Policy News

2008 New Markets Tax Credits Application and Notice of Allocation Availability Now Available

The sixth round of competition for New Market tax credits is now open. The 2008 application and Notice of Allocation Availability are now posted on the CDFI Fund website at www.cdfifund.gov. This year, there are $3.5 billion of credits available. The CDFI Fund has posted guidance and application materials and will also be conducting six Application Workshops on the NMTC Program around the country in January 2008 to explain how to get certification as a CDE and apply for an allocation of NMTCs in the upcoming round. This year’s NMTC allocation round will include an emphasis on placing investments in underserved rural communities. The allocation application deadline is March 5, 2008.

Opportunity Finance Network is committed to maximizing the participation of its members and other CDFIs in the New Markets Tax Credit program. At the Miami OFN conference in December, the CDFI Fund made a PowerPoint presentation that included valuable information for CDFIs that are considering applying for a NMTC allocation in this round. If your organization is considering applying for a NMTC allocation in this round, we think this information will be very useful to you. Slides specific to the NMTC program begin at slide 23. The debriefing information begins on slide 33.

In addition, the Fund has just announced that they will be conducting a NMTC application webcast on January 16 at 1:00 PM EST. This webcast is in addition to the previously announced in person application workshop that the Fund will be conducting in January in six locations. (http://www.cdfifund.gov/news_events/NMTC_Workshops_FY08.pdf).

Best of luck to all of you intending to apply for a 2008 NMTC allocation.