CDFI Fund Opens CY 2019 Round of New Markets Tax Credit Program

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2019 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $3.5 billion in tax credit allocation authority available for the CY 2019 round.

The CDFI Fund has reinstituted the prior Qualified Equity Investments (QEIs) Issuance Requirements for the CY 2019 round. Prior-year NMTC Allocatees will be subject to minimum thresholds for QEI issuance and closing of Qualified Low Income Community Investments (QLICIs) with respect to their prior-year allocations. See Section III.A.3.a. of the NOAA for additional details.

Applications must be received by 5 pm EDT on October 28, 2019 and Community Development Entities must submit their Certification Application by September 23, 2019.

The CDFI Fund will hold NMTC Application Conference Calls on September 12 at 1 pm EDT and September 16 at 2 pm EDT. The dial-in number and passcodes are the same for both calls. The dial-in number is 1-888-324-3810 and the passcode is 6986823.