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NMTC: CDFI Fund Issues $5 Billion Notice of Allocation Availability for Calendar Year 2014


8/6/14

Synopsis
 
On August 5, 2014, the Community Development Financial Institutions Fund (CDFI Fund) issued its Notice of Allocation Availability (NOAA) for the calendar year (CY) 2014 round of the New Markets Tax Credit (NMTC) Program. Pending Congressional authorization, the NOAA opens up a total of $5 billion in credit authority for the CY 2014 round.
 
Issue
 
There are a number of critical deadlines that the CDFI Fund issued with its CY 2014 NOAA. These deadlines are highlighted below:

  • CDE Certification Application: August 22, 2014
  • NMTC Electronic Application: October 1, 2014
  • Prior Allocatees' Issuance of Qualified Equity Investments: January 30, 2015
     

The NOAA offers more specific details about these and other deadlines. Additionally, for your reference we have provided links to the application materials associated with the NOAA. These documents can be found below and on the CDFI Fund website.

Follow-up: Important Changes to NMTC Application Form and Process
In a follow-up alert to be issued later this week, CohnReznick will provide a side-by-side comparison of the 2014 application versus 2013. This comparison will highlight important changes that have been made to the 2014 application form and process to assist you in preparing your CY 2014 NMTC Program application.
 
Contact
 
For more information, please contact Scott Szeliga, Partner, at scott.szeliga@cohnreznick.com or 410-783-7472.
 
To learn more about CohnReznick’s New Markets Tax Credits services, please visit our webpage.


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