New Markets Tax Credit News Briefs – June 2020

Friday, June 5, 2020

NMTC Briefs

The Community Development Financial Institutions (CFDI) Fund announced April 8 an extension of application deadlines for the fiscal year 2020 rounds of the CDFI program and the Native American CDFI Assistance program, due to the COVID-19 pandemic. The final deadline for all questions, assistance and applications was April 30.

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The New Markets Tax Credit Working Group, an organization of participants in the new markets tax credit (NMTC) incentive, submitted letters April 22 to the Department of the Treasury and the CDFI Fund. The letters request guidance and the postponement of certain deadlines due to the COVID-19 pandemic. The letter to Treasury requested 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 NMTC Working Group letter requested 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. 

Journal Category: 
New Markets Tax Credit
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