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class="sf-depth-2 cdfi-mainnav__item-link nav-item nav-link">Upcoming Events</a></li><li id="main-menu-link-content6d19a0c1-0376-4481-9dd1-236440ddc78c" class="sf-depth-2 cdfi-mainnav__item nav-item dropdown sf-no-children"><a href="/message-from-the-director" class="sf-depth-2 cdfi-mainnav__item-link nav-item nav-link">Message From the Director</a></li></ul></li> </ul> </div> </div> </div>  </div> </nav> </header> <main role="main"> <a id="main-content" tabindex="-1"></a> <div class="container"> <div class="region region-breadcrumb"> <div id="block-cdfi-breadcrumbs" class="block block-system block-system-breadcrumb-block"> <nav aria-label="breadcrumb"> <h2 id="system-breadcrumb" class="visually-hidden">Breadcrumb</h2> <ol class="breadcrumb"> <li class="breadcrumb-item"> <a href="/">Home</a> </li> <li class="breadcrumb-item"> <a href="/programs-training">Programs & Training</a> </li> <li class="breadcrumb-item"> <a href="/programs-training/programs">Programs</a> </li> <li class="breadcrumb-item"> New Markets Tax Credit Program </li> </ol> </nav> </div> </div> <div class="row"> <div class="order-1 order-lg-2 cdfi-main col-12"> <div class="region region-content"> <div data-drupal-messages-fallback class="hidden"></div> <div id="block-cdfi-page-title" class="block block-core block-page-title-block"> <h1 class="page-title"><span class="field field--name-title field--type-string field--label-hidden">New Markets Tax Credit Program</span> </h1> </div> <div id="block-cdfi-content" class="block block-system block-system-main-block"> <article about="/programs-training/programs/new-markets-tax-credit" class="node node--type-page node--view-mode-full"> <div class="node__content"> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <div class="block block-layout-builder block-field-blocknodepagebody"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><div class="impact-section"><div class="impact-image"><img src="/sites/cdfi/files/site-collection-images/banner-images/renaissance-151-edit_web2.jpg" alt width="941" height="333" loading="lazy"></div><div class="row"><div class="col-sm-8 impact-left"><h2>New Markets Tax Credit Benefits</h2><p>The NMTC Program incentivizes community development and economic growth through the use of tax credits that attract private investment to distressed communities. As of the end of FY 2023, the NMTC Program has:</p><ul><li>Generated $8 of private investment for every $1 of federal funding</li><li>Construction or rehabilitation of over 268.2 million square feet of commercial real estate</li><li>Creation of retention of more than 888,200 jobs and an additional 125.6 million more jobs projected.</li></ul><p><a href="/sites/cdfi/files/2022-11/New_Markets_Tax_Credit_Program_FactSheet.pdf" data-entity-type="file" data-entity-uuid="9a271218-cc6a-45d7-b847-09afa5412712" data-entity-substitution="file" title="New_Markets_Tax_Credit_Program_FactSheet.pdf">Download NMTC Program Fact Sheet (English) ›</a><br><a href="/sites/cdfi/files/2022-11/New_Markets_Tax_Credit_Program_FactSheet_Spanish.pdf" data-entity-type="file" data-entity-uuid="cbc1f997-2167-42c1-be6c-a15b16798377" data-entity-substitution="file" title="New_Markets_Tax_Credit_Program_FactSheet_Spanish.pdf">Download NMTC Program Fact Sheet (Español) ›</a><br><a href="/media/8017551/download?inline" data-entity-type="media" data-entity-uuid="f9df5105-a479-4279-bd71-46a1da77788e" data-entity-substitution="media_download_inline" title="NMTC QEI Issuance Report March 2025">View QEI Issuance Report (March 2025) ›</a></p></div><div class="col-sm-4 impact-right"><p><strong>Opening Date</strong><br>November 19, 2024</p><hr><p><strong>Deadline</strong><br>January 29, 2025</p><hr><p><strong>Announcement Date</strong><br>Fall 2025</p></div></div></div><div class="row"><div class="cdfi-main col-md-8 col-sm-7"><h2>OVERVIEW</h2><p>Historically, low-income communities experience a lack of investment, as evidenced by vacant commercial properties, outdated manufacturing facilities, and inadequate access to education and healthcare service providers. The New Markets Tax Credit Program (NMTC Program) aims to break this cycle of disinvestment by attracting the private investment necessary to reinvigorate struggling local economies.