CDFI Fund Opens CY 2015 Round of New Markets Tax Credit Program

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) 2015 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $5 billion in tax credit allocation authority available for the CY 2015 round, pending Congressional authorization. The CDFI Fund provided the NOAA on its website in anticipation of its publication in the Federal Register later this week.

The New Markets Tax Credit 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.

The CDFI Fund has made 912 awards-totaling $43.5 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 website or in the program's fact sheet.

Important Deadlines

  • CDE Certification Application: November 6, 2015

  • NMTC Electronic Application submission: December 16, 2015

  • Prior Allocatees' Issuance of Qualified Equity Investments: January 29, 2016

Please refer to the NOAA for more details about these and other deadlines.

Application Materials

Learn About Applying and Compliance for the NMTC Program

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,, under How to Apply Step 2: Apply.

In addition to the detailed information that is available through the NOAA, NMTC application, 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.

NMTC Application Conference Calls

  • Tuesday, October 27, 2015, 2:00 p.m. EDT

  • Thursday, October 29, 2015, 3:30 p.m. EDT

The dial-in number and passcodes are the same for both calls. The dial-in number is 1-888-469-1239 and the pass code is 5561021. 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.

NMTC Certification, Compliance Monitoring, and Evaluation Frequently Asked Questions

To provide additional resources for applicants, an updated Frequently Asked Questions (FAQ) document for NMTC certification, compliance monitoring, and evaluation questions is now available on the CDFI Fund's website. Updated guidance includes information on the use of Qualified Equity Investment and Qualified Low-Income Community Investment proceeds; defining activities that "support health related services;" "Innovative Investments;" and a revision to the definitions of Real Estate Qualified Active Low-Income Community Businesses (QALICBs) versus Non-Real Estate QALICBs. The FAQ document may be viewed on the New Markets Tax Credit (NMTC) Program page,, under How to Apply Step 5: Compliance and Reporting.


For more information on the NMTC application or certification as a CDE, please contact the CDFI Fund's Help Desk at or 202-653-0421.

Learn more about the CDFI Fund and its programs at  

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