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NMTC electronic allocation application is available
WASHINGTON (5/11/10)--The Community Development Financial Institutions Fund (CDFI Fund) has followed its April introduction of the 2010 round of the New Markets Tax Credit (NMTC) Program by releasing the online Allocation Application and instructions. The NMTC application, which is now available through all myCDFIFund accounts, will be discussed during conference calls on May 13 and 19. Potential applicants can also learn more about the program and the application process via online instructions and an archived webcast, both of which are located on the CDFI Funds website. Credit unions are among those eligible to participate in the NMTC, which seeks to spur the investment of new private sector capital into low-income communities by permitting individual or corporate taxpayers to receive a credit against federal income taxes for making Qualified Equity Investments. Those investments must be made in designated Community Development Entities. Organizations that have received credits through the NMTC program, which has been given $5 billion in tax credit authority for 2010, have raised $15.8 billion in equity investments since the program began in 2002, the CDFI recently said. The Treasury's CDFI Fund allocates the tax credits annually through a competitive application process. For the full CDFI fund release, use the resource link.
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