82 FR 20968 - Funding Opportunity Title: Notice of Allocation Availability (NOAA) Inviting Applications for the Calendar Year (CY) 2017 Allocation Round of the New Markets Tax Credit (NMTC) Program

DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund

Federal Register Volume 82, Issue 85 (May 4, 2017)

Page Range		20968-20978
FR Document		2017-08976
This NOAA is issued in connection with the CY 2017 allocation round (Allocation Round) of the New Markets Tax Credit Program (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 amended by section 221 of the American Jobs Creation Act of 2004 (Pub. L. 108-357), section 101 of the Gulf Opportunity Zone Act of 2005 (Pub. L. 108-357), Division A, section 102 of the Tax Relief and Health Care Act of 2006 (Pub. L. 109-432), section 733 of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Pub. L. 111-312), section 305 of the American Taxpayer Relief Act of 2012 (Pub. L. 112-240), and section 115 of the Tax Increase Prevention Act of 2014 (Pub. L. 113-295), section 141 of the Protecting Americans from Tax Hikes Act (PATH) of 2015. 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. Through this NOAA, the CDFI Fund announces the availability of $3.5 billion of NMTC allocation authority in this Allocation Round. In this NOAA, the CDFI Fund specifically addresses how a CDE may apply to receive an allocation of NMTCs, the competitive procedure through which NMTC allocations will be made, and the actions that will be taken to ensure that proper allocations are made to appropriate entities.
Federal Register, Volume 82 Issue 85 (Thursday, May 4, 2017)
[Federal Register Volume 82, Number 85 (Thursday, May 4, 2017)]
[Notices]
[Pages 20968-20978]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-08976]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Funding Opportunity Title: Notice of Allocation Availability 
(NOAA) Inviting Applications for the Calendar Year (CY) 2017 Allocation 
Round of the New Markets Tax Credit (NMTC) Program

    Announcement Type: Announcement of allocation availability.
    Dates: Electronic applications must be received by 5:00 p.m. ET on 
June 21, 2017. Applications sent by mail, facsimile, or other form will 
not be accepted. Please note the Community Development Financial 
Institutions Fund (CDFI Fund) will only accept applications and 
attachments (e.g., the Controlling Entity's representative signature 
page, Assurances and Certifications supporting documents, investor 
letters, organizational charts) in electronic form (see Section IV.C of 
this NOAA for more details). Applications must meet all eligibility and 
other requirements and deadlines, as applicable, set forth in this 
NOAA. Any Applicant that is not yet certified as a Community 
Development Entity (CDE) must submit an application for CDE 
certification through the CDFI Fund's Awards Management Information 
System (AMIS) on or before 5:00 p.m. ET on May 17, 2017 (see Section 
III.A.1 of this NOAA for more details on CDE certification).
    Executive Summary: This NOAA is issued in connection with the CY 
2017 allocation round (Allocation Round) of the New Markets Tax Credit 
Program (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 amended by section 221 of the American Jobs Creation Act of 2004 
(Pub. L. 108-357), section 101 of the Gulf Opportunity Zone Act of 2005 
(Pub. L. 108-357), Division A, section 102 of the Tax Relief and Health 
Care Act of 2006 (Pub. L. 109-432), section 733 of the Tax Relief, 
Unemployment Insurance Reauthorization and Job Creation Act of 2010 
(Pub. L. 111-312), section 305 of the American Taxpayer Relief Act of 
2012 (Pub. L. 112-240), and section 115 of the Tax Increase Prevention 
Act of 2014 (Pub. L. 113-295), section 141 of the Protecting Americans 
from Tax Hikes Act (PATH) of 2015. 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,

[[Page 20969]]

will facilitate economic and community development in Low-Income 
Communities. Through this NOAA, the CDFI Fund announces the 
availability of $3.5 billion of NMTC allocation authority in this 
Allocation Round.
    In this NOAA, the CDFI Fund specifically addresses how a CDE may 
apply to receive an allocation of NMTCs, the competitive procedure 
through which NMTC allocations will be made, and the actions that will 
be taken to ensure that proper allocations are made to appropriate 
entities.

I. Allocation Availability Description

    A. Programmatic changes from the Combined CY 2015-2016 allocation 
round:
    1. Prior QEI Issuance Requirements: In order to be eligible to 
apply for a NMTC allocation in this Allocation Round, as described in 
Section III.A.3(a), any Applicant that received a NMTC allocation award 
in a previous Allocation round is required to meet the corresponding 
minimum Qualified Equity Investment (QEI) issuance threshold with 
respect to its prior-year allocation. These thresholds and deadlines 
have been revised in comparison to the CY 2015-16 NOAA.
    B. Program guidance and regulations: This NOAA describes 
application and allocation requirements for this Allocation Round of 
the NMTC Program and should be read in conjunction with: (i) Guidance 
published by the CDFI Fund on how an entity may apply to become 
certified as a CDE (66 FR 65806, December 20, 2001); (ii) the final 
regulations issued by the Internal Revenue Service (the IRS) (26 CFR 
1.45D-1, published on December 28, 2004), as amended and related 
guidance, notices and other publications; and (iii) the application and 
related materials for this Allocation Round. All such materials may be 
found on the CDFI Fund's Web site at https://www.cdfifund.gov. The CDFI 
Fund requires Applicants to review these documents. Capitalized terms 
used, but not defined, in this NOAA have the respective meanings 
assigned to them in the NMTC Program Allocation application, IRC Sec.  
45D or the IRS regulations. In the event of any inconsistency between 
this NOAA, the allocation application, and guidance issued by the CDFI 
Fund thereto, IRC Sec.  45D or the IRS regulations, the provisions of 
IRC Sec.  45D and the IRS regulations shall govern.

II. Allocation Information

    A. Allocation amounts: Pursuant to the Act, the CDFI Fund expects 
that it may allocate to CDEs the authority to issue to their investors 
the aggregate amount of $3.5 billion in equity as to which NMTCs may be 
claimed, as permitted under IRC Sec.  45D(f)(1)(D). Pursuant to this 
NOAA, the CDFI Fund anticipates that it will not issue more than $100 
million in tax credit investment authority per Allocatee. The CDFI 
Fund, in its sole discretion, reserves the right to allocate amounts in 
excess of or less than the anticipated maximum allocation amount should 
the CDFI Fund deem it appropriate. In order to receive an allocation in 
excess of the $100 million cap, an Applicant, at a minimum, must 
demonstrate that: (i) No part of its strategy can be successfully 
implemented without an allocation in excess of the applicable cap; and/
or (ii) its strategy will produce extraordinary community outcomes. The 
CDFI Fund reserves the right to allocate NMTC authority to any, all, or 
none of the entities that submit applications in response to this NOAA, 
and in any amounts it deems appropriate.
    B. Type of award: NMTC Program awards are made in the form of 
allocations of tax credit investment authority.
    C. Allocation Agreement: Each Allocatee must sign an Allocation 
Agreement, which must be countersigned by the CDFI Fund, before the 
NMTC allocation is effective. The Allocation Agreement contains the 
terms and conditions of the NMTC allocation. For further information, 
see Section VI of this NOAA.

