The CDFI Fund announced yesterday a notice of allocation availability for both $3.5 million of NMTC for CY 2013 and $5 million of NMTC for CY 2014. The CY 2014 allocation is yet to be authorized by Congress. Electronic applications are due no later than 5:00 pm ET on September 18, 2013. For entities that are not yet CDE’s, CDE certification applications must be postmarked by August 9, 2013. The NOAA contains a few programmatic changes from the CY 2012 allocation round, including: (a) an allocation award cap of $125 million per allocate, (2) new thresholds for prior allocatees’ minimum issued QEI’s from prior allocations, (3) a new requirement (rather than an election) that all allocatees with QLICI’s that result in housing meet the 20% affordable housing set aside published in existing CDFI guidance, and (4) changes to the definition of a rural CDE.
For more information on the NOAA or the NMTC program, please contact Brian J. Beck, at 314-726-6868.