01/26/23 5:00 PM ET Receipt
USA: Alabama; Alaska; Arizona; Arkansas; California; Colorado; Connecticut; Delaware; Florida; Georgia; Hawaii; Idaho; Illinois; Indiana; Iowa; Kansas; Kentucky; Louisiana; Maine; Maryland; Massachusetts; Michigan; Minnesota; Mississippi; Missouri; Montana; Nebraska; Nevada; New Hampshire; New Jersey; New Mexico; New York City; New York; North Carolina; North Dakota; Ohio; Oklahoma; Oregon; Pennsylvania; Rhode Island; South Carolina; South Dakota; Tennessee; Texas; Utah; Vermont; Virginia; Washington, DC; Washington; West Virginia; Wisconsin; Wyoming
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Opportunity for USA Community Development Entities to provide investors in low-income communities with tax credits. Uncertified applicants must submit a certification application prior to applying. The tax credits awarded provide a credit against federal income taxes for investors that make Qualified Equity Investments in these Community Development Entities, which are certified financial intermediaries. The purpose of the program is to encourage economic growth and community development in underserved communities.
The New Markets Tax Credit Program (NMTC Program) helps economically distressed communities attract private capital by providing investors with a Federal tax credit. Investments made through the NMTC Program are used to finance businesses, breathing new life into neglected, underserved low-income communities.
Through the Program, the CDFI Fund allocates tax credit authority to Community Development Entities (CDEs) through a competitive application process. CDEs are financial intermediaries through which private capital flows from an investor to a qualified business located in a low-income community. CDEs use their authority to offer tax credits to investors in exchange for equity in the CDE. Using the capital from these equity investments, CDEs can make loans and investments to businesses operating in low-income communities on better rates and terms and more flexible features than the market.
The NMTC Program has supported a wide range of businesses including manufacturing, food, retail, housing, health, technology, energy, education, and childcare. Communities benefit from the jobs associated with these investments, as well as greater access to community facilities and commercial goods and services.
The NMTC Program helps businesses with access to financing that is flexible and affordable. Investment decisions are made at the community level, and typically 94 to 96 percent of NMTC investments into businesses involve more favorable terms and conditions than the market typically offers. Terms can include lower interest rates, flexible provisions such as subordinated debt, lower origination fees, higher loan-to-values, lower debt coverage ratios and longer maturities.
Estimated Size of Grant:
The New Markets Tax Credit is claimed over a 7-year period.
AMIS application system: https://amis.cdfifund.gov/s/AMISHome
Questions regarding New Markets Tax Credit Program may be directed to the CDFI Fund by e-mail to firstname.lastname@example.org; or by phone to (202) 653-0421. (Please note this is not a toll free number.)
For technical support, please direct any questions to the CDFI Fund's Help Desk at 202-653-0421 option 3, email@example.com.