CDFI Fund Opens CY 2019 Round of New Markets Tax Credit Program


CDFI Fund Opens CY 2019 Round of New Markets Tax Credit Program

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released today the Notice of Allocation Availability (NOAA) for the calendar year (CY) 2019 round of the New Markets Tax Credit Program (NMTC Program). The NOAA makes up to $3.5 billion in tax credit allocation authority available for the CY 2019 round. The CDFI Fund provided the NOAA on its website in anticipation of its publication in the Federal Register on September 6, 2019.

The NMTC Program spurs investment of private sector capital into distressed communities by providing a tax credit to corporate or individual taxpayers who make Qualified Equity Investments (QEIs) in designated Community Development Entities (CDEs). The CDEs, in turn, invest the capital raised into businesses in low-income communities. The credit provided to the investor totals 39% of the investment in a CDE and is claimed over a seven-year credit allowance period.

The CDFI Fund has made 1,178 awards—totaling $57.5 billion in tax credit allocation authority—to CDEs through the NMTC Program since the program’s inception. More information about the NMTC Program can be found on the program’s webpage,, or in the program’s fact sheet.

Significant Updates

The CDFI Fund has reinstituted the prior QEI Issuance Requirements for the CY 2019 round. Prior-year NMTC Allocatees will be subject to minimum thresholds for QEI issuance and closing of Qualified Low-Income Community Investments (QLICIs) with respect to their prior-year allocations. See Section III.A.3.a. of this NOAA for additional details.

Important Deadlines

  • CDE Certification Application: September 23, 2019
  • NMTC Electronic Application Submission: October 28, 2019
  • QEI Issuance and QLICI Requirements Deadline: January 31, 2020

Please refer to the NOAA for more details about these and other deadlines.

Application Materials

Learn About Applying to the NMTC Program 

To provide more information about the NMTC Program and the application process, the CDFI Fund has posted presentations for potential applicants on the NMTC Program page,, under How to Apply Step 2: Apply.

In addition to the detailed information that is available through the NOAA, NMTC Allocation Application, NMTC Allocation Application Frequently Asked Questions, and presentations, the CDFI Fund will conduct two one-hour conference calls to answer application questions. Please see below for the dates and times for each call. No presentations will be given during the calls; only questions from participants will be addressed.

NMTC Application Conference Calls

  • Wednesday, September 12, 2019, at 1:00 pm ET
  • Monday, September 16, 2019, at 2:00 pm ET

The dial-in number and passcodes are the same for both calls. The dial-in number is 1-888-324-3810 and the passcode is 6986823. No prior registration is necessary. Requests for reasonable accommodations under section 504 of the Rehabilitation Act should be directed to Jay Santiago at 202-653-0300 no later than 48 hours before the conference calls begin.