’s website</a> in the coming days. Pre-recorded webinar modules covering many different topics related to the Capital Magnet Fund and the application process are also available on the CDFI Fund’s website. </p><p>There is also limited availability left to register to attend an in-person workshop in Washington, D.C. on July 26, 2017. Interested applicants should register by July 19, 2017. <a href="/programs-training/Programs/cmf/Pages/apply-step.aspx" target="_blank">View more information on the CDFI Fund’s website</a>. </p><p><b>Contact the CDFI Fund</b></p><p>The CDFI Fund will be answering questions about the FY 2017 application via its Help Desk until 5:00 p.m. ET on August 29, 2017. Contact the Help Desk via a Service Request in AMIS; by e-mail to <a href="mailto:cmf@cdfi.treas.gov">cmf@cdfi.treas.gov</a>; or by phone to (202) 653-0421 (please note this is not a toll free number). </p><p>To learn more about the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/">www.cdfifund.gov</a>. </p> 2017-07-17T04:00:00ZUpdates264
Registration Open for FY 2017 Capital Magnet Fund In-Person Application Workshopshttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=263Registration Open for FY 2017 Capital Magnet Fund In-Person Application Workshops<p>Registration is now open to attend in-person application workshops for the fiscal year (FY) 2017 application round of the Capital Magnet Fund. Two in-person workshops—a morning session and an afternoon session—will be held at the CDFI Fund’s offices in Washington, D.C. on July 26, 2017. The same information will be covered during each workshop session. </p><p><b>FY 2017 Capital Magnet Fund In-Person Application Workshops</b></p><p>CDFI Fund Headquarters<br> 1801 L St NW, 6th Floor<br> Washington, DC 20036</p><ul><li><p><b>Morning Session:</b> July 26, 2017, 9:30 a.m. – 12:00 p.m. ET</p></li><li><p><strong>Afternoon Session</strong>: July 26, 2017, 1:30 p.m. – 4:00 p.m. ET</p></li></ul><p>Advance registration is required to attend one of the workshops. Since there is limited capacity at the workshop venue, registration will be limited to one attendee per organization. </p><p><b>Registration</b></p><p>Due to security requirements at the federal facility where the workshops will be held, anyone wishing to attend the in-person application workshops must register through the online registration system link provided below. Individuals who do not register before the applicable registration deadlines, and thus do not appear on the registration list for the facility, will not be admitted. </p><p>Registration for each workshop will be closed when the workshop reaches capacity, or by July 14, 2017 at 5:00 p.m. ET, whichever comes first. <b>Registration is limited to one attendee per organization. Please register for only one of the sessions:</b></p><ul><li><p><a href="https://www.surveymonkey.com/r/TCYHXR9" target="_blank">Register for the Morning Session Here</a></p></li><li><p><a href="https://www.surveymonkey.com/r/XN93W52" target="_blank">Register for the Afternoon Session Here</a></p></li></ul><p>Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Michael Jones at 202-653-0300 no later than 48 hours before the workshops begin.</p><p><b>Reminder: Application Webinars</b></p><p>The CDFI Fund will also be holding a series of application webinars in mid-July for interested applicants. The information covered in the webinars will be similar to the in-person workshops. Advance registration is not required to participate in the webinars. In addition, pre-recorded application modules are available on the CDFI Fund’s website. Learn more at <a href="http://www.cdfifund.gov/cmf" target="_blank">www.cdfifund.gov/cmf</a> under <a href="/programs-training/Programs/cmf/Pages/apply-step.aspx" target="_blank">How to Apply Step 2: Apply</a>. </p><p>To learn more about the Capital Magnet Fund, please visit <a href="http://www.cdfifund.gov/cmf" target="_blank">www.cdfifund.gov/cmf</a>. Any questions can be directed to the Help Desk at <a href="mailto:cmf@cdfi.treas.gov">cmf@cdfi.treas.gov</a> or by calling (202) 653-0421.</p> 2017-06-30T04:00:00ZUpdates263
CDFI Fund Opens FY 2017 Funding Round for Capital Magnet Fundhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=262CDFI Fund Opens FY 2017 Funding Round for Capital Magnet Fund<p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today opened the fiscal year (FY) 2017 funding round for the Capital Magnet Fund. </p><p>Through the Capital Magnet Fund, the CDFI Fund competitively awards funds to CDFIs and qualified non-profit housing organizations. These awards can be used to finance affordable housing activities, as well as related economic development activities and community service facilities. The objective is to attract private capital to economically distressed communities, including underserved rural areas. Funding for the Capital