FHFA: Increase in the Enterprises’ LIHTC Cap Announced
Projects must remain affordable for 30 years. Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) will each be allowed to invest up to $1 billion annually in the Low-Income Housing Tax Credit (LIHTC) market as equity investors, beginning in 2024. The Enterprises will also adjust their LIHTC…
CDFI Fund: Update to NMTC Program Compliance FAQs Released
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: The updated FAQ…
CDFI Fund: CY 2023 Round of New Markets Tax Credit Program Opens
$5 Billion in Allocation Authority Available 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) 2023 round of the New Markets Tax Credit Program (NMTC Program). The CDFI Fund is posting the NOAA on its website in anticipation…
CDFI Fund: $5 Billion in New Markets Tax Credit Awards Announced
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced $5 billion in New Markets Tax Credits today that will spur investment and economic growth in low-income urban and rural communities nationwide. A total of 102 Community Development Entities (CDEs) were awarded tax credit allocations, made through the calendar year (CY)…
CDFI Fund: Updated Eligiblity Data for the New Markets Tax Credit Program Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today updated Eligibility Data for the New Markets Tax Credit Program (NMTC Program). The update of this information—based on more recent, Census Bureau 2016-2020 American Community Survey (ACS) 5-year estimates data—is part of a larger effort to ensure that the data used to…
CDFI Fund: Summary Report and Public Data for NMTC Program for FYs 2003-2021 Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today released a summary report and data collected on all New Markets Tax Credit (NMTC) investments across the nation through the fiscal year (FY) 2021 reporting period. The CDFI Fund requires all Community Development Entities (CDEs) that have been awarded NMTC allocations…
CDFI Fund: Update Provided on the Implementation of the 2016-2020 American Community Survey Datasets
In June 2022, the Community Development Financial Institutions Fund (CDFI Fund) announced a plan for releasing updated program eligibility information based upon Census Bureau data from the American Community Survey (ACS) 2016-2020 5-year data series. Eligibility requirements for the Bank Enterprise Award Program (BEA Program), Capital Magnet Fund (CMF), Community Development Financial Institutions Program (CDFI Program), Native…
CDFI Fund: Public Comments Requested on Community Development Entity Certification Application
The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S….
CDFI Fund: Application Demand for CY 2022 Round of NMTC Program Released
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced today that it received 197 applications for the calendar year (CY) 2022 round of the New Markets Tax Credit Program (NMTC Program). The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to Community Development…
CDFI Fund: Public Comments Requested on Changes to the New Markets Tax Credit Program Transaction Level Report
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is soliciting public comment on changes to the New Markets Tax Credit Program (NMTC Program) Transaction Level Report (TLR). Through this request for comment, the CDFI Fund seeks to address the remaining open Planned Corrective Actions recommended by the Government Accountability Office…