III. Eligibility

    A. Eligible Applicants: IRC Sec.  45D specifies certain eligibility 
requirements that each Applicant must meet to be eligible to apply for 
an allocation of NMTCs. The following sets forth additional detail and 
certain additional dates that relate to the submission of applications 
under this NOAA for the available NMTC allocation authority.
    1. CDE certification: For purposes of this NOAA, the CDFI Fund will 
not consider an application for an allocation of NMTCs unless: (a) The 
Applicant is certified as a CDE at the time the CDFI Fund receives its 
NMTC Program allocation application; or (b) the Applicant submits an 
application for certification as a CDE through the CDFI Fund's Awards 
Management Information System (AMIS) on or before 5:00 p.m. ET on May 
17, 2017. Applicants for CDE certification may obtain information 
regarding CDE certification and the CDE certification application 
process in AMIS on the CDFI Fund's Web site at https://www.cdfifund.gov.
    Applications for CDE certification must be submitted in AMIS. Paper 
versions of the CDE certification application will not be accepted.
    The CDFI Fund will not provide NMTC allocation authority to 
Applicants that are not certified as CDEs or to entities that are 
certified as Subsidiary CDEs.
    If an Applicant that has already been certified as a CDE wishes to 
change its designated CDE Service Area, it must submit its request for 
such change to the CDFI Fund, and the request must be received by the 
CDFI Fund by 5:00 p.m. ET on May 17, 2017. A request to change a CDE's 
Service Area must be submitted through the CDFI Fund's Awards 
Management Information System (AMIS) as a Service Request. Such 
requests will need to include, at a minimum, the applicable CDE control 
number, the revised service area designation, and updated 
accountability information that demonstrates that the CDE has the 
required representation from Low-Income Communities in the revised 
Service Area.
    2. As a condition of eligibility for this Allocation Round, the 
Applicant will not be permitted the use of the proceeds of Qualified 
Equity Investments (QEIs) to make Qualified Low-Income Community 
Investments (QLICIs) in Qualified Active Low-Income Community 
Businesses (QALICBs) where QLICI proceeds are used, in whole or in 
part, to repay or refinance a debt or equity provider whose capital was 
used to fund the QEI, or are used to repay or refinance any Affiliate 
of such a debt or equity provider, except where: (i) The QLICI proceeds 
are used to repay or refinance documented reasonable expenditures that 
are directly attributable to the qualified business of the QALICB, and 
such past expenditures were incurred no more than 24 months prior to 
the QLICI closing date; or (ii) no more than five percent of the total 
QLICI proceeds from the QEI are used to repay or refinance documented 
reasonable expenditures that are directly attributable to the qualified 
business of the QALICB. Refinance includes transferring cash or 
property, directly or indirectly, to the debt or equity provider or an 
Affiliate of the debt or equity provider.
    3. Prior award recipients or Allocatees: Applicants must be aware 
that success in a prior application or allocation round of any of the 
CDFI Fund's programs is not indicative of success under this NOAA. For 
purposes of this section, the CDFI Fund will consider an Affiliate to 
be any entity that meets the definition of Affiliate as defined in the 
NMTC allocation

[[Page 20970]]

application materials, or any entity otherwise identified as an 
Affiliate by the Applicant in its NMTC allocation application 
materials. Prior award recipients of any CDFI Fund program are eligible 
to apply under this NOAA, except as follows:
    a. Prior Allocatees and Qualified Equity Investment (QEI) issuance 
requirements: The following describes the QEI issuance requirements 
applicable to prior Allocatees.
    An Allocatee in the CY 2011 allocation round of the NMTC Program is 
not eligible to receive a NMTC allocation pursuant to this NOAA unless 
the Allocatee is able to affirmatively demonstrate that, as of 11:59 
p.m. ET on August 18, 2017, it has finalized 100 percent of its QEIs 
relating to its CY 2011 NMTC allocation.
    An Allocatee in the CY 2012 allocation round of the NMTC Program is 
not eligible to receive a NMTC allocation pursuant to this NOAA unless 
the Allocatee is able to affirmatively demonstrate that, as of 11:59 
p.m. ET on August 18, 2017, it has finalized at least 80 percent of its 
QEIs relating to its CY 2012 NMTC allocation.
    An Allocatee in the CY 2013 allocation round of the NMTC Program is 
not eligible to receive a NMTC allocation pursuant to this NOAA unless 
the Allocatee is able to affirmatively demonstrate that, as of 11:59 
p.m. ET on August 18, 2017, it has finalized at least 70 percent of its 
QEIs relating to its CY 2013 NMTC allocation.
    An Allocatee (with the exception of a Rural CDE Allocatee) in the 
CY 2014 allocation round of the NMTC Program is not eligible to receive 
a NMTC allocation pursuant to this NOAA unless the Allocatee is able to 
affirmatively demonstrate that, as of 11:59 p.m. ET on August 18, 2017, 
it has finalized at least 50 percent of its QEIs relating to its CY 
2014 NMTC allocation. A prior Rural CDE Allocatee awarded in the CY 
2014 allocation round is not eligible to receive a NMTC allocation 
pursuant to this NOAA unless the Allocatee can demonstrate that, as of 
11:59 p.m. ET on August 18, 2017, it has finalized at least 30 percent 
of its CY 2014 NMTC Allocation.
    An Allocatee (with the exception of a Rural CDE Allocatee) in the 
CY 2015-16 allocation round of the NMTC Program is not eligible to 
receive a NMTC allocation pursuant to this NOAA unless the Allocatee is 
able to affirmatively demonstrate that, as of 11:59 p.m. ET on August 
18, 2017, it has finalized at least 30 percent of its QEIs relating to 
its CY 2015-16 NMTC allocation. A Rural CDE Allocatee awarded in the CY 
2015-16 Round is not required to meet the above QEI issuance thresholds 
with regard to its CY 2015-16 NMTC allocation award.
    Alternatively, an Applicant that has received multiple NMTC 
allocations between CY 2011 and CY 2015-16 Rounds can also meet the QEI 
issuance requirements on a cumulative basis. If an Applicant has 
received multiple NMTC allocation awards between CY 2011 and CY 2015-
16, the Applicant shall be deemed to be eligible to apply for a NMTC 
allocation pursuant to this NOAA if the Applicant is able to 
affirmatively demonstrate that, as of 11:59 p.m. ET on August 18, 2017, 
it has finalized at least 90 percent of its QEIs relating to its 
cumulative allocation amounts from these prior NMTC Program rounds. 
Rural CDEs that received allocations under the CY 2014 allocation round 
may choose to exclude such allocations from this cumulative 
calculation, provided that the Allocatee has finalized at least 20 
percent of its QEIs relating to its CY 2014 allocation. Rural CDEs that 
received allocations under the CY 2015-16 allocation round may choose 
to exclude such allocation from this cumulative calculation.
    In addition to the requirements described above, an entity is not 
eligible to receive a NMTC allocation pursuant to this NOAA if an 
Affiliate of the Applicant is a prior Allocatee and has not met the 
requirements for the issuance and/or commitment of QEIs as set forth 
above for the Allocatees in the prior allocation rounds of the NMTC 
Program.
    For purposes of this section of the NOAA, the CDFI Fund will only 
recognize as ``finalized'' those QEIs that have been properly reported 
in the CDFI Fund's Allocation Tracking System (ATS) by the deadlines 
specified above. Allocatees and their Subsidiary Allocatees, if any, 
are advised to access ATS to record each QEI that they issue to an 
investor in exchange for funds in-hand.
    Applicants will be required, upon notification from the CDFI Fund, 
to submit adequate documentation to substantiate the required issuances 
of QEIs.
    Applicants should be aware that these QEI issuance requirements 
represent the minimum threshold requirements that must be met in order 
to submit an application for assistance under this NOAA. As stated in 
Section V.C.1 of this NOAA, the CDFI Fund reserves the right to reject 
an application and/or adjust award amounts as appropriate based on 
information obtained during the review process--including an 
Applicant's track record of raising QEIs and/or deploying its Qualified 
Low Income Community Investments (QLICIs).
    Any prior Allocatees that requires any action by the CDFI Fund 
(e.g., certifying a subsidiary entity as a CDE, adding a subsidiary CDE 
to an Allocation Agreement) in order to meet the QEI issuance 
requirements above must submit a Certification Application for 
subsidiary CDEs by no later than May 17, 2017 and Allocation Agreement 
Amendment requests by no later than July 9, 2017 in order to guarantee 
that the CDFI Fund completes all necessary approvals prior to August 
18, 2017. Applicants for CDE certification, including for Subsidiary 
CDE certification, may obtain information regarding CDE certification 
and the CDE certification application process in AMIS on the CDFI 
Fund's Web site at https://www.cdfifund.gov. Applications for CDE 
certification must be submitted in AMIS. Paper versions of the CDE 
certification application will not be accepted.
    b. Pending determination of noncompliance or default: If an 
Applicant is a prior award recipient or Allocatee under any CDFI Fund 
program and if: (i) It has submitted reports to the CDFI Fund that 
demonstrate potential noncompliance with or default under a previous 
assistance, award or Allocation Agreement; and (ii) the CDFI Fund has 
yet to make a final determination as to whether the entity is in 
noncompliance or default of its previous assistance, award or 
Allocation Agreement, the CDFI Fund will consider the Applicant's 
application under this NOAA pending final determination of whether the 
entity is in noncompliance or default, in the sole determination of the 
CDFI Fund. Further, if an Affiliate of the Applicant is a prior CDFI 
Fund award recipient or Allocatee and if such entity: (i) Has submitted 
reports to the CDFI Fund that demonstrate potential noncompliance with 
or default under a previous assistance, award or Allocation Agreement; 
and (ii) the CDFI Fund has yet to make a final determination as to 
whether the entity is in noncompliance or default of its previous 
assistance, award or Allocation Agreement, the CDFI Fund will consider 
the Applicant's application under this NOAA pending final determination 
of whether the entity is in noncompliance or default, in the sole 
determination of the CDFI Fund.
    Moreover, if an Applicant is a prior Allocatee, and is otherwise 
eligible as of the application deadline, the Applicant must continue to 
be compliant with its Allocation Agreement(s) after the application 
deadline, in order for the

