The 2010 competition for New Markets Tax Credits (NMTCs) has opened.

The application deadline is June 2, announced the Community Development Financial Institutions (CDFI) Fund, which has released the application and other key materials.

The NMTC program allows investors to receive a credit against their federal income taxes for making qualified equity investments in community development entities (CDEs). The CDEs must then invest the funds in low-income communities.

The program has helped to finance a variety of economic development projects across the country, including mixed-use developments, manufacturing plants, charter schools, and community facilities.

Under the 2010 program, CDEs will compete for $5 billion in NMTC authority.

There are two other important deadlines for the NMTC program:

  • April 26—CDE certification application
  • July 21—Prior allocatees’ issuance of qualified equity investments

CDFI Fund officials also reported that people interested in learning more about the NMTC program will be able to view a Webcast after May 5 by visiting