CDFI Fund Announces Plans to Update LIC Data for NMTC Next Spring
The Community Development Financial Institutions (CDFI) Fund today announced that it tentatively plans to update low-income community data for the new markets tax credit (NMTC) incentive in spring 2023. The updated data will be based Census Bureau data from the 2016-2020 American Community Survey (ACS), with a one-year transition period. Eligibility is currently determined by data collected through the 2011-2015 ACS. The CDFI Fund announcement also included plans to update eligibility information for several other programs, including the Bank Enterprise Award, Capital Magnet Fund, CDFI program, Native American CDFI Assistance program and annual certification and data collection reports.
The Novogradac New Markets Tax Credit Handbook is a definitive guide to the NMTC incentive, from application and financing to development and compliance.