Magnet Fund comes from allocations made by the Government-Sponsored Enterprises Fannie Mae and Freddie Mac and varies from year to year. The CDFI Fund plans to provide $119.5 million in awards for the FY 2017 round. </p><p>Capital Magnet Fund awardees are able to utilize these funds for financing activities such as affordable housing funds, economic development funds, loan loss reserves, revolving loan funds, risk-sharing loans, and loan guarantees. Recipients are required to leverage private and public funds to finance affordable housing and economic development activities that yield a minimum ratio of 10:1. </p><p>In order to provide potential applicants with as much time as possible, the CDFI Fund is posting the Notice of Funds Availability (NOFA) and application materials for the Capital Magnet Fund on the CDFI Fund’s website today in advance of the publication of the NOFA in the Federal Register later this week.</p><p><b>Application Materials</b></p><p>The FY 2017 Capital Magnet Fund NOFA, application, application instructions, and related guidance can be found on the CDFI Fund’s website at <a href="http://www.cdfifund.gov/cmf" target="_blank">www.cdfifund.gov/cmf</a> under <a href="/programs-training/Programs/cmf/Pages/apply-step.aspx" target="_blank">How to Apply Step 2: Apply</a>. The application process consists of two parts: submitting the SF-424 form through Grants.gov, and submitting the rest of the application through the CDFI Fund’s Awards Management Information System (AMIS). </p><p>All applicants must be registered in SAM.gov, Grants.gov, and AMIS to apply for funding. Organizations should confirm that their accounts are up-to-date as soon as possible in order to avoid potential application submission problems. New potential applicants are encouraged to begin the registration process now. Registration guidance for Grants.gov and SAM.gov can be found on the websites for those systems. Guidance on using AMIS (including registration) can be found at <a href="https://amis.cdfifund.gov/" target="_blank">https://amis.cdfifund.gov/</a>. </p><p>The SF-424 is now available for submission through Grants.gov. The CDFI Fund will send out an additional notification when the electronic application is available in AMIS for application submission. At this time, the CDFI Fund anticipates that the AMIS application will be available approximately 4 weeks before the AMIS application due date. In the coming weeks, the CDFI Fund plans to release a Microsoft Excel workbook to help potential applicants organize their application data for entry into AMIS.</p><p>The CDFI Fund strongly recommends that the instructions and application timelines are reviewed closely by both first-time and repeat applicants and that all applicants give themselves adequate time to submit the required application materials through Grants.gov and AMIS.</p><p><b>Deadlines</b></p><ul><li><p>The deadline for submission of the SF-424 is <b>11:59 pm Eastern Time (ET) on July 28, 2017</b>. All applicants must submit their SF-424 electronically through Grants.gov. The CDFI Fund strongly encourages all materials to be submitted through Grants.gov at least three days before the deadline.</p></li><li><p>The deadline for submission of the Capital Magnet Fund application materials through the CDFI Fund’s Award Management Information System (AMIS) is <b>5:00 p.m. ET on August 31, 2017</b>. The CDFI Fund strongly encourages all materials to be submitted through AMIS at least three days before the deadline.</p></li><li><p>The CDFI Fund will stop taking questions about the application at <b>5:00 p.m. ET on August 29, 2017</b>.</p></li></ul><p>Please see the NOFA for applicant eligibility requirements and the steps for submitting all parts of the Capital Magnet Fund application.</p><p><b>Learn About Applying to the Capital Magnet Fund </b></p><p>The CDFI Fund will be providing the following opportunities to learn more about the FY 2017 Capital Magnet Fund funding round:</p><ol><li><p><b>In-Person Application Workshop:</b> CDFI Fund staff will conduct one in-person FY 2017 Capital Magnet Fund Application Workshop in Washington, DC in July. Due to security requirements at the federal facility where the workshops will be held, anyone wishing to attend the in-person application workshops must register in advance. The CDFI Fund will provide additional information about this workshop, including registration information, soon. </p></li><li><p><b>Q&A Webinars:</b> The CDFI Fund is conducting three targeted live webinars to provide a forum to answer applicant questions about the FY 2017 Capital Magnet Fund application. Please view the <a href="/programs-training/Programs/cmf/Pages/apply-step.aspx" target="_blank">Step 2: Apply page </a>of the Capital Magnet Fund website for the dates, times, and access information for each webinar.</p></li></ol><p><b>Questions</b></p><p>For more information on the Capital Magnet Fund, please submit a Service Request through AMIS, or contact the CDFI Fund’s Help Desk by e-mailing <a href="mailto:cmf@cdfi.treas.gov" target="_blank">cmf@cdfi.treas.gov</a> or by calling (202) 653-0421. The CDFI Fund will stop responding to questions about the FY 2017 award round at 5:00 p.m. ET on August 29, 2017. </p><p>To learn more about the CDFI Fund and its programs, please visit <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.   </p> 2017-06-29T04:00:00ZUpdates262
