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CDFI Fund Releases Public Data for NMTC Program for 2003-2014https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=225CDFI Fund Releases Public Data for NMTC Program for 2003-2014<p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today released data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2014. 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 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 High-Migration Rural Counties, and Low-Income Targeted Populations.</p><p>Through the first 12 application rounds of the NMTC Program, the CDFI Fund has made 912 awards, allocating a total of $43.5 billion in tax credit authority to CDEs through a competitive application process. This $43.5 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>View a summary report and the full public data release below. For more information about the New Markets Tax Credit Program, please visit <a href="http://www.cdfifund.gov/nmtc">www.cdfifund.gov/nmtc</a>. </p><ul><li><p> <a href="/Documents/New%20Markets%20Tax%20Credit%20Public%20Data%20Release_origination%20year%20edit.pdf" target="_blank">New Markets Tax Credit Program Public Data Release: 2003-2014 Summary Report</a></p></li><li><p> <a href="/Documents/Copy%20of%20FY%202014%20NMTC%20Public%20Data%20Release_Version%202_edit.xlsx" target="_blank">Full FY 2014 New Markets Tax Credit Program Public Data Release</a></p></li></ul><p> <i>The documents linked in this post were updated on September 2, 2016 to update the NMTC Investment by Year table from Report Year to Origination Year.</i></p>2016-09-02T04:00:00ZUpdates

 

 

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