The Community Development Financial Institutions Fund (CDFI Fund) is issuing a call for well-qualified persons to serve as application reviewers for the 2017 application round of the New Markets Tax Credit Program (NMTC Program).
The CDFI Fund has contracted with F2 Solutions to recruit reviewers. Recruitment will be conducted by F2 Solutions on a rolling basis until 5:00 pm, EDT on Tuesday, June 27, 2017.
General Candidate Qualifications:
The CDFI Fund and F2 Solutions require reviewers to have considerable expertise in community and economic development finance. The strongest reviewer candidates will have: specialized knowledge in commercial finance, including direct experience with the NMTC Program or other tax credit programs such as the Low-Income Housing Tax Credit and Historic Tax Credit programs; experience underwriting operating businesses or commercial real estate loans and investments; experience providing financing to community-based organizations; experience evaluating community and economic development investments or entities; financial counseling experience, particularly for small businesses; or prior experience serving as an NMTC application reviewer.
Period and Location of Service:
Application reviews are scheduled to begin in mid-August and end in early October 2017. These reviews will be completed using a web-based review tool from the reviewer’s chosen remote location. As a result, reviewers are required to have consistent high-speed internet access.
How to Apply:
If you are interested in applying, please send a brief email indicating your interest to: NMTCReview@F2Solutions.com.
About the NMTC Program
The NMTC Program was established by Congress in 2000 to spur new and increased investments into operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their Federal income tax returns in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs). The tax credit totals 39 percent of the original investment amount and is claimed over a period of seven years (five percent for each of the first three years, and six percent for each of the remaining four years). The equity investment in the CDE cannot be redeemed before the end of the seven-year period.
Since the NMTC Program’s inception, the CDFI Fund has made 1,032 awards allocating a total of $50.5 billion in tax credit authority to CDEs through a competitive application process. This $50.5 billion includes $3 billion in Recovery Act Awards and $1 billion that was specifically set aside for recovery and redevelopment in the wake of Hurricane Katrina. For more information on the NMTC Program, visit the NMTC Program Website.