[Federal Register Volume 79, Number 42 (Tuesday, March 4, 2014)]
[Notices]
[Pages 12270-12271]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-04723]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Amendment of Notice of Allocation Availability (NOAA) Inviting 
Applications for the Combined Calendar Year (CY) 2013 and 2014 
Allocation Round of the New Markets Tax Credit (NMTC) Program

    Announcement Type: Change to NOAA inviting applications for the 
combined calendar year 2013 and 2014 allocation round of the NMTC 
Program: Removing the anticipated calendar year 2014 allocation 
authority from the combined calendar year 2013 and 2014 Allocation 
Round; decrease in allocation authority; decrease in maximum 
anticipated allocation award amount.

DATES: Electronic NMTC allocation applications must have been received 
by 5:00 p.m. ET on September 18, 2013. Any NMTC allocation applicant 
that was not yet certified as a Community

[[Page 12271]]

Development Entity (CDE) must have submitted an application for CDE 
certification that was postmarked on or before August 9, 2013 (see 
Section III of the NOAA for more details).
    Executive Summary: This notice amends the NOAA that was published 
on July 29, 2013 (78 FR 45604) for the combined calendar year 2013 and 
2014 allocation round of the NMTC Program, as authorized by Title I, 
subtitle C, section 121 of the Community Renewal Tax Relief Act of 2000 
(Pub. L. 106-554) and as amended thereafter. Through the NMTC Program, 
the CDFI Fund provides authority to CDEs to offer an incentive to 
investors in the form of tax credits 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.
    The July 29, 2013 NOAA announced the availability of up to $8.5 
billion of NMTC investment authority, $3.5 billion of which was 
authorized by American Taxpayer Relief Act of 2012 and an additional 
$5.0 billion, which was subject to Congressional authorization. Because 
the CDFI Fund has not received Congressional allocation authority for 
calendar year 2014 as of the date of this notice, it is amending the 
July 29, 2013 NOAA to reflect the authorized authority for calendar 
year 2013 only. Thus, this notice revises the July 29, 2013 NOAA such 
that the funding opportunity announced therein no longer includes the 
combined calendar years 2013 and 2014, but is for calendar year 2013 
only.
    Decrease in Allocation Authority: The July 29, 2013 NOAA announced 
that there would be a total of $8.5 billion of NMTC allocation 
authority available in the combined calendar year 2013 and 2014 
Allocation Round. This notice revises the July 29, 2013 NOAA such that 
$3.5 billion of NMTC allocation authority is available for calendar 
year 2013 only.
    Decrease of Award Amount: The July 29, 2013 NOAA also announced 
that the CDFI Fund anticipates that it will provide allocation awards 
of not more than $125 million per Allocatee. Due to not having 
allocation authority for calendar year 2014 as of the date of this 
notice, this notice revises the July 29, 2013 NOAA such that the CDFI 
Fund now expects that it may provide allocation awards of not more than 
$100 million of allocation per Allocatee.
    All other information and requirements set forth in the July 29, 
2013 NOAA shall remain effective, as published.

    Authority:  26 U.S.C. 45D; 31 U.S.C. 321; 26 CFR 1.45D-1.

    Dated: February 27, 2014.
Dennis Nolan,
Deputy Director, Community Development Financial Institutions Fund.
[FR Doc. 2014-04723 Filed 3-3-14; 8:45 am]
BILLING CODE 4810-70-P