Today the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) announced its long awaited award of $3.5 billion in New Markets Tax Credit (NMTC) investment authority. A total of 87 worthy allocatees across the country will receive NMTC allocation authority under the calendar year 2013 round of the NMTC program. These allocatees hail from 32 states and the District of Columbia.
According to the CDFI Fund, 310 allocatees applied during this latest round requesting $25.9 billion in NMTC investment authority. The $3.5 billion allocation awarded today represents approximately 13.5% of the total requested allocation which was awarded to 28% of the requesting applicant pool. All 87 allocatees committed to providing at least 75% of their investment in areas characterized by (1) multiple indicia of distress; (2) significantly greater indicia of distress than required by NMTC program rules; or (3) high unemployment rates.
You may view the list NMTC CY 2013 Award Book here.