[Federal Register Volume 81, Number 76 (Wednesday, April 20, 2016)]
[Notices]
[Page 23356]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-09102]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Funding Opportunity Title: Amended Notice of Allocation
Availability (NOAA) for the Combined Calendar Year (CY) 2015--CY 2016
Allocation Round of the New Markets Tax Credit (NMTC) Program
Announcement Type: Change to NOAA for the Combined CY 2015-CY 2016
Allocation Round of the NMTC Program.
DATES: Electronic applications must have been received by 5:00 p.m. ET
on December 16, 2015.
SUMMARY: This NOAA update is issued to combine calendar year (CY)
2015--CY 2016 tax credit allocation rounds of the NMTC Program,
authorized by Title I, subtitle C, section 121 of the Community Renewal
Tax Relief Act of 2000 (Pub. L. 106-554), as amended (the Act). On
October 23, 2015, in the NOAA for the CY 2015 allocation round of the
NMTC Program (the CY 2015 NOAA, 80 Federal Register 64495), the
Community Development Financial Institutions Fund (the CDFI Fund)
announced, among other things, that the CY 2015 NMTC allocation amount
would be up to $5.0 billion, subject to Congressional authorization. In
the NOAA for the CY 2015 allocation round the CDFI Fund also reserved
the right to allocate amounts in excess of or less than the anticipated
allocation amount of $5 billion. Pursuant to the passage of the
Protecting Americans from Tax Hikes Act of 2015 (PATH Act), the
authorization for the NMTC Program has been extended for five calendar
years (CY 2015 through CY 2019) with $3.5 billion in annual NMTC
allocation authority. In order to make NMTC allocation awards in the
respective calendar years as set forth in the PATH Act, the CDFI Fund
hereby amends the CY 2015 NOAA to combine the CY 2015 and the CY 2016
NMTC authorities into one allocation round (herein referred to as the
``combined CY 2015-2016 allocation round''). Accordingly, the NMTC
allocation authority announced in this revised NOAA being made
available in the combined CY 2015-2016 allocation round includes both
the amount authorized for CY 2015 ($3.5 billion) and the amount
authorized for CY 2016 ($3.5 billion), resulting in a total NMTC
allocation amount of $7.0 billion for the combined CY 2015-2016
allocation round.
Combination of Allocation Authority: The CY 2015 NOAA announced an
expected total of up to $5.0 billion of NMTC allocation authority
available in the CY 2015 round, subject to Congressional authorization.
The PATH Act authorized an annual allocation authority of $3.5 billion
for five years (CY 2015 to CY 2019). In order to allocate NMTC
authority during the calendar year for which it was authorized, the CY
2015 NOAA is hereby amended to include both CY 2015 ($3.5 billion) and
CY $2016 ($3.5 billion), with a total of $7.0 billion in NMTC authority
available in the combined CY 2015-2016 allocation round.
Allocation Amounts: The CY 2015 NOAA announced that the CDFI Fund,
in its sole discretion, reserves the right to award tax credit
allocation authority in amounts that are in excess of or less than the
anticipated maximum allocation should the CDFI Fund deem it
appropriate. The CDFI Fund continues to anticipate that it will not
issue more than $125 million in tax credit investment authority per
Allocatee. However, those determinations will be made on a case-by-case
basis and in the sole discretion of the CDFI Fund. The CDFI Fund
continues to reserve the right to allocate NMTC authority to any, all,
or none of the entities that submitted applications in response to this
NOAA, and in any amount it deems appropriate.
All other information and requirements set forth in the CY 2015
NOAA shall remain effective, as published.
Authority: 26 U.S.C. 45D; 31 U.S.C. 321; 26 CFR 1.45D-1; Pub. L.
111-5.
Mary Ann Donovan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2016-09102 Filed 4-19-16; 8:45 am]
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