CDFI Fund Releases Application Demand for FY 2016 Round of BEA Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=261CDFI Fund Releases Application Demand for FY 2016 Round of BEA Program<p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today the application data for the fiscal year (FY) 2016 round of its Bank Enterprise Award Program (BEA Program). A total of 116 applications were received requesting awards of $145.6 million against the $19 million in Program Awards that are authorized for this round. These applicants are headquartered in 25 states and the District of Columbia. </p><p>The purpose of the BEA Program is to focus on the most severely economically distressed communities by providing an incentive for FDIC-insured financial institutions to increase their investments in those communities. Under the program, distressed communities are defined as census tracts where at least 30 percent of residents have incomes that are less than the national poverty level and where the unemployment rate is at least 1.5 times the national unemployment rate.</p><p>Applicants must demonstrate increased qualified activities in the form of investments in Community Development Financial Institutions (CDFIs) or in the Applicants’ lending, investing, or financial service-related activities in these economically distressed communities. Award amounts are calculated as a percentage of the increase in qualified activities from one annual reporting period to the next. </p><p>Applications are currently under review and the CDFI Fund anticipates announcing awards this coming summer. For more information about the BEA Program, visit the CDFI Fund’s website at <a href="http://www.cdfifund.gov/bea">www.cdfifund.gov/bea</a>.  </p><p><i class="ms-rteFontSize-1">This release was updated on August 3, 2017 to correct the award amount requested.</i></p>2017-06-22T04:00:00ZUpdates261
Bank Enterprise Award Program Baseline Analysis and Evaluation Report Availablehttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=260Bank Enterprise Award Program Baseline Analysis and Evaluation Report Available<p>Now available on the Community Development Financial Institutions Fund’s (CDFI Fund’s) website is a new evaluation of the Bank Enterprise Award Program (BEA Program). Commissioned by the CDFI Fund and conducted by A. Reddix and Associates (ARDX), the Woodstock Institute, and the National Community Reinvestment Coalition, the Bank Enterprise Award Program Baseline Analysis and Evaluation is an independent, third-party evaluation of the program. </p><p> <strong>Links</strong>:</p><ul><li><p><a href="/Documents/BEA_Program_Evaluation_Volume_1_5CR_070517.pdf" target="_blank">Volume 1: Executive Summary & Report</a></p></li><li><p><a href="/Documents/BEA_Program_Evaluation_Volume_2_5CR_070517.pdf" target="_blank">Volume 2: Analytical Framework & Primary Data Collection</a> </p></li><li><p><a href="/Documents/BEA_Program_Evaluation_Volume_3_5CR_070517.pdf" target="_blank">Volume 3: Survey Instruments</a></p></li><li> <p> <a href="/Documents/BEA%20Eval%20Fact%20Sheet%20June%202017.pdf" target="_blank">Fact Sheet on BEA Program Evaluation</a></p></li></ul>2017-06-01T04:00:00ZUpdates260
2017 NMTC Program Electronic Application Now Available https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=2592017 NMTC Program Electronic Application Now Available <p>The electronic application for the 2017 round of the New Markets Tax Credit Program (NMTC Program) is available for applicants through their <a href="https://amis.cdfifund.gov/s/AMISHome">Awards Management Information System </a>(AMIS) accounts. </p><p>The Community Development Financial Institutions Fund (CDFI Fund) published the Notice of Allocation Availability for the 2017 round in the Federal Register on May 4, 2017. Community Development Entities (CDE) interested in applying for New Markets Tax Credit allocation authority under the 2017 round have until 5:00 pm Eastern Daylight Time (EDT), on June 21, 2017 to submit their application. </p><p>Application instructions, including how to navigate through AMIS, may be found on the NMTC Program webpage at <a href="http://www.cdfifund.gov/nmtc">www.cdfifund.gov/nmtc</a> under <a href="/programs-training/Programs/new-markets-tax-credit/Pages/apply-step.aspx#step2">How to Apply Step 2: Apply</a>. The CDFI Fund