CDFI Fund Opens CY 2026 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 the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2026 round of the New Markets Tax Credit Program (NMTC Program). 

Pursuant to the One Big Beautiful Bill Act of 2025 (Pub. L. 119-21), the NOAA makes $5 billion in tax credit allocation authority available for the CY 2026 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 21 allocation rounds and has awarded $91 billion in tax allocation authority. More information about the NMTC Program can be found on the program's webpage, www.cdfifund.gov/nmtc. 

Important CY 2026 Deadlines

• CDE Certification and Subsidiary CDE Certification Application Submission Deadline (if not already certified): September 22, 2026
• NMTC Application Registration in AMIS: October 6, 2026
• NMTC Allocation Application Submission in AMIS: November 10, 2026
• QEI Issuance and QLICI Requirements: January 7, 2027
• Report QEIs and certify QLICIs: January 14, 2027

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

Program Updates

The CDFI Fund would like to highlight the following revisions to the CY 2026 New Markets Tax Credit Program Application Instructions:

• Opportunity to commit to providing QLICIs for development or rehabilitation of homeownership units added as an Innovative Investment in Q19
• Homeownership Cost Burden added in Q25(b), targeting areas with high housing costs and other housing problems 

Application Materials 

Prospective Applicants are encouraged to thoroughly review all application materials.

• NMTC Application materials and resources, including a link to the Application, are available at www.cdfifund.gov/nmtc under Step 2: Apply.
• CDE Certification application materials and resources are available at www.cdfifund.gov/cde under Step 1: Apply.

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 AMIS Application’s features and submission process; 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, www.cdfifund.gov/nmtc under Step 2: Apply.

Application Webinar Q&A Recording

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 also record a webinar to answer submitted application questions. To make this recording as informative as possible, the CDFI Fund is asking prospective Applicants to submit questions by September 29, 2026 via a service request in AMIS. The CDFI Fund expects to publish the recording on its website in early October.

Questions

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 www.cdfifund.gov