Treasury Announces Official Opening of NMTC Program
The U.S. Department of the Treasury yesterday announced the official opening of the $15 billion New Markets Tax Credit (NMTC) program, which was signed into law as part of the Community Renewal Tax Relief Act on December 21, 2000. The Community Development Financial Institutions (CDFI) Fund, which will administer the program, today issued guidance on the community development entity (CDE) certification process and a request for CDE applications. Guidance on the tax credit allocation process and applications for tax credit allocation will be published early next year. For more information, click here.