</p><p>The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called <a href="/programs-training/certification/cde/">Community Development Entities (CDEs)</a>. The credit totals 39% of the original investment amount and is claimed over a period of seven years.</p><p>For more information, please see our <strong>NMTC Program Fact Sheet</strong> (<a href="https://www.cdfifund.gov/sites/cdfi/files/2022-11/New_Markets_Tax_Credit_Program_FactSheet.pdf">English</a> / <a href="https://www.cdfifund.gov/sites/cdfi/files/2022-11/New_Markets_Tax_Credit_Program_FactSheet_Spanish.pdf">Español</a>). A detailed overview of the NMTC Program, including information on eligible activities, can also be found in the <a href="/sites/cdfi/files/documents/2020-introduction-to-the-nmtc-program_-final.pdf">Introduction to the NMTC Program presentation</a>.</p><p><a class="btn btn-primary btn-lg" href="/documents/irs-reference-documents">IRS Materials and Reference Documents</a></p><h2>ELIGIBILITY</h2><p>NMTC Program applicants must be certified as CDEs by the CDFI Fund. For more information on CDE Certification, please see our <a href="/programs-training/certification/cde">CDE Certification page</a></p><p>CDE Certification is intended for community development financing intermediaries. Businesses seeking NMTC-enhanced financing should not apply for CDE Certification, but should instead contact CDEs directly. To locate a CDE serving your area, please visit our <a href="/awards/nmtc">NMTC Awardee States Served map.</a></p><p>Download our Notice of Allocation Availability for information on eligibility.</p></div><div class="col-md-4 col-sm-5 img-responsive"><p><img style="margin-top:80px;" src="/sites/cdfi/files/site-collection-images/project-images/renaissance-007-edit_web.jpg" alt width="265" height="398" loading="lazy"></p><p><img class="mt-4" src="/sites/cdfi/files/site-collection-images/project-images/lakretz-043_crop.jpg" alt width="330" height="220" loading="lazy"></p></div></div></div> </div> </div> </div> <div class="layout layout--onecol"> <div class="layout__region layout__region--content"> <div class="block block-block-content block-block-content0068fc1f-cd02-42b1-84a9-8eba0823ce0a"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><div class="container cdfi-main grid-big margin-top mt-4 mb-4"> <div class="row"> <div class="col-md-12"> <div class="notice icon-question"> <h3><a href="/faq">Are you an individual or business seeking a loan?</a></h3> <p><a href="/faq">Click here</a> to learn how to find CDFIs and CDEs that are providing services in your community.</p> </div> </div> </div> </div> </div> </div> <div class="steps block block-superfish block-superfishhta-new-markets-tax-credit-progr"> <h2>How to Apply</h2> <ul id="superfish-hta-new-markets-tax-credit-progr" class="menu sf-menu sf-hta-new-markets-tax-credit-progr sf-navbar sf-style-none step-numbers"> <li id="hta-new-markets-tax-credit-progr-menu-link-contentf5ba58ca-8694-4b95-8bdd-18bcf0f5dfde" class="sf-depth-1 menuparent"><a href="/programs-training/programs/new-markets-tax-credit/cde-certification-step" class="sf-depth-1 step menuparent">STEP 1 | Certification</a><ul><li id="hta-new-markets-tax-credit-progr-menu-link-contenta61c8b6f-8755-4d55-addb-bca28158521c" class="sf-depth-2 sf-no-children"><a href="/programs-training/programs/new-markets-tax-credit/cde-certification-step" class="sf-depth-2 step">CDE CERTIFICATION</a></li></ul></li><li id="hta-new-markets-tax-credit-progr-menu-link-content33eb87ea-1304-407c-96f6-26bc96754348" class="sf-depth-1 menuparent"><a href="/programs-training/programs/new-markets-tax-credit/apply-step" class="sf-depth-1 step menuparent">STEP 2 | Apply</a><ul><li