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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 eligible applications from 434 organizations requesting more than $567 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 34 Healthy Food Financing Initiative applications requesting $112 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> <br> <p> <i> This post was updated on September 18, 2017. The number and dollar amount requested for the 2017 round of the CDFI Program and the Healthy Food Fianancing Initiative was updated.</i></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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