On May 23, 2019, the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund awarded $3.5 billion in New Markets Tax Credit (NMTC) allocation to 73 community development entities (CDEs) under the 2018 allocation round of the NMTC program. Two hundred fourteen CDEs applied to the CDFI Fund, requesting a total of $14.8 billion in allocation authority. The 2018 round of allocation allocatees are headquartered in 35 states, Puerto Rico, and the District of Columbia. The NMTC program is authorized through the 2019 round of allocations, leaving one more NMTC application under current legislation. This year’s announcement brings the total amount awarded through the NMTC Program to $57.5 billion.
To learn more about the New Markets Tax Credit Program, please view the program fact sheet or visit www.cdfifund.gov/nmtc.
TECHNICAL INFORMATION CONTACTS:
Sharon Welhouse
Principal
Ryan
512.698.3538
sharon.welhouse@ryan.com
Myriam Simmons
Director
Ryan
469.399.4290
myriam.simmons@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.