The Community Development Financial Institutions Fund (CDFI Fund) recently announced that it is combining its 2015 and 2016 New Markets Tax Credit (NMTC) allocation authorities into one allocation round.

The new round will have $7 billion to award. Last December, Congress authorized the program for five years.

By combining the calendar year 2015 and 2016 allocation rounds, the CDFI Fund will be able to announce the allocation of NMTCs in the year for which they are authorized.

The CDFI Fund is not re-opening the combined 2015-2016 round for new applications. All allocation determinations will be made from the existing pool of applications submitted for the 2015 round. The CDFI Fund received 238 applications requesting an aggregate total of $17.6 billion in NMTC allocation authority.

The CDFI Fund anticipates announcing the allocations in late 2016.

Read the announcement.