The Community Development Financial Institutions Fund (CDFI Fund) has provided an updated Compliance Frequently Asked Questions (FAQs) document for the New Markets Tax Credit Program (NMTC Program) on its website. This document supersedes the December 2022 publication of the FAQs document by adding, revising, or updating select questions from the earlier edition. Updates include:
- Outlines the transition to the 2016-2020 American Community Survey data defining Low-Income Communities.
- Updates the national unemployment rates in effect.
- Provides guidance for new Food Deserts data.
- Outlines a new submission process for the Certification of Material Events Form.
- Aligns guidance for Innovative Activities (Non-Real Estate investments) with the NMTC Program Application.
- Provides new guidance regarding the Qualified Active Low-Income Community Business fee disclosure form in cases of multi-Community Development Entity deals.
- Clarifies a change in Controlling Entity due to a merger, acquisition etc., but still requires an Allocatee to name the surviving entity as the new Controlling Entity.
The updated FAQ document is available on the NMTC Program webpage, http://www.cdfifund.gov/nmtc under Step 5: Compliance and Reporting.
For questions related to NMTC Program compliance, please contact the Office of Compliance Monitoring and Evaluation (OCME) by submitting an AMIS Service Request. You may also reach the OCME Helpdesk at CCME@cdfi.treas.gov or at (202) 653-0423.
For further information on the NMTC Program, please visit the CDFI Fund’s website.