News

2017 NMTC Program Electronic Application Now Available

The electronic application for the 2017 round of the New Markets Tax Credit Program (NMTC Program) is available for applicants through their Awards Management Information System (AMIS) accounts.

The Community Development Financial Institutions Fund (CDFI Fund) published the Notice of Allocation Availability for the 2017 round in the Federal Register on May 4, 2017.  Community Development Entities (CDE) interested in applying for New Markets Tax Credit allocation authority under the 2017 round have until 5:00 pm Eastern Daylight Time (EDT), on June 21, 2017 to submit their application.

Application instructions, including how to navigate through AMIS, may be found on the NMTC Program webpage at www.cdfifund.gov/nmtc under How to Apply Step 2: Apply.  The CDFI Fund strongly recommends that the instructions and application timelines are reviewed closely by both first-time and repeat applicants and that applicants give themselves adequate time to submit their applications through AMIS. Only electronic applications submitted through AMIS will be considered.

Reminder about Important Deadlines

Per the 2017 Notice of Allocation Availability, the deadlines for the NMTC Program are as follows:

  • Submission of CDE Certification Application: May 17, 2017
  • Online Submission of Allocation Application: June 21, 2017
  • Online Submission of Allocation Application Attachments: June 26, 2017
  • Date by which prior Allocatees must issue the requisite percentage of Qualified Equity Investments: August 18, 2017

Questions

Applicants should be aware that the CDFI Fund will no longer respond to questions about the electronic application after 5:00 p.m. EDT on June 19, 2017.  If you have questions, please contact the CDFI Fund through the Service Request feature in AMIS or by reaching out to our Help Desk at (202) 653-0421 or cdfihelp@cdfi.treas.gov.

All application materials, including frequently asked questions and application presentations, may be found on the NMTC Program webpage at www.cdfifund.gov/nmtc under How to Apply Step 2: Apply.

Leaked FY-18 Budget Draft Proposes Deep Cuts To HUD

A copy of a recent internal-draft of President Trump’s FY-18 Budget was obtained by POLITICO and several advocacy organizations.  The document, dated May 4, proposes significant cuts to the HUD Budget.  The expanded document reflects many of the priorities outlined in the “Skinny Budget” released earlier this year by the Trump Administration, though readers should note that it may not reflect the final spending request which is expected May 23.   The documents, as presented, would fully zero out funding for key community development programs including CDBG, HOME, Choice Neighborhoods Initiative and make dramatic cuts to Project-Based and Tenant-Based Rental Assistance, Section 811, Homeless Assistance Grants as well Public Housing Capital and Operating Funds.  The budget document proposes a modest increase to the Section 202 program.

NH&RA Executive Director Thom Amdur notes, “It is hard to imagine a more austere HUD budget proposal.  These proposed cuts, if enacted would have a devastating impact on low-income families and communities around the country.  In particular, the public housing capital backlog would be exacerbate even further and innovative programs like the Rental Assistance Demonstration (RAD), which leverage private sector financing to recapitalize aging public housing would be crippled.  Multifamily owners of Project-Based section 8 properties will also experience substantial stress in the proposed budget.”  The National Low-Income Housing Coalition estimates that more than 250,000 families would lose their vouchers under the budget proposal.

HUD PROGRAMS ENACTED FUNDING FY 2017 (in Millions) Leaked Trump FY-18 Draft 5/4/17 (in Millions) Difference between FY-18 (Leaked) and Enacted FY-17 (in Millions)
Project-Based Rental Assistance  $10,816.00  $10,351.10  $(464.90)
Tenant-Based Rental Assistance  $20,292.00  $15,317.90  $(4,974.10)
Public Housing Capital Fund  $1,941.50  $628.00  $(1,313.50)
Homeless Assistance Grants  $2,383.00  $2,250.00  $(133.00)
Choice Neighborhoods Initiative  $137.00  $-    $(137.00)
Housing for the Elderly Program  $502.40  $510.00  $7.60
HOME Investment Partnerships  $950.00  $-    $(950.00)
Community Development Block Grants  $3,060.00  $-    $(3,060.00)
Public Housing Operating Fund  $4,400.00  $3,900.00  $(500.00)
Housing for Persons with Disabilities Program  $146.20  $121.30  $(24.90)