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On May 1, 2012, the CDFI Fund released updated Low-Income Community eligibility data for the New Markets Tax Credit Program. The new Low-Income Community eligibility data is based on income and poverty data provided by the Census Bureau’s 2006-2010 American Community Survey (ACS) for the 2010 census tracts. Community Development Entities (CDEs) will be able to use the 2006-2010 ACS eligibility data to determine if Qualified Low Income Community Investments (QLICIs) are located in NMTC-eligible 2010 census tracts. To accompany the 2006-2010 ACS data, the CDFI Fund is also releasing a list of 2010 census tracts that are eligible because they are located in High Out-Migration Rural Counties.
The CDFI Fund recognizes that CDEs may have already begun to structure potential QLICIs based on the 2000 census data. As a result, the CDFI Fund will allow current NMTC allocatees to use either 2000 census data or 2006-2010 ACS data applied to the 2010 census tracts to qualify QLICIs closed between May 1, 2012 and June 30, 2013. CDEs can find additional guidance on this transition period in the “NMTC Census Data Transition FAQs.” This document will also provide additional guidance on other aspect of the transition from the 2000 census data to the 2006-2010 ACS data.
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