New Markets Tax Credit News Briefs - February 2021
The Community Development Financial Institutions (CDFI) Fund announced Dec. 9, 2020, that 208 community development entities applied for new markets tax credit (NMTC) allocation authority under the calendar year (CY) 2020 round. The CY 2020 applicants are headquartered in 44 states, the District of Columbia and Puerto Rico. Applicants requested an aggregate $15.1 billion in NMTC allocation authority, more than triple the $5 billion in allocation authority available for the CY 2020 round. The CY 2020 round awards are scheduled to be announced in summer 2021.
The CDFI Fund published in the Dec. 29, 2020, Federal Register a request for comment on the NMTC program allocation application for the fiscal year 2021 through 2024 funding rounds. Comments on the application must be received by the Federal Register by March 1.
The CDFI Fund published a notice in the Dec. 30, 2020, Federal Register seeking comment on the Capital Magnet Fund (CMF) application and the reporting and record-retention requirements of the CMF annual performance report. The online forms are submitted through the CDFI Fund’s Award Management Information System. Comments are due by March 1.
The CDFI Fund launched the next version of its mapping system Dec. 21, 2020. The updated CDFI Information Mapping System (CIMS4) is a web-based tool that allows organizations to visually plot their eligible service areas and investments. The CDFI Fund said CIMS4 will improve mapping performance, provide increased usability and provide direct integration with the CDFI Fund’s Awards Management Information System.