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November 21, 2022

CDFI opens 2022 round of New Markets Tax Credit program allocations

In a Notice of Allocation Availability (NOAA), the Treasury's Community Development Financial Institutions Fund (CDFI Fund) announced on November 18, 2022, an allocation of $5 billion for the calendar-year 2022 round of the New Market Tax Credit (NMTC) program.


Congress established the NMTC Program in 2000 to permit individual and corporate taxpayers to receive a credit against federal income taxes for making qualified equity investments (QEIs) in community development entities (CDEs). The credit totals 39% of the investment and may be claimed by the investor over seven years. The CDE must use substantially all the investment to make qualified investments in low-income communities. Treasury's CDFI Fund, which selects successful applicants, has allocated $71 billion in tax credit allocation authority through the NMTC program.

Minor changes to 2022 round

There are some minor changes to the NMTC program for 2022, including:

  • Requiring taxpayers that received allocations in prior rounds to comply with revised QEI requirements by May 4, 2023
  • Complying with the updated application requirements in the revised CY 2022 NMTC Program Application FAQs

2022 deadlines:

  • CDE certification application: December 2, 2022
  • NMTC application registration: December 15, 2022
  • NMTC allocation application: January 26, 2023
  • QEI issuance and QLICI requirements for prior allocatees: May 4, 2023


Now that the NOAA has been released, CDEs will be finalizing their pipeline of projects for submission in their NMTC application in hopes of successfully receiving an award. Taxpayers with projects that could benefit from a NMTC allocation through a CDE may want to get them into CDE pipelines now to increase the chance of receiving an award to assist funding projects.


Contact Information
For additional information concerning this Alert, please contact:
New Markets Tax Credit Group
   • Mike Bernier (
   • Megan Knutson (

Published by NTD’s Tax Technical Knowledge Services group; Andrea Ben-Yosef, legal editor