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August 31, 2012
On July 24, 2012, the Community Development Financial Institutions Fund (CDFI Fund)
announced in a Notice of Allocation Availability (NOAA) for the New Markets Tax
Credit Program (NMTC Program) that the deadline for electronic allocation applications
is 5:00 p.m. Eastern Time on September 12, 2012.
Due to the recent occurrence of Hurricane Isaac, the CDFI Fund will consider extending
this deadline, on a case-by-case basis, for applicants that have been directly affected
by Hurricane Isaac. In general, to be eligible for an application deadline extension,
an applicant must demonstrate that it cannot submit its application by the September
12, 2012, deadline because:
- Its principal place of business is located in a county which the U.S. Department
of Homeland Security's Federal Emergency Management Agency has designated as affected
by a “major disaster” declared since August 29, 2012; or
- There exist mitigating factors directly attributable to the disaster-related conditions
in a county which FEMA has designated as affected by a “major disaster” declared
since August 29, 2012.
If you would like to request an application deadline extension, you must send your
request via e-mail to cdfihelp@cdfi.treas.gov
with the subject line “Deadline Extension Request: 2012 NMTC Allocation Application.”
If you are unable to file your request by e-mail, you may contact the NMTC Program
Office by telephone at (202) 622-6355, option 3 for the NMTC Program, or by facsimile
at (202) 622-7754, attention NMTC Program Manager. Be sure to indicate in your telephone
message or fax that you are requesting an extension of the 2012 NMTC Allocation
Application deadline.
In your request, you must explain why the application deadline extension is necessary,
citing the specific circumstances preventing your organization from completing and/or
submitting the application materials by the deadlines set forth in the NOAA. You
must address, at a minimum, whether: your offices were closed and/or were without
electricity for significant periods of time; staff members were not available to
work on the application materials during critical periods; and/or other application
partners (e.g., investors, consultants, community partners) were not available to
provide materials critical to the compilation of a complete application.
To ensure full consideration of your request prior to the NMTC Program application
deadline, you should submit your extension request as soon as feasible and by no
later than 5:00 p.m. Eastern Time, September 10, 2012. The CDFI Fund reserves the
right, in its sole discretion, to request additional supporting documentation before
rendering a final determination. When establishing new application deadlines, the
CDFI Fund will consider the individual facts and circumstances of the applicant.
Please also note that the CDFI Fund is not at this time accepting any requests to
extend deadlines pertaining to the issuance of qualified equity investments by prior
allocatees planning to apply for allocations in the Calendar Year 2012 round of
the NMTC Program (see section III.A.2.(a) of the NOAA). All other information and
requirements set forth in the July 24, 2012 NOAA shall remain effective, as published.
For more information about the 2012 NMTC Allocation Application and the New Markets
Tax Credit Program, please visit www.cdfifund.gov/nmtc.
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