And the Winner Is…2010 New Markets Allocation Awards Feature Patterns and Surprises
By Caitlin Jones
1 min read
Tax Credit Advisor, April 2011: The $3.5 billion in 2010 New Markets Tax Credit (NMTC) allocation awards announced on February 24 by the Community Development Financial Institutions Fund (CDFI Fund) reflect some patterns and surprises.
The $3.5 billion in NMTC allocation authority was awarded to 99 community development entities (CDEs), including 20 affiliated with firms or organizations that are members of the National Housing & Rehabilitation Association (see chart for all recipients). Some 250 CDEs requested more than $23 billion of NMTC allocation in the program’s eighth funding round, which was originally expected to offer $5 billion.
Each CDE must sign and return its allocation agreement to start using its new authority.
