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CDFI Fund Awards $5 Billion in NMTCs to 100 CDEs in CY 2020 Allocation Round
The Community Development Financial Institution (CDFI) Fund today announced the allocation of $5 billion in new markets tax credits (NMTCs) in the calendar year 2020 (CY 2020) allocation round. A total of 100 community development entities (CDEs) were awarded allocations. The CDEs are based in 34 states and the District of Columbia and 20% of the NMTC-financed investments will be made in rural communities. The CDFI Fund also released the annual award book, which reports that of the 100 allocatees, 45 will focus investment activities on a national service area, 26 will focus on a multi-state area, 13 will focus on a specific state and 16 will focus on specific local markets. The allocation amounts range from $15 million to $65 million.
The CY 2020 allocations will be a topic of discussion at the Novogradac 2021 Fall New Markets Tax Credit Conference, Oct. 28-29 in Austin, Texas. The CY 2021 application round is expected to open soon. The Novogradac Top 10 Tips to Gain an Advantage in the Upcoming $5B NMTC Round webinar is available on demand.