January 31, 2014 is the last day that CDEs will be permitted to use the Federal Financial Institutions Examination Council (FFIEC) Geocoding System to determine whether a project is located within a qualifying low-income census tract for purposes of the New Markets Tax Credit (NMTC) Program. Beginning February 1, 2014, CDEs will be required to use the new CDFI Information Mapping System, version 3 (CIMS 3), which the CDFI Fund rolled out December 11, 2013.
CDEs making QLICIs to qualified low income community businesses under the NMTC program on or before January 31, 2014 will be permitted to use either the FFIEC Geocoding System or CIMS 3 to determine qualifying census tract eligibility. If a CDE is currently structuring a transaction with a project that is located in a qualifying census tract under the FFIEC Geocoding System but does not qualify under CIMS 3, the CDE may still use the results under the FFIEC Geocoding System provided that (1) the CDE informs the CDFI Fund of the discrepancy by 5:00 pm ET on January 31, 2014; and (2) the QLICIs are made to that project on or before October 31, 2014.
Click here for further information on the transition to the new CIMS 3 mapping system.