CDFI Fund Awards More than $3.5 Billion in NMTC Allocation Authority to 76 CDEs
The Community Development Financial Institutions Fund (CDFI Fund) today awarded more than $3.5 billion in new markets tax credit (NMTC) allocation to 76 community development entities (CDEs) through the calendar year (CY) 2019 round. The CDFI Fund selected the 76 awardees from a pool of 206 applicants requesting an aggregate $14.7 billion in allocation authority. The award recipients are headquartered in 30 states and the District of Columbia. In their applications awardees estimated they will make more than $898 million in total investment in rural areas. Through 16 NMTC rounds, the CDFI Fund has made 1,254 allocation awards totaling $61 billion in tax credit authority. The CDFI Fund today also released its CY 2019 allocation application review process, general characteristics of a highly ranked population and application ratings.
The CY 2019 NMTC awards will be discussed July 23 at the Novogradac 2020 New Markets Tax Credit Virtual Conference. More information about the NMTC can also be found in the 2019 Novogradac New Markets Tax Credit Handbook, the definitive guide to the NMTC from application and financing to development and compliance.