[[Page 20971]]

CDFI Fund to continue evaluating its application. If an Applicant fails 
to do such, the CDFI Fund will no longer deem the Applicant eligible.
    c. Default status: The CDFI Fund will not consider an application 
submitted by an Applicant that is a prior CDFI Fund award recipient or 
Allocatee under any CDFI Fund program if, as of the application 
deadline of this NOAA: (i) The CDFI Fund has made a determination that 
such Applicant is in default of a previously executed assistance, 
allocation, or award agreement; (ii) the CDFI Fund has provided written 
notification of such determination to the Applicant; and (iii) the 
application deadline of the NOAA is within a period of time specified 
in the CDFI Fund's notification to the prior CDFI Fund award recipient 
or Allocatee for which any new application from the Applicant to the 
CDFI Fund for an award, allocation, or assistance is prohibited. 
Further, the CDFI Fund will not consider an application submitted by an 
Applicant for which there is an Affiliate that is a prior award 
recipient or Allocatee under any CDFI Fund Program if, as of the 
application deadline of this NOAA: (i) The CDFI Fund has made a 
determination that such Affiliate is in default of a previously 
executed assistance, allocation, or award agreement; (ii) the CDFI Fund 
has provided written notification of such determination to the 
Affiliate; and (iii) the application deadline of the NOAA is within a 
period of time specified in a notification to the prior CDFI Fund award 
recipient or Allocatee for which any new application from the Affiliate 
to the CDFI Fund for an award, allocation, or assistance is prohibited.
    d. Contact the CDFI Fund: Accordingly, Applicants that are prior 
award recipients and/or Allocatees under any other CDFI Fund program 
are advised to comply with the requirements specified in assistance, 
allocation and/or award agreement(s). All outstanding reports and 
compliance questions should be directed to the Office of Certification, 
Compliance Monitoring, and Evaluation through a Service Request 
initiated in AMIS. Requests submitted less than thirty calendar days 
prior to the application deadline may not receive a response before the 
application deadline.
    The CDFI Fund will respond to Applicants' reporting, compliance or 
disbursement questions between the hours of 9:00 a.m. and 5:00 p.m. ET, 
starting the date of publication of this NOAA through June 19, 2017 
(two days before the application deadline). The CDFI Fund will not 
respond to Applicants' reporting, compliance, CDE certification, or 
disbursement phone calls or email inquiries that are received after 
5:00 p.m. ET on June 19, 2017 until after the funding application 
deadline of June 21, 2017.
    4. Failure to accurately respond to a question in the Assurances 
and Certifications section of the application and submit the required 
written explanation: In its sole discretion, the CDFI Fund may deem the 
Applicant's application ineligible, if the CDFI Fund determines that 
the Applicant inaccurately responded to a question and failed to submit 
a required written explanation, or accurately answered a question yet 
failed to submit a required written explanation, with respect to the 
application Assurances and Certifications. In making this 
determination, the CDFI Fund will take into consideration, among other 
factors, the materiality of the question, the substance of any 
supplemental responses provided, and whether the information in the 
Applicant's supplemental responses will have a material adverse effect 
on the Applicant, its financial condition or its ability to perform 
under an allocation agreement, should the Applicant receive an 
allocation.
    5. Entities that propose to transfer NMTCs to Subsidiaries: Both 
for-profit and non-profit CDEs may apply for NMTC allocation authority, 
but only a for-profit CDE is permitted to provide NMTCs to its 
investors. A non-profit Applicant wishing to apply for a NMTC 
allocation must demonstrate, prior to entering into an Allocation 
Agreement with the CDFI Fund, that: (i) It controls one or more 
Subsidiaries that are for-profit entities; and (ii) it intends to 
transfer the full amount of any NMTC allocation it receives to said 
Subsidiaries.
    An Applicant wishing to transfer all or a portion of its NMTC 
allocation to a Subsidiary is not required to create the Subsidiary 
prior to submitting a NMTC allocation application to the CDFI Fund. 
However, the Subsidiary entities must be certified as CDEs by the CDFI 
Fund, and enjoined as parties to the Allocation Agreement at closing or 
by amendment to the Allocation Agreement after closing. Before the NMTC 
allocation transfer may occur it must be pre-approved by the CDFI Fund, 
in its sole discretion.
    The CDFI Fund strongly encourages a non-profit Applicant to submit 
a CDE certification application to the CDFI Fund on behalf of at least 
one Subsidiary within 60 days after the non-profit Applicant receives 
the Notice of Allocation (NOA) from the CDFI Fund, as such Subsidiary 
must be certified as a CDE prior to entering into an Allocation 
Agreement with the CDFI Fund. A non-profit Applicant that does not 
already have a certified for-profit Subsidiary and that fails to submit 
a certification application for one or more for-profit Subsidiaries 
within 60 days of the date of the NOA from the CDFI Fund is subject to 
the CDFI Fund rescinding the award.
    6. Entities that submit applications together with Affiliates; 
applications from common enterprises:
    a. As part of the allocation application review process, the CDFI 
Fund will evaluate whether Applicants are Affiliates, as such term is 
defined in the allocation application. If an Applicant and its 
Affiliate(s) wish to submit allocation applications, they must do so 
collectively, in one application; an Applicant and its Affiliate(s) may 
not submit separate allocation applications. If Affiliated entities 
submit multiple applications, the CDFI Fund will reject all such 
applications received, except for those State-owned or State-controlled 
governmental Affiliated entities. In the case of State-owned or State-
controlled governmental entities, the CDFI Fund may accept applications 
submitted by different government bodies within the same State, but 
only to the extent the CDFI Fund determines that the business 
strategies and/or activities described in such applications, submitted 
by separate entities, are distinctly dissimilar and/or are operated 
and/or managed by distinctly dissimilar personnel, including staff, 
board members or identified consultants. If the CDFI Fund determines 
that the applications submitted by different government bodies in the 
same State are not distinctly dissimilar and/or operated and/or managed 
by distinctly dissimilar personnel, it will reject all such 
applications. In such cases, the CDFI Fund reserves the right to limit 
award amounts to such entities to ensure that the entities do not 
collectively receive more than the $100 million cap.
    b. For purposes of this NOAA, the CDFI Fund will also evaluate 
whether each Applicant is operated or managed as a ``common 
enterprise'' with another Applicant in this Allocation Round using the 
following indicia, among others: (i) Whether different Applicants have 
the same individual(s), including the Authorized Representative, staff, 
board members and/or consultants, involved in day-to-day management, 
operations and/or investment responsibilities; (ii) whether the 
Applicants have business strategies and/or proposed activities that are 
so similar

[[Page 20972]]

or so closely related that, in fact or effect, they may be viewed as a 
single entity; and/or (iii) whether the applications submitted by 
separate Applicants contain significant narrative, textual or other 
similarities such that they may, in fact or effect, be viewed as 
substantially identical applications. In such cases, the CDFI Fund will 
reject all applications received from such entities.
    c. Furthermore, an Applicant that receives an allocation in this 
Allocation Round (or its Subsidiary Allocatee) may not become an 
Affiliate of or member of a common enterprise (as defined above) with 
another Applicant that receives an allocation in this Allocation Round 
(or its Subsidiary Allocatee) at any time after the submission of an 
allocation application under this NOAA. This prohibition, however, 
generally does not apply to entities that are commonly Controlled 
solely because of common ownership by QEI investors. This requirement 
will also be a term and condition of the Allocation Agreement (see 
Section VI.B of this NOAA and additional application guidance materials 
on the CDFI Fund's Web site at https://www.cdfifund.gov for more 
details).
    7. Entities created as a series of funds: An Applicant whose 
business structure consists of an entity with a series of funds must 
apply for CDE certification for each fund. If such an Applicant 
represents that it is properly classified for Federal tax purposes as a 
single partnership or corporation, it may apply for CDE certification 
as a single entity. If an Applicant represents that it is properly 
classified for Federal tax purposes as multiple partnerships or 
corporations, then it must submit a CDE certification application for 
the Applicant and each fund it would like to participate in the NMTC 
Program, and each fund must be separately certified as a CDE. 
Applicants should note, however, that receipt of CDE certification as a 
single entity or as multiple entities is not a determination that an 
Applicant and its related funds are properly classified as a single 
entity or as multiple entities for Federal tax purposes. Regardless of 
whether the series of funds is classified as a single partnership or 
corporation or as multiple partnerships or corporations, an Applicant 
may not transfer any NMTC allocations it receives to one or more of its 
funds unless the fund is a certified CDE that is a Subsidiary of the 
Applicant, enjoined to the Allocation Agreement as a Subsidiary 
Allocatee.
    8. Entities that are Bank Enterprise Award Program (BEA Program) 
award recipients: An insured depository institution investor (and its 
Affiliates and Subsidiaries) may not receive a NMTC allocation in 
addition to a BEA Program award for the same investment in a CDE. 
Likewise, an insured depository institution investor (and its 
Affiliates and Subsidiaries) may not receive a BEA Program award in 
addition to a NMTC allocation for the same investment in a CDE.

