New Markets Tax Credit Applications Exceed Authority 4-Fold

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund has received a total of 214 applications under the 2018 round of the New Markets Tax Credit Program.

The CDEs that applied under the 2018 round are headquartered in 43 states, the District of Columbia, and Puerto Rico. Applicants requested an aggregate total of $14.8 billion in NMTC allocation authority, over four times the $3.5 billion in authority available for the 2018 round.

Through the first fourteen rounds of the NMTC Program, the CDFI Fund has made 1,105 awards totaling $54 billion in tax credit allocation authority. This $54 billion includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone.

For more information about the NMTC Program, visit the CDFI Fund’s website at www.cdfifund.gov/nmtc.