CDFI Fund Opens CY 2023 Round of New Markets Tax Credit Program

$5 Billion in Allocation Authority Available

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) 2023 round of the New Markets Tax Credit Program (NMTC Program). The CDFI Fund is posting the NOAA on its website in anticipation of its publication in the Federal Register on September 24, 2023.

Pursuant to the Taxpayer Certainty and Disaster Tax Relief Act of 2020, included in the Consolidated Appropriations Act of 2021 (Pub. L. 116-260), the NOAA makes up to $5.0 billion in tax credit allocation authority available for the CY 2023 round.

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 (QEIs) in designated Community Development Entities (CDEs). The CDEs, in turn, invest the raised capital in businesses in low-income communities. The tax credit provided to the investor totals 39% of the investment in a CDE and is claimed over a seven-year credit allowance period.

Since the inception of the NMTC Program in 2000, the CDFI Fund has completed 19 allocation rounds and has made 1,563 awards totaling $76 billion in tax allocation authority. More information about the NMTC Program can be found on the program's webpage,, or in the program's fact sheet.

Program Updates

The CDFI Fund would like to highlight the following revisions to the following CY 2023 round documents:

  • CY 2023 New Markets Tax Credit Program Application Instructions:
    • In an effort to align the CY 2023 NMTC Application Instructions with other CDFI Fund administered program applications and provide clear guidance to NMTC Applicants, this document has been reformatted and is now in tabular format. 
    • The areas of higher distress listed in Question 25 of the Community Outcomes section have been revised as follows for CY 2023: 
      • Native Areas and U.S. Territories are now primary areas of higher distress. 
      • Secondary areas of higher distress have been revised and streamlined. 
  • CY 2023 NMTC Program Application FAQs: 
    • Please review the CY 2023 NMTC Program Application FAQs as several questions have been revised.

Important CY 2023 Deadlines

  • CDE Certification Application Submission Deadline: November 8, 2023
  • NMTC Application Registration in AMIS: November 15, 2023
  • NMTC Allocation Application Submission in AMIS: December 19, 2023
  • QEI Issuance and QLICI Requirements: March 21, 2024

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

Application Materials 

Learn About Applying to the NMTC Program 

To provide more information about the NMTC Program and the Application process, the CDFI Fund has made available pre-recorded webinars: (1) “NMTC Program AMIS Application Demonstration” which provides an overview of the electronic application’s features and the submission process in AMIS; and (2) ”NMTC Program Application Registration Demonstration” which provides instructions on how to complete the Application Registration in AMIS. The webinars can be accessed on the NMTC Program page, under Step 2: Apply.

Application Webinar Q&A

In addition to the detailed information that is available through the NOAA, NMTC Allocation Application, NMTC Allocation Application FAQ, and pre-recorded webinars, the CDFI Fund will conduct a one-hour long webinar to answer application questions on Thursday, November 16, 2023, at 3:00 p.m. Eastern Time.

In order to ensure the webinar is an effective and efficient use of time, the CDFI Fund is asking participants to submit questions by Monday, November 6, 2023 via a service request in AMIS

Viewing this webinar requires the use of WebEx.  To download the WebEx Desktop Application, please see the instructions on the WebEx Downloads page. No prior registration is necessary. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Jay Santiago at 202-653-0300 no later than 48 hours before the conference calls begin.

Access Details:

  • Webinar Access:
  • Conference Number: PWXW3277659
  • Audience Passcode: 5930101
  • Dial by your location: (888) 469-1604


For more information on the NMTC Application or certification as a CDE, please contact the CDFI Fund's Help Desk by submitting a service request in AMIS.

Learn more about the CDFI Fund and its programs at



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