IV. Application and Submission Information

    A. Address to request application package: Applicants must submit 
applications electronically under this NOAA, through the CDFI Fund Web 
site. Following the publication of this NOAA, the CDFI Fund will make 
the electronic allocation application available on its Web site at 
https://www.cdfifund.gov. Applications sent by mail, facsimile or other 
form will not be accepted. Please note the CDFI Fund will only accept 
the application and attachments (e.g., the Controlling Entity's 
representative signature page, Assurances and Certifications supporting 
documents, investor letters, organizational charts) in electronic form.
    B. Application content requirements: Detailed application content 
requirements are found in the application related to this NOAA. 
Applicants must submit all materials described in and required by the 
application by the applicable deadlines. Applicants will not be 
afforded an opportunity to provide any missing materials or 
documentation, except, if necessary and at the request of the CDFI 
Fund. Electronic applications must be submitted solely by using the 
format made available at the CDFI Fund's Web site. Additional 
information, including instructions relating to the submission of 
supporting information (e.g., the Controlling Entity's representative 
signature page, Assurances and Certifications supporting documents, 
investor letters, organizational charts), is set forth in further 
detail in the NMTC Online Application Instructions for this Allocation 
Round. An application must include a valid and current Employer 
Identification Number (EIN) issued by the Internal Revenue Service 
(IRS) and assigned to the Applicant and, if applicable, their 
Controlling Entity. Electronic applications without a valid EIN are 
incomplete and cannot be transmitted to the CDFI Fund. For more 
information on obtaining an EIN, please contact the IRS at (800) 829-
4933 or www.irs.gov. Do not include any personal Social Security 
Numbers as part of the application.
    An Applicant may not submit more than one application in response 
to this NOAA. In addition, as stated in Section III.A.6 of this NOAA, 
an Applicant and its Affiliates must collectively submit only one 
allocation application; an Applicant and its Affiliates may not submit 
separate allocation applications except as outlined in Section III.A.6 
above. Once an application is submitted, an Applicant will not be 
allowed to change any element of its application.
    C. Form of application submission: Applicants may only submit 
applications under this NOAA electronically. Applications sent by 
facsimile or by email will not be accepted. Submission of an electronic 
application will facilitate the processing and review of applications 
and the selection of Allocatees; further, it will assist the CDFI Fund 
in the implementation of electronic reporting requirements.
    Electronic applications must be submitted solely by using the CDFI 
Fund's Web site and must be sent in accordance with the submission 
instructions provided in the NMTC Online Application Instruction for 
this Allocation Rounds. The CDFI Fund recommends use of Internet 
Explorer version 8 or higher on a Microsoft Windows-based computer 
(Windows Vista or higher), and optimally at least a 56Kbps Internet 
connection in order to meet the electronic application submission 
requirements. Use of other browsers (e.g., Firefox, Chrome, Safari), 
other versions of Internet Explorer, or other operating systems (e.g., 
Mac) might result in problems during submission of the application. The 
CDFI Fund's electronic application system will only permit the 
submission of applications in which all required questions and tables 
are fully completed. Additional information, including instructions 
relating to the submission of supporting information (e.g., the 
Controlling Entity's representative signature page, Assurances and 
Certifications supporting documents, investor letters, organizational 
charts) is set forth in further detail in the NMTC Online Application 
Instructions for this Allocation Round.
    D. Application submission dates and times:
    1. Application deadlines:
    a. Electronic applications must be received by 5:00 p.m. ET on June 
21, 2017. Electronic applications cannot be transmitted or received 
after 5:00 p.m. ET on June 21, 2017. In addition, Applicants must 
separately electronically submit supporting information (e.g., the 
Controlling Entity's representative signature page,

[[Page 20973]]

Assurances and Certifications supporting documents, investor letters, 
and organizational charts). The Controlling Entity's representative 
signature page, Assurances and Certifications supporting documents, 
investor letters and organizational charts must be submitted on or 
before 11:59 p.m. on June 26, 2017. For details, see the instructions 
provided in the NMTC Online Application Instructions for this 
Allocation Round on the CDFI Fund's Web site.
    Applications and other required documents received after this date 
and time will be rejected. Please note that the document submission 
deadlines in this NOAA and/or the allocation application are strictly 
enforced.
    E. Intergovernmental Review: Not applicable.
    F. Funding Restrictions: For allowable uses of investment proceeds 
related to a NMTC allocation, please see 26 U.S.C. 45D and the final 
regulations issued by the Internal Revenue Service (26 CFR 1.45D-1, 
published December 28, 2004 and as amended) and related guidance. 
Please see Section I, above, for the Programmatic Changes of this NOAA.
    G. Paperwork Reduction: Under the Paperwork Reduction Act (44 
U.S.C. chapter 35), an agency may not conduct or sponsor a collection 
of information, and an individual is not required to respond to a 
collection of information, unless it displays a valid OMB control 
number. Pursuant to the Paperwork Reduction Act, the application has 
been assigned the following control number: 1559-0016.

