CDFI Outlines Plans for Awarding Extra New Markets Credits
By Caitlin Jones & A. J. Johnson
2 min read
Tax Credit Advisor, April 2009: The Community Development Financial Institutions (CDFI) Fund has issued an implementation plan describing how it plans to award $3 billion in extra federal new market tax credits and other funds provided by the economic stimulus act.
The Fund will use $1.5 billion of the additional NMTC authority to make allocation awards to additional organizations that competed in the 2008 funding round and were “highly rated” but didn’t receive an award. It anticipates announcing about 30 awards in May. The Fund will not provide any of the extra credits to any 2008 awardees. The Fund said it won’t solicit or accept additional materials from eligible applicants, but rather will contact them to ask about any material changes.
The Fund will another $1.5 billion in extra NMTC authority to the initial $3.5 billion available in its current 2009 funding round, which has an application deadline is 4/8/09. The Fund expects to make about 100 awards with announcements in October. The Fund on 3/23/09 issued an amended notice for the 2009 funding round with some revisions (http://www.cdfifund.gov).
The Fund also described how it plans to award additional stimulus act funds for its CDFI Financial Assistance and Native American CDFI Assistance award programs, and mentioned various stimulus act reporting requirements.
The plan can be found on a CDFI Fund Web page that displays all information relating to the Fund’s implementation of the stimulus act (http://www.cdfifund.gov/recovery).
