Last week, the CDFI Fund provided guidance for CY 2014 NMTC Program applicants by updating its 2014 NMTC Program Allocation Application Frequently Asked Questions. Responding to various questions it received during its August 12th and August 14th conference calls regarding the application process, the CDFI Fund responded to many questions and concerns raised during those calls.
Among issues addressed by the update are:
- The distinction betwee financing facilities owned by Operating Businesses vs. financing the development (construction of new facilities or rehabilitation of existing facilities), acquisition, management or leasing of real estate that will be sold or leased to third parties
- Best practices for describing leverage structures
- QLICIs closed after August 5, 2014
- Explanation of “Baseline of activity for the past five years” in Application Question 20(a)
- Completion of specific innovative activity requirements
- HUD’s Promise Zone website
The deadline for the 2014 Round allocation application submission is 5:00 pm ET, October 1, 2014. Applications may only be submitted online.