New Markets Tax Credit News Briefs – May 2020

Thursday, May 7, 2020

NMTC Briefs

The Internal Revenue Service published a noticed in the March 31 Federal Register seeking comment on IRS Form 8874-A, Notice of Qualified Equity Investment for New Markets Tax Credit. There are no changes recommended for the form. The review is part of an effort to reduce paperwork and respondent burden as required by the Paperwork Reduction Act of 1995. Comments will be accepted through June 1.

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The Community Development Financial Institutions (CDFI) Fund March 19 published a notice of guarantee availability for the fiscal year 2020 CDFI Bond Guarantee program. The CDFI Fund has up to $500 million in guarantee authority to support CDFI lending for eligible community and economic development purposes, including lending for rental housing, commercial real estate, day care centers, nonprofits and more. Qualified issuer applications must be submitted by May 11 and guarantee applications must be submitted by May 18.

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Jodi Harris, the director of the CDFI Fund, released a statement April 1 concerning the organization’s adaptation to the COVID-19 pandemic. Harris said she expects the CDFI Fund to continue to administer its funding rounds “on a timely basis,” but said the CDFI Fund is “routinely evaluating” its processes. Harris also said that any extensions in deadlines could mean a delay in the deployment of capital resources. She pledged that any adjustment in deadlines will include public communication. The statement also said that anyone who faces issues with short-term compliance reporting requirements should use the AMIS service request link.

Journal Category: 
New Markets Tax Credit
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