strongly recommends that the instructions and application timelines are reviewed closely by both first-time and repeat applicants and that applicants give themselves adequate time to submit their applications through AMIS. Only electronic applications submitted through AMIS will be considered. </p><p><b>Reminder about Important Deadlines </b></p><p>Per the 2017 Notice of Allocation Availability, the deadlines for the NMTC Program are as follows: </p><ul><li><p>Submission of CDE Certification Application: May 17, 2017</p></li><li><p>Online Submission of Allocation Application: June 21, 2017</p></li><li><p>Online Submission of Allocation Application Attachments: June 26, 2017</p></li><li><p>Date by which prior Allocatees must issue the requisite percentage of Qualified Equity Investments: August 18, 2017 </p></li></ul><p><b>Questions</b></p><p>Applicants should be aware that the CDFI Fund will no longer respond to questions about the electronic application after 5:00 p.m. EDT on June 19, 2017. If you have questions, please contact the CDFI Fund through the Service Request feature in AMIS or by reaching out to our Help Desk at (202) 653-0421 or <a href="mailto:cdfihelp@cdfi.treas.gov" target="_blank">cdfihelp@cdfi.treas.gov</a>. </p><p>All application materials, including frequently asked questions and application presentations, may be found on the NMTC Program webpage at <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a> under <a href="/programs-training/Programs/new-markets-tax-credit/Pages/apply-step.aspx#step2" target="_blank">How to Apply Step 2: Apply</a>. </p> 2017-05-24T04:00:00ZUpdates259
Update on CDFI Program and NACA Program Funds Availability for FY 2017 Roundhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=258Update on CDFI Program and NACA Program Funds Availability for FY 2017 Round<p>The Community Development Financial Institutions Fund (CDFI Fund) will be awarding up to $196 million under the fiscal year (FY) 2017 round of the Community Development Financial Institutions Program (CDFI Program) and Native American CDFI Assistance Program (NACA Program). This funding was provided in the Consolidated Appropriations Act, 2017 (the Act) that was signed into law May 5, 2017 (Public Law 115-31). </p><p>Specifically, the CDFI Fund will award up to:</p><ul><li><p>$158.5 million through the CDFI Program’s Financial Assistance and Technical Assistance awards,</p></li><li><p>$15.5 million through the NACA Program’s Financial Assistance and Technical Assistance awards, and </p></li><li><p>$22 million through the Healthy Food Financing Initiative Financial Assistance awards. </p></li></ul><p>The application period for the FY 2017 round closed on April 28, 2017. The CDFI Fund received 437 applications requesting nearly $564 million for the FY 2017 round of the CDFI Program, the largest number of applications and amount requested ever submitted for a single round of the program. The CDFI Fund received 56 applications requesting $33 million for the FY 2017 round of the NACA Program. In addition, the CDFI Fund received 32 Healthy Food Financing Initiative applications requesting $102 million. </p><p>The CDFI Fund is not accepting additional applications for the FY 2017 round. </p><p><b>Persistent Poverty and Individuals with Disabilities </b></p><p>The Act mandates that 10 percent of the FY 2017 funds awarded support activities in persistent poverty counties. The CDFI Fund is currently evaluating the most effective way to deploy these funds, and may contact FY 2017 applicants for more information while reviewing their applications. </p><p>The Act also allows the CDFI Fund to expend up to $3 million of the FY 2017 appropriations for the CDFI Program to provide assistance, training, and outreach to “expand investments that benefit individuals with disabilities.” The CDFI Fund will provide more information regarding its activities in this area in FY 2018. </p><p>To learn more about the CDFI Program and NACA Program, please visit <a href="http://www.cdfifund.gov/cdfi" target="_blank">www.cdfifund.gov/cdfi</a> and <a href="http://www.cdfifund.gov/native" target="_blank">www.cdfifund.gov/native</a>. More information about the CDFI Fund and its programs can be found at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.  </p> 2017-05-11T04:00:00ZUpdates258
