The Community Development Financial Institutions (CDFI) Fund today posted an updated frequently asked questions (FAQ) document for compliance monitoring and evaluation concerning the new markets tax credit (NMTC) incentive.
The Community Development Financial Institutions (CDFI) Fund published a notice in today’s Federal Register, inviting comments concerning the new markets tax credit (NMTC) program allocation and qualified equity investment tracking system (AQEI).
The Community Development Financial Institutions (CDFI) Fund today released the notice of allocation availability (NOAA) for the calendar year (CY) 2022 round of the new markets tax credit, along with application materials and an updated application FAQ document. The NOAA will be published in the Federal Register Nov. 22. Up to $5 billion of allocation authority is available under the CY 2022 round. NMTC applications are due Jan. 26, 2023. The CDFI Fund also announced some NMTC program updates, including revised qualified equity investment (QEI) issuance requirements. The deadline for community development entity certification application submission is Dec. 2 and the deadline to register in the CDFI Fund Awards Management Information System for NMTC application is Dec. 15. The QEI issuance and qualified low-income community investment (QLICI) requirements are due May 4, 2023.
The Capital Magnet Fund (CMF) Coalition, an organization of CMF awardees and other stakeholders, last week sent a letter to the U.S. Department of Treasury recommending changes to how the Community Development Financial Institutions (CDFI) Fund administers the CMF program. The CMF Coalition letter recommends a separate application category for smaller applicants to which at least 10% of each year’s assessment would be allocated and for the CDFI Fund to use appropriations for its Capacity Building Initiative to provide training and technical assistance on the CMF program. The CMF Coalition also made 14 additional recommendations in the letter. The CMF program has awarded more than $1 billion through seven funding rounds to 139 organizations, including $336.4 million in June. The funds support financing for the preservation, rehabilitation, development or purchase of affordable housing as well as related development.
The Community Development Financial Institutions (CDFI) Fund today published in the Federal Register a request for public comment on its revised CDFI Certification Application for submission to the Office of Management and Budget. There are revisions to the application and reporting requirements.
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