V. Application Review Information

    A. Review and selection process: All allocation applications will 
be reviewed for eligibility and completeness. To be complete, the 
application must contain, at a minimum, all information described as 
required in the application form. An incomplete application will be 
rejected. Once the application has been determined to be eligible and 
complete, the CDFI Fund will conduct the substantive review of each 
application in two parts (Phase 1 and Phase 2) in accordance with the 
criteria and procedures generally described in this NOAA and the 
allocation application.
    In Phase 1, three reviewers will evaluate and score the Business 
Strategy and Community Outcomes sections of each application. An 
Applicant must exceed a minimum overall aggregate base score threshold 
and exceed a minimum aggregate section score threshold in each scored 
section in order to advance from the Phase 1 to the Phase 2 part of the 
substantive review process. In Phase 2, the CDFI Fund will rank 
Applicants and determine the dollar amount of allocation authority 
awarded in accordance with the procedures set forth below.
    B. Criteria:
    1. Business Strategy (25-point maximum):
    a. When assessing an Applicant's business strategy, reviewers will 
consider, among other things: The Applicant's products, services and 
investment criteria; the prior performance of the Applicant or its 
Controlling Entity, particularly as it relates to making similar kinds 
of investments as those it proposes to make with the proceeds of QEIs; 
the Applicant's prior performance in providing capital or technical 
assistance to disadvantaged businesses or communities; the projected 
level of the Applicant's pipeline of potential investments; the extent 
to which the Applicant intends to make QLICIs in one or more businesses 
in which persons unrelated to the entity hold a majority equity 
interest; and the extent to which Applicants that otherwise have 
notable relationships with the Qualified Active Low Income Community 
Businesses (QALICBs) financed will create benefits (beyond those 
created in the normal course of a NMTC transaction) to Low-Income 
Communities.
    Under the Business Strategy criterion, an Applicant will generally 
score well to the extent that it will deploy debt or investment capital 
in products or services which are flexible or non-traditional in form 
and on better terms than available in the marketplace. An Applicant 
will also score well to the extent that, among other things: (i) It has 
a track record of successfully deploying loans or equity investments 
and providing services similar to those it intends to provide with the 
proceeds of QEIs; (ii) it has identified a set of clearly-defined 
potential borrowers or investees; (iii) its projected dollar volume of 
NMTC deployment is supported by its track record of deployment; (iv) in 
the case of an Applicant proposing to purchase loans from CDEs, the 
Applicant will require the CDE selling such loans to re-invest the 
proceeds of the loan sale to provide additional products and services 
to Low-Income Communities.
    b. Priority Points: In addition, as provided by IRC Sec.  
45D(f)(2), the CDFI Fund will ascribe additional points to entities 
that meet one or both of the statutory priorities. First, the CDFI Fund 
will give up to five (5) additional points to any Applicant that has a 
record of having successfully provided capital or technical assistance 
to disadvantaged businesses or communities. Second, the CDFI Fund will 
give five (5) additional points to any Applicant that intends to 
satisfy the requirement of IRC Sec.  45D(b)(1)(B) by making QLICIs in 
one or more businesses in which persons unrelated (within the meaning 
of IRC Sec.  267(b) or IRC Sec.  707(b)(1)) to an Applicant (and the 
Applicant's subsidiary CDEs, if the Subsidiary Allocatee makes the 
QLICI) hold the majority equity interest. Applicants may earn points 
for one or both statutory priorities. Thus, Applicants that meet the 
requirements of both priority categories can receive up to a total of 
ten (10) additional points. A record of having successfully provided 
capital or technical assistance to disadvantaged businesses or 
communities may be demonstrated either by the past actions of an 
Applicant itself or by its Controlling Entity (e.g., where a new CDE is 
established by a nonprofit corporation with a history of providing 
assistance to disadvantaged communities). An Applicant that receives 
additional points for intending to make investments in unrelated 
businesses and is awarded a NMTC allocation must meet the requirements 
of IRC Sec.  45D(b)(1)(B) by investing substantially all of the 
proceeds from its QEIs in unrelated businesses. The CDFI Fund will 
factor in an Applicant's priority points when ranking Applicants during 
Phase 2 of the review process, as described below.
    2. Community Outcomes (25-point maximum): In assessing the 
potential benefits to Low-Income Communities that may result from the 
Applicant's proposed investments, reviewers will consider, among other 
things, the degree to which the Applicant is likely to: (i) Achieve 
significant and measurable community development outcomes in its Low-
Income Communities; (ii) invest in particularly economically distressed 
markets: (iii) Engage with local communities regarding investments; 
(iv) the level of involvement of community representatives in the 
Governing Board and/or Advisory Board in approving investment criteria 
or decisions; and (v) demonstrate a track record of investing in 
businesses that spur additional private capital investment in Low-
Income Communities.
    An Applicant will generally score well under this section to the 
extent that, among other things: (a) It has a track record of producing 
quantitative and qualitative community outcomes that are similar to 
those projected to be achieved with an NMTC allocation; (b) it is 
working in particularly economically distressed or otherwise 
underserved communities; (c) its

[[Page 20974]]

activities are part of a broader community or economic development 
strategy; (d) it demonstrates a track record of community engagement 
around past investment decisions; (e) it ensures that an NMTC 
investment into a project or business is supported by and will be 
beneficial to Low-Income Persons and residents of Low-Income 
Communities (LICs); and (f) it is likely to engage in activities that 
will spur additional private capital investment.
    C. Phase 2 Evaluation.
    1. Final Rank Score.
    a. Anomaly Reviews: Using the numeric scores from Phase 1, 
Applicants are ranked on the basis of each Applicant's combined scores 
in the Business Strategy and Community Outcomes sections of the 
application plus one half of the priority points. If, in the case of a 
particular application, a reviewer's total base score or section 
score(s) (in one or more of the two application scored sections) varies 
significantly from the median of the three reviewers' total base scores 
or section scores for such application, the CDFI Fund may, in its sole 
discretion, obtain the evaluation and numeric scoring of an additional 
fourth reviewer to determine whether the anomalous score should be 
replaced with the score of the additional fourth reviewer.
    b. Late Reports: In the case of an Applicant or any Affiliates that 
has previously received an award or allocation from the CDFI Fund 
through any CDFI Fund program, the CDFI Fund will deduct points from 
the Applicant's ``Final Rank Score'' for the Applicant's (or its 
Affiliate's) failure to meet any of the reporting deadlines set forth 
in any assistance, award or Allocation Agreement(s), if the reporting 
deadlines occurred during the period from December 17, 2015 to the 
application deadline in this NOAA (June 21, 2017).
    c. Prior Year Allocatees: In the case of Applicants (or their 
Affiliates) that are prior year Allocatees, the CDFI Fund will review 
the activities of the prior year Allocatee to determine whether the 
entity has: (a) Effectively utilized its prior-year allocations in a 
manner generally consistent with the representations made in the 
relevant allocation application (including, but not limited to, the 
proposed product offerings, QALICB type, and markets served); and (b) 
substantiated a need for additional allocation authority. The CDFI Fund 
will use this information in determining whether to reject or reduce 
the allocation award amount of its NMTC allocation application. The 
CDFI Fund will award allocations in the order of the ``Final Rank 
Score,'' subject to Applicants meeting all other eligibility 
requirements; provided, however, that the CDFI Fund, in its sole 
discretion, reserves the right to reject an application and/or adjust 
award amounts as appropriate based on information obtained during the 
review process.
    2. Management Capacity: In assessing an Applicant's management 
capacity, CDFI Fund will consider, among other things, the 
qualifications of the Applicant's Principals, its board members, its 
management team, and other essential staff or contractors, with 
specific focus on: Experience in providing loans, equity investments or 
financial counseling and other services, including activities similar 
to those described in the Applicant's business strategy; asset 
management and risk management experience; experience with fulfilling 
compliance requirements of other governmental programs, including other 
tax programs; and the Applicant's (or its Controlling Entity's) 
financial health. CDFI Fund evaluators will also consider the extent to 
which an Applicant has protocols in place to ensure ongoing compliance 
with NMTC Program requirements and the Applicant's projected income and 
expenses related to managing an NMTC allocation.
    An Applicant will be generally evaluated more favorably under this 
section to the extent that its management team or other essential 
personnel have experience in: (a) Providing loans, equity investments 
or financial counseling and other services in Low-Income Communities, 
particularly those likely to be served by the Applicant with the 
proceeds of QEIs; (b) asset and risk management; and (c) fulfilling 
government compliance requirements, particularly tax credit program 
compliance. An Applicant will also be evaluated favorably to the extent 
it demonstrates strong financial health and a high likelihood of 
remaining a going-concern; it clearly explains levels of income and 
expenses; has policies and systems in place to ensure ongoing 
compliance with NMTC Program requirements; and, if it is a Federally-
insured financial institution, its most recent Community Reinvestment 
Act (CRA) rating was ``outstanding.''
    3. Capitalization Strategy: When assessing an Applicant's 
capitalization strategy, CDFI Fund will consider, among other things: 
The key personnel of the Applicant (or Controlling Entity) and their 
track record of raising capital, particularly from for-profit 
investors; the extent to which the Applicant has secured investments or 
commitments to invest in NMTC (if applicable), or indications of 
investor interest commensurate with its requested amount of tax credit 
allocations, or, if a prior Allocatee, the track record of the 
Applicant or its Affiliates in raising Qualified Equity Investments in 
the past five years; the Applicant's strategy for identifying 
additional investors, if necessary, including the Applicant's (or its 
Controlling Entity's) prior performance with raising equity from 
investors, particularly for-profit investors; the distribution of the 
economic benefits of the tax credit; and the extent to which the 
Applicant intends to invest the proceeds from the aggregate amount of 
its QEIs at a level that exceeds the requirements of IRC Sec.  
45D(b)(1)(B) and the IRS regulations.
    An Applicant will be evaluated more favorably under this section to 
the extent that: (a) It or its Controlling Entity demonstrate a track 
record of raising investment capital; (b) it has secured investor 
commitments, or has a reasonable strategy for obtaining such 
commitments, or, if it or its Affiliates is a prior Allocatee with a 
track record in the past five years of raising Qualified Equity 
Investments or; (c) it generally demonstrates that the economic 
benefits of the tax credit will be passed through to a QALICB; and (d) 
it intends to invest the proceeds from the aggregate amount of its QEIs 
at a level that exceeds the requirements of IRC Sec.  45D(b)(1)(B) and 
the IRS regulations. In the case of an Applicant proposing to raise 
investor funds from organizations that also will identify or originate 
transactions for the Applicant or from Affiliated entities, said 
Applicant will be evaluated more favorably to the extent that it will 
offer products with more favorable rates or terms than those currently 
offered by its investor(s) or Affiliated entities and/or will target 
its activities to areas of greater economic distress than those 
currently targeted by the investor or Affiliated entities.
    D. Allocations serving Non-Metropolitan counties: As provided for 
under Section 102(b) of the Tax Relief and Health Care Act of 2006 
(Pub. L. 109-432), the CDFI Fund shall ensure that Non-Metropolitan 
counties receive a proportional allocation of QEIs under the NMTC 
Program. To this end, the CDFI Fund will ensure that the proportion of 
Allocatees that are Rural CDEs is, at a minimum, equal to the 
proportion of Applicants in the highly qualified pool that are Rural 
CDEs. The CDFI Fund will also endeavor to ensure that 20 percent of the 
QLICIs to be made using QEI proceeds are invested in Non-Metropolitan 
counties. A Rural CDE is one that has a track record of at least three 
years of direct financing

