The Community Development Financial Institutions (CDFI) Fund recently updated the low-income community eligibility data for the New Markets Tax Credit (NMTC) program. This new data is based on income and poverty data provided by the Census Bureau’s 2006-2010 American Community Survey (ACS) for the 2010 census tracts. Community Development Entities (CDEs) will be able to use the 2006-2010 ACS eligibility data to determine if Qualified Low Income Community Investments (QLICIs) are located in NMTC-eligible 2010 census tracts. CDFI Fund has also released a list of 2010 census tracts that are eligible because they are located in High Out-Migration Rural Counties.
In addition, because some CDEs may have already begun to structure potential QLICIs based on the 2000 census data, CDFI Fund will allow current NMTC allocatees to use either 2000 census data or 2006-2010 ACS data to qualify QLICIs closed between May 1, 2012 and June 30, 2013.