CDFI Fund Opens CY 2017 Round of New Markets Tax Credit Programhttps://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=255CDFI Fund Opens CY 2017 Round of New Markets Tax Credit Program<p>The U.S. Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2017 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $3.5 billion in tax credit allocation authority available for the CY 2017 round. The CDFI Fund <a href="/Documents/CY%202017%20NMTC%20Notice%20of%20Allocation%20Authority.pdf" target="_blank">provided the NOAA on its website </a>in anticipation of its publication in the Federal Register on May 4, 2017. </p><p>The NMTC Program spurs investment of private sector capital into distressed communities by providing a tax credit to corporate or individual taxpayers who make qualified equity investments in designated Community Development Entities (CDEs). The CDEs, in turn, invest the capital raised into projects and businesses in low-income communities. The credit provided to the investor totals 39 percent of the investment in a CDE and is claimed over a seven-year credit allowance period. </p><p>The CDFI Fund has made 1,032 awards—totaling $50.5 billion in tax credit allocation authority—to CDEs through the NMTC Program since the program’s inception. More information about the NMTC Program can be found on the program’s webpage, <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>, or in the program’s fact sheet. </p><p> <b>Important Deadlines </b></p><ul><li><p>CDE Certification Application: May 17, 2017 </p></li><li><p>NMTC Electronic Application submission: June 21, 2017</p></li><li><p>Prior Allocatees' Issuance of Qualified Equity Investments: August 18, 2017 </p></li></ul><p>Please note that the CDFI Fund has updated the deadline for CDEs to report Qualified Equity Investments (QEI) to the CDFI Fund in order to meet the minimum QEI issuance threshold detailed in the NOAA. Please refer to the NOAA for more details about these and other deadlines. </p><p> <b>Application Materials </b></p><ul><li><p>NMTC application materials and resources are available at <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a> under How to Apply Step 2: Apply.</p></li><li><p>CDE Certification application materials and resources are available at <a href="http://www.cdfifund.gov/cde" target="_blank">www.cdfifund.gov/cde</a> under How to Apply Step 1: Apply. </p></li></ul><p> <b>Learn About Applying and Compliance for the NMTC Program </b></p><p>To provide more information about the NMTC Program and the application process, the CDFI Fund has posted presentations for potential applicants on the NMTC Program page, <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>, under How to Apply Step 2: Apply. </p><p>In addition to the detailed information that is available through the NOAA, NMTC Application, NMTC Application Q&A, and presentations, the CDFI Fund will conduct two one-hour conference calls to answer application questions. Please see below for the dates and times for each call. No presentations will be given during the calls; only questions from participants will be addressed. </p><p> <b>NMTC Application Conference Calls </b></p><ul><li><p>Tuesday, May 9, 2017, 2:00 p.m. ET </p></li><li><p>Thursday, May 11, 2017, 3:00 p.m. ET </p></li></ul><p>The dial-in number and passcodes are the same for both calls. The dial-in number is 1-888-935-0259 and the pass code is 7371412. No prior registration is necessary. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Michael Jones at 202-653-0300 no later than 48 hours before the conference calls begin.</p><p> <b>NMTC Certification, Compliance Monitoring, and Evaluation Frequently Asked Questions</b></p><p>To provide additional resources for applicants, an <a href="/Documents/NMTC%20Compliance%20Monitoring%20FAQs%20(Final%20Version%20-%20April%202017).pdf" target="_blank">updated Frequently Asked Questions (FAQ) document </a>for NMTC certification, compliance monitoring, and evaluation questions is also available on the CDFI Fund’s website. The updated FAQ document includes:</p><ul><li><p>Revised guidance regarding restrictions on repaying or refinancing Qualified Equity Investor (QEI) providers; aligning the language between the FAQ, Allocation Agreement, and Notice of Allocation Availability; emphasizing the restriction is specific to debt or equity providers of the QEI; and limiting reimbursements to original cost of the asset;</p></li><li><p>Updated instructions for dissolution and dis-enjoinment of Subsidiary-Allocatee after the tax credit period;</p></li><li><p>Updated guidance on the applicability of the affordable housing requirement; and</p></li><li><p>New guidance for reporting noncompliance with an Allocation Agreement.</p></li></ul><p>The FAQ document may be viewed on the New Markets Tax Credit (NMTC) Program page, <a href="http://www.cdfifund.gov/nmtc" target="_blank">www.cdfifund.gov/nmtc</a>, under How to Apply Step 5: Compliance and Reporting. </p><p> <b>Questions</b></p><p>For more information on the NMTC application or certification as a CDE, please contact the CDFI Fund’s Help Desk at <a href="mailto:cdfihelp@cdfi.treas.gov" target="_blank">cdfihelp@cdfi.treas.gov</a> or 202-653-0421. </p><p>Learn more about the CDFI Fund and its programs at <a href="http://www.cdfifund.gov/" target="_blank">www.cdfifund.gov</a>.  </p>2017-05-02T04:00:00ZUpdates255

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