The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced that it received 199 applications under the calendar year (CY) 2021 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development Entities (CDEs) for targeted investments in eligible areas. 

The CDEs that applied under the CY 2021 round are headquartered in 43 states, the District of Columbia, Guam and Puerto Rico. These applicants requested an aggregate total of $14.7 billion in NMTC allocation authority, nearly three times the $5.0 billion in authority available for the 2021 round.