Washington, D.C. —The deadline for applying for an allocation of New Markets Tax Credits (NMTCs) this year is April 8.
The latest round will include an emphasis on placing investments in underserved rural communities, according to the Community Development Financial Institutions (CDFI) Fund, which oversees the program.
There will be $3.5 billion of tax credit authority available in the seventh round of the NMTC program.
To date, the organizations that have been awarded NMTCs have raised $12.6 billion in equity investments, reported the CDFI Fund in January when it opened the latest funding round.
Through 2007, allocatees reported deploying $9 billion in qualified loans and investments in low-income communities throughout the nation. They have financed close to 2,000 businesses and real estate developments, including small businesses, manufacturing facilities, charter schools, and health care centers. They have developed or rehabilitated more than 68 million square feet of commercial real estate.
For more information, visit www.cdfifund.gov.