New Markets Tax Credit Program
This NOAA is issued in connection with the calendar year 2007 tax credit allocation round of the New Markets Tax Credit (NMTC) Program, as authorized by Title I, subtitle C, section 121 of the Community Renewal Tax Relief Act of 2000 (the Act). Through the NMTC Program, the Community Development Financial Institutions Fund (the Fund) provides authority to CDEs to offer an incentive to investors in the form of a tax credit over seven years, which is expected to stimulate the provision of private investment capital that, in turn, will facilitate economic and community development in Low- Income Communities. Through this NOAA, the Fund announces the availability of $3.9 billion of NMTC authority, which includes $3.5 billion authorized by the Act and $400 million authorized by the Gulf Opportunity Zone (GO Zone) Act of 2005 (Pub. L. 109-135) for allocation to CDEs seeking to finance redevelopment and recovery in the Hurricane Katrina GO Zone. In this NOAA, the Fund addresses specifically how an entity may apply to receive an allocation of NMTCs, the competitive procedure through which NMTC Allocations will be made, and the actions that will be taken to ensure that proper allocations are made to appropriate entities.