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NMTC Working Group Requests Guidance, Deadline Postponement from Treasury, CDFI Fund

Thursday, April 30, 2020 - 9:00AM

The New Markets Tax Credit Working Group (NMTCWG), an organization of participants in the new markets tax credit (NMTC) incentive, submitted letters to the Department of Treasury and the Community Development Financial Institutions (CDFI) Fund, requesting guidance and the postponement of certain deadlines due to the COVID-19 pandemic. The letter to Treasury requests certain deadlines be extended one year and for regulatory guidance on such issues as loan modifications and the redemption safe harbor for partnerships. From the CDFI Fund, the NMTCWG letter requests a published notice to NMTC allocatees providing guidance for those who failed to comply with their allocation agreements due to the pandemic. The letter also addressed specific areas in need of guidance, such as changes in strategies, reporting requirements and more.

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