CY 2017 Round of New Markets Tax Credit Program | June 21, 2017
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released 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 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.
For more information and to apply, visit the CDFI Fund’s website.