Sign Up Today!
CDFI Fund, IRS Designate Targeted Populations, Including from Hurricane Katrina
The U.S. Treasury Department's Community Development Financial Institutions (CDFI) Fund and the Internal Revenue Service (IRS) today issued a notice regarding the designation of certain targeted populations under the New Markets Tax Credit program, including a special designation in the Hurricane Katrina Gulf Opportunity Zone. Notice 2006-60 announces that the IRS will amend Section 1.45D-1 to grant flexibility to permit community development entities (CDEs) to invest in certain businesses located outside of low-income communities, provided the businesses serve designated populations. For NMTC allocations made under the GO Zone Act of 2005, the notice also designates as a targeted population certain individuals displaced from their principal residences and/or who lost their principal sources of employments as a result of Hurricane Katrina.