[[Page 20975]]

experience, has dedicated at least 50 percent of its direct financing 
dollars to Non-Metropolitan counties over the past five years, and has 
committed that at least 50 percent of its NMTC financing dollars with 
this Allocation will be deployed in such areas. Non-Metropolitan 
counties are counties not contained within a Metropolitan Statistical 
Area, as such term is defined in OMB Bulletin No. 10-02 (Update of 
Statistical Area Definitions and Guidance on Their Uses) and applied 
using 2010 census tracts.
    Applicants that meet the minimum scoring thresholds will be 
advanced to Phase 2 review and will be provided with ``preliminary'' 
awards, in descending order of Final Rank Score, until the available 
allocation authority is fulfilled. Once these ``preliminary'' award 
amounts are determined, the CDFI Fund will then analyze the Allocatee 
pool to determine whether the two Non-Metropolitan proportionality 
objectives have been met.
    The CDFI Fund will first examine the ``preliminary'' awards and 
Allocatees to determine whether the percentage of Allocatees that are 
Rural CDEs is, at a minimum, equal to the percentage of Applicants in 
the highly qualified pool that are Rural CDEs. If this objective is not 
achieved, the CDFI Fund will provide awards to additional Rural CDEs 
from the highly qualified pool, in descending order of their Final Rank 
Score, until the appropriate percentage balance is achieved. In order 
to accommodate the additional Rural CDEs in the Allocatee pool within 
the available allocation limitations, a formula reduction will be 
applied as uniformly as possible to the allocation amount for all 
Allocatees in the pool that have not committed to investing a minimum 
of 20 percent of their QLICIs in Non-Metropolitan counties.
    The CDFI Fund will then determine whether the pool of Allocatees 
will, in the aggregate, invest at least 20 percent of their QLICIs (as 
measured by dollar amount) in Non-Metropolitan counties. The CDFI Fund 
will first apply the ``minimum'' percentage of QLICIs that Allocatees 
indicated in their applications would be targeted to Non-Metropolitan 
areas to the total allocation award amount of each Allocatee (less 
whatever percentage the Allocatee indicated would be retained for non-
QLICI activities), and total these figures for all Allocatees. If this 
aggregate total is greater than or equal to 20 percent of the QLICIs to 
be made by the Allocatees, then the pool is considered balanced and the 
CDFI Fund will proceed with the allocation process. However, if the 
aggregate total is less than 20 percent of the QLICIs to be made by the 
Allocatees, the CDFI Fund will consider requiring any or all of the 
Allocatees to direct up to the ``maximum'' percentage of QLICIs that 
the Allocatees indicated would be targeted to Non-Metropolitan 
counties, taking into consideration their track record and ability to 
deploy dollars in Non-Metropolitan counties. If the CDFI Fund cannot 
meet the goal of 20 percent of QLICIs in Non-Metropolitan counties by 
requiring any or all Allocatees to commit up to the maximum percentage 
of QLICIs that they indicated would be targeted to Non-Metropolitan 
counties, the CDFI Fund may add additional Rural CDEs (in descending 
order of final rank score) to the Allocatee pool. In order to 
accommodate any additional Allocatees within the allocation 
limitations, a formula reduction will be applied as uniformly as 
possible, to the allocation amount for all Allocatees in the pool that 
have not committed to investing a minimum of 20 percent of their QLICIs 
in Non-Metropolitan counties.
    E. Questions: All outstanding reports or compliance questions 
should be directed to the Office of Certification, Compliance 
Monitoring, and Evaluation through the submission of a Service Request 
in AMIS or by telephone at (202) 653-0423. The CDFI Fund will respond 
to reporting or compliance questions between the hours of 9:00 a.m. and 
5:00 p.m. ET, starting the date of the publication of this NOAA through 
June 19, 2017. The CDFI Fund will not respond to reporting or 
compliance phone calls or email inquiries that are received after 5:00 
p.m. ET on June 19, 2017 until after the funding application deadline 
of June 21, 2017.
    F. Right of rejection: The CDFI Fund reserves the right to reject 
any NMTC allocation application in the case of a prior CDFI Fund award 
recipient, if such Applicant has failed to comply with the terms, 
conditions, and other requirements of the prior or existing assistance 
or award agreement(s) with the CDFI Fund. The CDFI Fund reserves the 
right to reject any NMTC allocation application in the case of a prior 
CDFI Fund Allocatee, if such Applicant has failed to comply with the 
terms, conditions, and other requirements of its prior or existing 
Allocation Agreement(s) with the CDFI Fund. The CDFI Fund reserves the 
right to reject any NMTC allocation application in the case of any 
Applicant, if an Affiliate of the Applicant has failed to meet the 
terms, conditions and other requirements of any prior or existing 
assistance agreement, award agreement or Allocation Agreement with the 
CDFI Fund.
    The CDFI Fund reserves the right to reject or reduce the allocation 
award amount of any NMTC allocation application in the case of a prior 
Allocatee, if such Applicant has failed to use its prior NMTC 
allocation(s) in a manner that is generally consistent with the 
business strategy (including, but not limited to, the proposed product 
offerings, QALICB type, and markets served) set forth in the allocation 
application(s) related to such prior allocation(s) or such Applicant 
has been found by the IRS to have engaged in a transaction or series of 
transactions designed to achieve a result that is inconsistent with the 
purposes of IRC Sec.  45D. The CDFI Fund also reserves the right to 
reject or reduce the allocation award amount of any NMTC allocation 
application in the case of an Affiliate of the Applicant that is a 
prior Allocatee and has failed to use its prior NMTC allocation(s) in a 
manner that is generally consistent with the business strategy set 
forth in the allocation application(s) related to such prior 
allocation(s) or has been found by the IRS to have engaged in a 
transaction or series of transactions designed to achieve a result that 
is inconsistent with the purposes of IRC Sec.  45D.
    The CDFI Fund reserves the right to reject an NMTC allocation 
application if information (including administrative errors or omission 
of information) comes to the attention of the CDFI Fund that adversely 
affects an Applicant's eligibility for an award, adversely affects the 
CDFI Fund's evaluation or scoring of an application, adversely affects 
the CDFI Fund's prior determinations of CDE certification, or indicates 
fraud or mismanagement on the part of an Applicant or the Controlling 
Entity, if such fraud or mismanagement by the Controlling Entity would 
hinder the Applicant's ability to perform under the Allocation 
Agreement. If the CDFI Fund determines that any portion of the 
application is incorrect in any material respect, the CDFI Fund 
reserves the right, in its sole discretion, to reject the application.
    As a part of the substantive review process, the CDFI Fund may 
permit the Allocation Recommendation Panel member(s) to request 
information from Applicants for the sole purpose of obtaining, 
clarifying or confirming application information or omission of 
information. In no event shall such contact be construed to permit an 
Applicant to change any element of its application. At this point in 
the process, an Applicant may be required to submit additional 
information about its application in order to assist the CDFI Fund with 
its final evaluation process.

