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New Markets Tax Credit (NMTC) Program

This funding record is inactive. Please see the program website or contact the program sponsor to determine if this program is currently accepting applications or will open again in the future.

 

If not certified as a Community Development Entity, applicants must submit their certification applications by May 24, 2018, in order to be eligible for this opportunity.

Sponsors
Community Development Financial Institutions Fund, U.S. Department of Treasury
Deadlines
Jun 28, 2018
Contact

cdfihelp@cdfi.treas.gov
202.653.0421, Option 3

Purpose

The New Markets Tax Credit (NMTC) Program provides tax incentives for investments in business or economic development projects in distressed rural or urban counties, including capital investments in healthcare facilities.

The NMTC Program permits any taxpayer to receive a credit against federal income taxes for making an investment in designated Community Development Entities (CDEs). A CDE then invests the capital in a low-income community. The tax credit is equal to 39% of the cost of the initial investment and is claimed over 7 years.

Examples of NMTC funded projects have included:

  • Rural pharmacy retail stores
  • Supermarkets that operate in severely distressed rural areas
  • Building or expanding healthcare facilities that meet the needs of rural communities
  • Creating affordable office rental space for human service organizations
  • Affordable housing development

Organizations that are not CDEs, but are interested in seeking NMTC enhanced capital financing may search for active CDEs and Certified Community Development Institutions (CDFIs) with NMTC allocations.

Eligibility

An organization wishing to receive awards under the NMTC Program must be certified as a CDE by the fund.

To qualify as a CDE, an organization must:

  • Be a domestic corporation or partnership at the time of the certification application
  • Demonstrate a primary a mission of serving, or providing investment capital for, low-income communities
  • Maintain accountability to residents of low-income communities
For more detailed information on the CDE certification process and CDE certification application materials, visit the CDFI Fund's CDE Certification webpage.
Geographic coverage
Nationwide
Amount of funding

Estimated ceiling per allocatee: $100,000,000
Total allocation authority: $3,500,000,000

Application process

Step-by-step application instructions are available on the program website.

If the applicant has not been certified as a CDE by the CDFI Fund, it must submit its CDE Certification Application by May 24, 2018.

Tagged as
Capital funding · Clinics · Community and economic development · Food security and nutrition · Healthcare facilities · Hospitals · Housing and homelessness · Human services



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