The Community Development Financial Institutions (CDFI) Fund today released a notice of allocation availability (NOAA) for the $5 billion calendar year 2021 allocation round of the New Markets Tax Credit (NMTC) program, along with application materials and an updated application FAQ document. The NOAA will be published in the Federal Register Monday and applications are due Jan. 13, 2022. The CDFI Fund announced it is implementing some changes to the NMTC program, including revised qualified equity investment (QEI) issuance requirements, a new definition of controlling entity and updates to the allocation application. The deadline for CDE certification application submission is Nov. 18 and the deadline to register in the CDFI Fund Awards Management Information System for NMTC application is Dec. 6. The application deadline is Jan. 13, 2022, and the QEI issuance and qualified low-income community investment requirements are due March 21, 2022. The CDFI Fund also issued an updated compliance FAQ document.

Novogradac offers a Top 10 Tips to Gain an Advantage in the Upcoming $5B NMTC Round webinar on demand and will offer an updated webinar in the near future.