Amount of QEIs Finalized in September Spikes

Published by Michael Novogradac on Monday, October 8, 2012 - 12:00am

Last week, the CDFI Fund released the monthly update to its ongoing Qualified Equity Investment Issuance Report. The report identifies the dollar amount of new markets tax credit allocation authority that has been issued to investors, and the amount remaining to be issued to investors.

In September, approximately $1.1 billion of QEIs were finalized. That is approximately twice the volume of QEIs in August, when approximately $573 million of QEIs were finalized.

Blog Chart Amount of QEIs Finalized in September Spikes
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This dramatic increase in activity was expected because of deadlines set forth in allocation agreements as well as eligibility requirements for prior round allocatees that applied in the current new markets tax credit allocation application round.

The amount still available in new markets tax credit allocation authority is approximately $4 billion as of October 1, although much of that is likely already unofficially committed. If you need help finding an allocation or closing a transaction, I encourage you to contact one of my partners: Annette Stevenson in our Cleveland, Ohio office; Owen Gray in our San Francisco office; or another partner in the Novogradac office near you.