Community Development Financial Institutions Fund (CDFI Fund) has updated its Frequently Asked Questions document on New Markets Tax Credit Compliance and Monitoring. Updates include:
- Change in reporting requirements for Sub-Community Development Entities (CDEs) audited financial statements;
- Process for amending allocations agreements, adding subsidiary CDEs and changing Service Area;
- Process for amending Qualified Equity Investments in Allocation Tracking System;
- Process for reporting failed Qualified Low-Income Community Investments;
- Clarification of “real estate Qualified Active Low-Income Community Business (QALICB)” versus a “non-real estate QALICB;”
- Defining “Affordable Housing” and “Substantial Rehabilitation;” and
- Plans to incorporate 2010 census data in determining qualifying census tracts.
Questions about the updated NMTC Compliance and Monitoring FAQs should be referred to the CDFI Fund’s Office of Certification, Compliance Monitoring and Evaluation Monitoring at (202) 622-6330 or firstname.lastname@example.org.
To view the updated FAQs, click here.