id="hta-new-markets-tax-credit-progr-menu-link-contentff9708d3-f8ac-4a6a-bddd-66a6a1b74777" class="sf-depth-2 sf-no-children"><a href="/programs-training/programs/new-markets-tax-credit/apply-step" class="sf-depth-2 step">TIMELINE</a></li><li id="hta-new-markets-tax-credit-progr-menu-link-content19141f3a-e5ed-40f4-831a-ec0b97ba152f" class="sf-depth-2 sf-no-children"><a href="/programs-training/programs/new-markets-tax-credit/apply-step" class="sf-depth-2 step">APPLICATION MATERIALS</a></li><li id="hta-new-markets-tax-credit-progr-menu-link-contentcb48cb85-04de-4abf-9c78-de9a74fa9354" class="sf-depth-2 sf-no-children"><a href="/programs-training/programs/new-markets-tax-credit/apply-step" class="sf-depth-2 step">PAST YEAR'S APPLICATION MATERIALS</a></li></ul></li><li id="hta-new-markets-tax-credit-progr-menu-link-content49a09a59-7e73-47fb-8fcd-12940c327868" class="sf-depth-1 menuparent"><a href="/programs-training/programs/new-markets-tax-credit/award-announcement-step" class="sf-depth-1 step menuparent">STEP 3 | Award Announcement</a><ul><li id="hta-new-markets-tax-credit-progr-menu-link-content30c1d6e2-d91d-4e8c-aebe-089dcba6723e" class="sf-depth-2 sf-no-children"><a href="/programs-training/programs/new-markets-tax-credit/award-announcement-step" class="sf-depth-2 step">AWARD ANNOUNCEMENT</a></li></ul></li><li id="hta-new-markets-tax-credit-progr-menu-link-content25e63257-5092-4074-8c72-e82d30fe830d" class="sf-depth-1 menuparent"><a href="/programs-training/programs/new-markets-tax-credit/allocation-step" class="sf-depth-1 step menuparent">STEP 4 | Allocation Agreement Closing</a><ul><li id="hta-new-markets-tax-credit-progr-menu-link-contentb7821044-9522-47af-bf36-f295a4c4a180" class="sf-depth-2 sf-no-children"><a href="/programs-training/programs/new-markets-tax-credit/allocation-step" class="sf-depth-2 step">ALLOCATION AGREEMENT CLOSING</a></li></ul></li><li id="hta-new-markets-tax-credit-progr-menu-link-content34e21d11-803c-4528-b518-739631b58046" class="sf-depth-1 menuparent"><a href="/programs-training/programs/new-markets-tax-credit/compliance-step" class="sf-depth-1 step menuparent">STEP 5 | Compliance and Reporting</a><ul><li id="hta-new-markets-tax-credit-progr-menu-link-content0e5004ab-df56-4810-9c83-ab3e8c570bf6" class="sf-depth-2 sf-no-children"><a href="/programs-training/programs/new-markets-tax-credit/compliance-step" class="sf-depth-2 step">COMPLIANCE AND REPORTING</a></li></ul></li> </ul> </div> <div class="block block-block-content block-block-contentf0ec5011-0f2f-4538-94de-73c59bbaa0e1"> <div class="clearfix 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Find it on our Awards page <span class="yellow-arrow">›</span></span> <div><img alt="" class="img-responsive" src="/sites/cdfi/files/2020-12/shutterstock_57862405.jpg" /> </div></a> </div> <div class="col-sm-6 highlight-button highlight-button-right"> <a class="highlight-button highlight-button-right" href="/impact"><strong>Our Impact</strong> <span>Learn more about the impact of the CDFI Fund on our Impact Blog <span class="yellow-arrow">›</span></span><div><img class="img-responsive" alt="pic-highlight1" src="/sites/cdfi/files/style-library/cdfi/pic-highlight1.jpg" /></div></a> </div> </div> </div> </div> </div> </div> </div> </article> </div> </div> </div> </div> </div> </main> <div class="secondary-content"> <div class="region region-secondary-content"> <div id="block-cdfitoolsresourceswithoutawardsdatabase" class="block-block-content cdfi-section"> <div class="cdfi-section-title"> <div class="container"> <h2> <div class="clearfix text-formatted field field--name-field-section-title field--type-text field--label-hidden field__item">CDFI Fund Tools & Resources</div> </h2> </div> </div> <div class="cdfi-section-text container"> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item"><div class="row"> <div class="col-md-12"> <h3>ACCESS TOOLS AND RESOURCES</h3> <p>Access the CDFI Fund's database systems below. 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