[[Page 20976]]

If the Applicant (or the Controlling Entity or any Affiliate) has 
previously been awarded an NMTC allocation, the CDFI Fund may also 
request information on the use of those NMTC allocations, to the extent 
that this information has not already been reported to the CDFI Fund. 
Such requests must be responded to within the time parameters set by 
the CDFI Fund. The selecting official(s) will make a final allocation 
determination based on an Applicant's file, including, without 
limitation, eligibility under IRC Sec.  45D, the reviewers' scores and 
the amount of allocation authority available.
    In the case of Applicants (or the Controlling Entity, or 
Affiliates) that are regulated or receive oversight by the Federal 
government or a State agency (or comparable entity), the CDFI Fund may 
request additional information from the Applicant regarding Assurances 
and Certifications or other information about the ability of the 
Applicant to effectively perform under the Allocation Agreement. The 
Allocation Recommendation Panel or selecting official(s) reserve(s) the 
right to consult with and take into consideration the views of the 
appropriate Federal banking and other regulatory agencies. The CDFI 
Fund reserves the right to reject any NMTC Allocation Application if 
additional information is obtained that, after further due diligence 
and in the discretion of the CDFI Fund, would hinder the Applicant's 
ability to effectively perform under the Allocation Agreement. In the 
case of Applicants (or Affiliates of Applicants) that are also Small 
Business Investment Companies, Specialized Small Business Investment 
Companies or New Markets Venture Capital Companies, the CDFI Fund 
reserves the right to consult with and take into consideration the 
views of the Small Business Administration. An Applicant will not be 
awarded an allocation if it has a composite rating of ``5'' on its most 
recent examination, performed in accordance with the Uniform Financial 
Institutions Rating System.
    Furthermore, the CDFI Fund will not award an NMTC allocation for 
the following reasons, if at the time of application or any time during 
the application review process through the closing of the Allocation 
Agreement, the Applicant received any of the following: 1. CRA 
assessment rating of below ``Satisfactory'' on its most recent 
examination; 2. A going concern opinion on its most recent audit; or 3. 
A Prompt Corrective Action directive from its regulator.
    The CDFI Fund reserves the right to conduct additional due 
diligence, as determined reasonable and appropriate by the CDFI Fund, 
in its sole discretion, related to the Applicant, Affiliates, the 
Applicant's Controlling Entity and the officers, directors, owners, 
partners and key employees of each. This includes the right to consult 
with the IRS if the Applicant (or the Controlling Entity, or 
Affiliates) has previously been awarded an NMTC allocation.
    Each Applicant will be informed of the CDFI Fund's award decision 
through an electronic notification whether selected for an allocation 
or not selected for an allocation, which may be for reasons of 
application incompleteness, ineligibility or substantive issues. All 
Applicants that are not selected for an allocation based on substantive 
issues will likely be given the opportunity to receive feedback on 
their applications. This feedback will be provided in a format and 
within a timeframe to be determined by the CDFI Fund, based on 
available resources.
    The CDFI Fund further reserves the right to change its eligibility 
and evaluation criteria and procedures, if the CDFI Fund deems it 
appropriate. If said changes materially affect the CDFI Fund's award 
decisions, the CDFI Fund will provide information regarding the changes 
through the CDFI Fund's Web site.
    There is no right to appeal the CDFI Fund's NMTC allocation 
decisions. The CDFI Fund's NMTC allocation decisions are final.

VI. Award Administration Information

    A. Allocation Award Compliance
    1. Failure to meet reporting requirements: If an Allocatee, or an 
Affiliate of an Allocatee, is a prior CDFI Fund award recipient or 
Allocatee under any CDFI Fund program and is not current on the 
reporting requirements set forth in the previously executed assistance, 
allocation, or award agreement(s), as of the date of the NOAA or 
thereafter, the CDFI Fund reserves the right, in its sole discretion, 
to reject the application, delay entering into an Allocation Agreement, 
and/or impose limitations on an Allocatee's ability to issue QEIs to 
investors until said prior award recipient or Allocatee is current on 
the reporting requirements in the previously executed assistance, 
allocation, or award agreement(s). Please note that the automated 
systems the CDFI Fund uses for receipt of reports submitted 
electronically typically acknowledges only a report's receipt; such an 
acknowledgment does not warrant that the report received was complete 
and therefore met reporting requirements. If said prior award recipient 
or Allocatee is unable to meet this requirement within the timeframe 
set by the CDFI Fund, the CDFI Fund reserves the right, in its sole 
discretion, to terminate and rescind the allocation made under this 
NOAA.
    2. Pending determination of noncompliance or default: If an 
Allocatee is a prior award recipient or Allocatee under any CDFI Fund 
program and if: (i) It has submitted reports to the CDFI Fund that 
demonstrate potential noncompliance with or a default under a previous 
assistance, award, or Allocation Agreement; and (ii) the CDFI Fund has 
yet to make a final determination as to whether the entity is in 
noncompliance with or default under its previous assistance, award, or 
Allocation Agreement, the CDFI Fund reserves the right, in its sole 
discretion, to delay entering into an Allocation Agreement and/or to 
impose limitations on the Allocatee's ability to issue Qualified Equity 
Investments to investors, pending final determination of whether the 
entity is in noncompliance or default, and determination of remedies, 
if applicable, in the sole determination of the CDFI Fund. Further, if 
an Affiliate of an Allocatee is a prior CDFI Fund award recipient or 
Allocatee and if such entity: (i) Has submitted reports to the CDFI 
Fund that demonstrate potential noncompliance/default under a previous 
assistance, award, or Allocation Agreement; and (ii) the CDFI Fund has 
yet to make a final determination as to whether the entity is in 
noncompliance/default under its previous assistance, award, or 
Allocation Agreement, the CDFI Fund reserves the right, in its sole 
discretion, to delay entering into an Allocation Agreement and/or to 
impose limitations on the Allocatee's ability to issue QEIs to 
investors, pending final determination of whether the entity is in 
noncompliance or default, and determination of remedies, if applicable, 
in the sole determination of the CDFI Fund. If the prior award 
recipient or Allocatee in question is unable to satisfactorily resolve 
the issues of noncompliance, in the sole determination of the CDFI 
Fund, the CDFI Fund reserves the right, in its sole discretion, to 
terminate and rescind the award notification made under this NOAA.
    3. Default status: If prior to entering into an Allocation 
Agreement through this NOAA: (i) The CDFI Fund has made a determination 
that an Allocatee that is a prior CDFI Fund award recipient or 
Allocatee under any CDFI Fund program is in default of a previously 
executed assistance, allocation, or assistance agreement(s); (ii) the 
CDFI

[[Page 20977]]

