CDFI Fund: CY 2017 Round of New Markets Tax Credit Program Opens

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2017 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 2017 round. The CDFI Fund provided the NOAA on its website in anticipation of its publication in the Federal Register on May 4, 2017.

The NMTC Program spurs investment of private sector capital into distressed communities by providing a tax credit to corporate or individual taxpayers who make qualified equity investments in designated Community Development Entities (CDEs). The CDEs, in turn, invest the capital raised into projects and businesses in low-income communities. The credit provided to the investor totals 39 percent of the investment in a CDE and is claimed over a seven-year credit allowance period.

The CDFI Fund has made 1,032 awards—totaling $50.5 billion in tax credit allocation authority—to CDEs through the NMTC Program since the program’s inception. More information about the NMTC Program can be found on the program’s webpage,, or in the program’s fact sheet.

Important Deadlines

  • CDE Certification Application: May 17, 2017
  • NMTC Electronic Application submission: June 21, 2017
  • Prior Allocatees’ Issuance of Qualified Equity Investments: August 18, 2017

Please note that the CDFI Fund has updated the deadline for CDEs to report Qualified Equity Investments (QEI) to the CDFI Fund in order to meet the minimum QEI issuance threshold detailed in the NOAA. Please refer to the NOAA for more details about these and other deadlines.

Application Materials

  • NMTC application materials and resources are available at under How to Apply Step 2: Apply.
  • CDE Certification application materials and resources are available at under How to Apply Step 1: Apply.

Learn About Applying and Compliance for the NMTC Program

To provide more information about the NMTC Program and the application process, the CDFI Fund has posted presentations for potential applicants on the NMTC Program page,, under How to Apply Step 2: Apply.

In addition to the detailed information that is available through the NOAA, NMTC Application, NMTC Application Q&A, and presentations, the CDFI Fund will conduct two one-hour conference calls to answer application questions. Please see below for the dates and times for each call. No presentations will be given during the calls; only questions from participants will be addressed.

NMTC Application Conference Calls

  • Tuesday, May 9, 2017, 2:00 p.m. ET
  • Thursday, May 11, 2017, 3:00 p.m. ET

The dial-in number and passcodes are the same for both calls. The dial-in number is 1-888-935-0259 and the pass code is 7371412. No prior registration is necessary. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Michael Jones at 202-653-0300 no later than 48 hours before the conference calls begin.

NMTC Certification, Compliance Monitoring, and Evaluation Frequently Asked Questions

To provide additional resources for applicants, an updated Frequently Asked Questions (FAQ) document for NMTC certification, compliance monitoring, and evaluation questions is also available on the CDFI Fund’s website. The updated FAQ document includes:

  • Revised guidance regarding restrictions on repaying or refinancing Qualified Equity Investor (QEI) providers; aligning the language between the FAQ, Allocation Agreement, and Notice of Allocation Availability; emphasizing the restriction is specific to debt or equity providers of the QEI; and limiting reimbursements to original cost of the asset;
  • Updated instructions for dissolution and dis-enjoinment of Subsidiary-Allocatee after the tax credit period;
  • Updated guidance on the applicability of the affordable housing requirement; and
  • New guidance for reporting noncompliance with an Allocation Agreement.

The FAQ document may be viewed on the New Markets Tax Credit (NMTC) Program page,, under How to Apply Step 5: Compliance and Reporting.


For more information on the NMTC application or certification as a CDE, please contact the CDFI Fund’s Help Desk at or 202-653-0421.

Learn more about the CDFI Fund and its programs at

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