CDFI Fund: CY 2020 Round of New Markets Tax Credit Program Opened

Increased Allocation of $5 Billion to be made Available this Round

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) 2020 round of the New Markets Tax Credit Program (NMTC Program). The CDFI Fund is providing the NOAA on its website in anticipation of its publication in the Federal Register on September 23, 2020.

Pursuant to the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (Public Law 116-94), the NOAA makes up to $5.0 billion in tax credit allocation authority available for the CY 2020 round, an increase of $1.5 billion more than the $3.5 billion in New Market Tax Credits (NMTCs) initially authorized for allocation in CY 2019. 

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 (QEIs) in designated Community Development Entities (CDEs). The CDEs, in turn, invest the capital raised into businesses in low-income communities. The credit provided to the investor totals 39% of the investment in a CDE and is claimed over a seven-year credit allowance period. 

The CDFI Fund has made 1,254 awards—totaling $61 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. 

Significant Updates

The CDFI Fund is implementing several changes to the NMTC Program in the CY 2020 NOAA, which include:

  • Prior QEI Issuance Requirements: Prior-year NMTC Allocatees will be subject to revised minimum thresholds for QEI issuance and closing of Qualified Low-Income Community Investment (QLICIs) with respect to their prior-year NMTC Allocations.  
  • CY 2020 Application Registration: CY 2020 Round Applicants are required to complete and save an Application Registration in the CDFI Fund’s Awards Management Information System (AMIS) by a specified deadline in order to submit the CY 2020 Allocation Application. Applicants that do not complete the Application Registration by the specified deadline, will not be able submit a CY 2020 Round Allocation Application in AMIS.

The CDFI Fund has developed specific guidance addressing industry requests and inquiries related to compliance and reporting requirements during the COVID-19 pandemic, and has included this information in updated NMTC Application Frequently Asked Question (FAQ) and NMTC Compliance FAQ documents. The updated FAQ documents can be accessed at:

Important CY 2020 Deadlines 

  • CDE Certification Application: October 6, 2020
  • NMTC Application Registration in AMIS: October 9, 2020
  • NMTC Allocation Application in AMIS:  November 16, 2020
  • QEI Issuance and QLICI Requirements: January 15, 2021

Please refer to the NOAA for more details about these and other deadlines. 

Application Materials 

Learn About Applying to the NMTC Program 

To provide more information about the NMTC Program and the application process, the CDFI Fund has made available pre-recorded webinars demonstrating: 1) the electronic application’s features and the submission process in AMIS; and 2) the process for completing the Application Registration process in AMIS. The webinars can be access 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 Allocation Application, NMTC Allocation Application FAQ, and presentations, the CDFI Fund will conduct two one-hour conference calls to answer application questions.  Participants will be able to ask questions directly on the calls, or they may submit questions for consideration at least one business day in advance via a service request in AMIS. Please see below for the dates and times for each call.

NMTC Application Conference Calls 

  • Tuesday, September 29, 2020 at 2:00 pm Eastern Time
  • Thursday, October 1, 2020 at 1:00 pm Eastern Time

The dial-in number and passcodes are the same for both calls. The dial-in number is 1-888-455-1591 and the passcode is 2907994. No prior registration is necessary. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Jay Santiago at 202-653-0300 no later than 48 hours before the conference calls begin.


For more information on the NMTC application or certification as a CDE, please contact the CDFI Fund’s Help Desk by submitting a service request in AMIS or by telephone at 202-653-0421.

Learn more about the CDFI Fund and its programs at

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