On Tuesday, March 4, 2014, the CDFI Fund announced that is removing the anticipated $5 million of 2014 NMTC allocations from its combined 2013 and 2014 Notice of Allocation Availability (NOAA) for applications that were due on September 18, 2013. The $3.5 million of 2013 NMTC will still be awarded, and are expected to be announced in late spring or early summer of 2014. The 2014 allocation was always subject to congressional authorization, which has not yet occurred. If congress eventually authorizes additional allocations of NMTC, the CDFI Fund may seek to combine a 2014 and 2015 NOAA. Absent congressional action, this could be the beginning of the end of the NMTC program, but the program has a history of last minute extensions and should not be considered expiring as of yet.
To view the CDFI Fund announcement please click here.