Following the recent launch of the CY2015 New Markets Tax Credit cycle, the Community Development Financial Institutions (CDFI) Fund clarified some key aspects of compliance monitoring.
The update of the CDFI Fund’s New Markets Tax Credit Compliance Monitoring Frequently Asked Questions provides supplemental guidance on the use of qualified low-income community investments proceeds to pay a debt or equity provider to monetize an asset, and to clarify the guidance’s applicability to the calendar year 2015 new markets tax credit (NMTC) application round.
The document may be viewed on the New Markets Tax Credit (NMTC) Program page, www.cdfifund.gov/nmtc, under How to Apply Step 5: Compliance and Reporting. Additional questions may be directed to the CDFI Fund’s Help Desk at cdfihelp@cdfi.treas.gov or (202) 653-0421. Please keep in mind that the deadline for any phone calls or emails to the CDFI Fund with questions concerning the application is 5:00 p.m. EST on December 14, 2015.
