The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) recently announced that it received 282 applications from 44 states, the District of Columbia and Puerto Rico requesting an aggregate total of $21,901,474,907 for the 2012 round of the federal New Markets Tax Credit Program (NMTC Program), according to a press release from the CDFI Fund. The successful and innovative NMTC Program aims to encourage economic and community development in distressed and low-income areas by “making tax credits available to Community Development Entities (CDEs) for targeted investments in eligible areas,” the release said. The credit, which was established in 2000 and is in its tenth round of funding, amounts to “39 percent of the cost of the investment and is claimed over a seven-year period.” Subject to congressional reauthorization, the CDFI Fund plans to announce the organizations that will receive New Markets Tax Credit allocations early next year. For more, read the press release.