Fund has provided written notification of such determination to such 
organization; and (iii) the anticipated date for entering into an 
Allocation Agreement is within a period of time specified in such 
notification throughout which any new award, allocation, or assistance 
is prohibited, the CDFI Fund reserves the right, in its sole 
discretion, to delay entering into an Allocation Agreement and/or to 
impose limitations on the Allocatee's ability to issue QEIs to 
investors, or to terminate and rescind the Notice of Allocation and the 
allocation made under this NOAA. Furthermore, if prior to entering into 
an Allocation Agreement through this NOAA: (i) The CDFI Fund has made a 
determination that an Affiliate of the Allocatee that is a prior CDFI 
Fund award recipient or Allocatee under any CDFI Fund program is in 
default of a previously executed assistance, allocation, or award 
agreement(s); (ii) the CDFI Fund has provided written notification of 
such determination to such organization; and (iii) the anticipated date 
for entering into an Allocation Agreement is within a period of time 
specified in such notification throughout which any new award, 
allocation, or assistance is prohibited, the CDFI Fund reserves the 
right, in its sole discretion, to delay entering into an Allocation 
Agreement and/or to impose limitations on the Allocatee's ability to 
issue QEIs to investors, or to terminate and rescind the Notice of 
Allocation and the allocation made under this NOAA.
    B. Allocation Agreement: Each Applicant that is selected to receive 
a NMTC allocation (including the Applicant's Subsidiary Allocatees) 
must enter into an Allocation Agreement with the CDFI Fund. The 
Allocation Agreement will set forth certain required terms and 
conditions of the NMTC allocation which may include, but are not 
limited to, the following: (i) The amount of the awarded NMTC 
allocation; (ii) the approved uses of the awarded NMTC allocation 
(e.g., loans to or equity investments in Qualified Active Low-Income 
Businesses, loans to or equity investments in other CDEs); (iii) the 
approved service area(s) in which the proceeds of QEIs may be used, 
including the dollar amount of QLICIs that must be invested in Non-
Metropolitan counties; (iv) commitments to specific ``innovative 
activities'' discussed by the Applicant in its Allocation Application; 
(v) the time period by which the Applicant may obtain QEIs from 
investors; (vi) reporting requirements for all Applicants receiving 
NMTC allocations; and (vii) a requirement to maintain certification as 
a CDE throughout the term of the Allocation Agreement. If an Applicant 
has represented in its NMTC allocation application that it intends to 
invest substantially all of the proceeds from its investors in 
businesses in which persons unrelated to the Applicant hold a majority 
equity interest, the Allocation Agreement will contain a covenant 
whereby said Applicant agrees that it will invest substantially all of 
said proceeds in businesses in which persons unrelated to the Applicant 
hold a majority equity interest.
    In addition to entering into an Allocation Agreement, each 
Applicant selected to receive a NMTC allocation must furnish to the 
CDFI Fund an opinion from its legal counsel or a similar certification, 
the content of which will be further specified in the Allocation 
Agreement, to include, among other matters, an opinion that an 
Applicant (and its Subsidiary Allocatees, if any): (i) Is duly formed 
and in good standing in the jurisdiction in which it was formed and the 
jurisdiction(s) in which it operates; (ii) has the authority to enter 
into the Allocation Agreement and undertake the activities that are 
specified therein; (iii) has no pending or threatened litigation that 
would materially affect its ability to enter into and carry out the 
activities specified in the Allocation Agreement; and (iv) is not in 
default of its articles of incorporation, bylaws or other 
organizational documents, or any agreements with the Federal 
government.
    If an Allocatee identifies Subsidiary Allocatees, the CDFI Fund 
reserves the right to require an Allocatee to provide supporting 
documentation evidencing that it Controls such entities prior to 
entering into an Allocation Agreement with the Allocatee and its 
Subsidiary Allocatees. The CDFI Fund reserves the right, in its sole 
discretion, to rescind its allocation award if the Allocatee fails to 
return the Allocation Agreement, signed by the authorized 
representative of the Allocatee, and/or provide the CDFI Fund with any 
other requested documentation, including an approved legal opinion, 
within the deadlines set by the CDFI Fund.
    C. Fees: The CDFI Fund reserves the right, in accordance with 
applicable Federal law and, if authorized, to charge allocation 
reservation and/or compliance monitoring fees to all entities receiving 
NMTC allocations. Prior to imposing any such fee, the CDFI Fund will 
publish additional information concerning the nature and amount of the 
fee.
    D. Reporting: The CDFI Fund will collect information, on at least 
an annual basis from all Applicants that are awarded NMTC allocations 
and/or are recipients of QLICIs, including such audited financial 
statements and opinions of counsel as the CDFI Fund deems necessary or 
desirable, in its sole discretion. The CDFI Fund will require the 
Applicant to retain information as the CDFI Fund deems necessary or 
desirable and shall provide such information to the CDFI Fund when 
requested to monitor each Allocatee's compliance with the provisions of 
its Allocation Agreement and to assess the impact of the NMTC Program 
in Low-Income Communities. The CDFI Fund may also provide such 
information to the IRS in a manner consistent with IRC Sec.  6103 so 
that the IRS may determine, among other things, whether the Allocatee 
has used substantially all of the proceeds of each QEI raised through 
its NMTC allocation to make QLICIs. The Allocation Agreement shall 
further describe the Allocatee's reporting requirements.
    The CDFI Fund reserves the right, in its sole discretion, to modify 
these reporting requirements if it determines it to be appropriate and 
necessary; however, such reporting requirements will be modified only 
after due notice to Allocatees.

VII. Agency Contacts

    The CDFI Fund will provide programmatic and information technology 
support related to the allocation application between the hours of 9:00 
a.m. and 5:00 p.m. ET through June 19, 2017. The CDFI Fund will not 
respond to phone calls or emails concerning the application that are 
received after 5:00 p.m. ET on June 19, 2017 until after the allocation 
application deadline of June 21, 2017. Applications and other 
information regarding the CDFI Fund and its programs may be obtained 
from the CDFI Fund's Web site at https://www.cdfifund.gov. The CDFI 
Fund will post on its Web site responses to questions of general 
applicability regarding the NMTC Program.
    A. Information technology support: Technical support can be 
obtained by calling (202) 653-0422 or by submitting a Service Request 
in AMIS. People who have visual or mobility impairments that prevent 
them from accessing the Low-Income Community maps using the CDFI Fund's 
Web site should call (202) 653-0422 for assistance. These are not toll 
free numbers.
    B. Programmatic support: If you have any questions about the 
programmatic requirements of this NOAA, contact the

[[Page 20978]]

CDFI Fund's NMTC Program Manager by submitting a Service Request in 
AMIS; or by telephone at (202) 653-0421. These are not toll-free 
numbers.
    C. Administrative support: If you have any questions regarding the 
administrative requirements of this NOAA, contact the CDFI Fund's NMTC 
Program Manager by submitting a Service Request in AMIS, or by 
telephone at (202) 653-0421. These are not toll free numbers.
    D. IRS support: For questions regarding the tax aspects of the NMTC 
Program, contact Jian Grant and James Holmes, Office of the Associate 
Chief Counsel (Passthroughs and Special Industries), IRS, by telephone 
at (202) 317-4137, or by facsimile at (202) 317-6731. These are not 
toll free numbers. Applicants wishing formal ruling request should see 
IRS Internal Revenue Bulletin 2015-1, issued January 2, 2015.

VIII. Information Sessions

    In connection with this NOAA, the CDFI Fund may conduct one or more 
information sessions that will be produced in Washington, DC and 
broadcast over the internet via webcasting as well as telephone 
conference calls. For further information on these upcoming information 
sessions, please visit the CDFI Fund's Web site at https://www.cdfifund.gov.

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

Mary Ann Donovan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2017-08976 Filed 5-3-17; 8:45 am]
 BILLING CODE 4810-70-P
Federal Register / Vol. 82, No. 85 / Thursday, May 4, 2017 / Notices 20969

will facilitate economic and community issue to their investors the aggregate Applications for CDE certification
development in Low-Income amount of $3.5 billion in equity as to must be submitted in AMIS. Paper
Communities. Through this NOAA, the which NMTCs may be claimed, as versions of the CDE certification
CDFI Fund announces the availability of permitted under IRC § 45D(f)(1)(D). application will not be accepted.
$3.5 billion of NMTC allocation Pursuant to this NOAA, the CDFI Fund The CDFI Fund will not provide
authority in this Allocation Round. anticipates that it will not issue more NMTC allocation authority to
In this NOAA, the CDFI Fund than $100 million in tax credit Applicants that are not certified as CDEs
specifically addresses how a CDE may investment authority per Allocatee. The or to entities that are certified as
apply to receive an allocation of CDFI Fund, in its sole discretion, Subsidiary CDEs.
NMTCs, the competitive procedure reserves the right to allocate amounts in If an Applicant that has already been
through which NMTC allocations will excess of or less than the anticipated certified as a CDE wishes to change its
be made, and the actions that will be maximum allocation amount should the designated CDE Service Area, it must
taken to ensure that proper allocations CDFI Fund deem it appropriate. In order submit its request for such change to the
are made to appropriate entities. to receive an allocation in excess of the CDFI Fund, and the request must be
$100 million cap, an Applicant, at a received by the CDFI Fund by 5:00 p.m.
I. Allocation Availability Description ET on May 17, 2017. A request to
minimum, must demonstrate that: (i) No
A. Programmatic changes from the part of its strategy can be successfully change a CDE’s Service Area must be
Combined CY 2015–2016 allocation implemented without an allocation in submitted through the CDFI Fund’s
round: excess of the applicable cap; and/or (ii) Awards Management Information
1. Prior QEI Issuance Requirements: System (AMIS) as a Service Request.
its strategy will produce extraordinary
In order to be eligible to apply for a Such requests will need to include, at a
community outcomes. The CDFI Fund
NMTC allocation in this Allocation minimum, the applicable CDE control
reserves the right to allocate NMTC
Round, as described in Section number, the revised service area
authority to any, all, or none of the
III.A.3(a), any Applicant that received a designation, and updated accountability
entities that submit applications in
NMTC allocation award in a previous information that demonstrates that the
response to this NOAA, and in any
Allocation round is required to meet the CDE has the required representation
amounts it deems appropriate.
corresponding minimum Qualified from Low-Income Communities in the
Equity Investment (QEI) issuance B. Type of award: NMTC Program
revised Service Area.
threshold with respect to its prior-year awards are made in the form of 2. As a condition of eligibility for this
allocation. These thresholds and allocations of tax credit investment Allocation Round, the Applicant will
deadlines have been revised in authority. not be permitted the use of the proceeds
comparison to the CY 2015–16 NOAA. C. Allocation Agreement: Each of Qualified Equity Investments (QEIs)
B. Program guidance and regulations: Allocatee must sign an Allocation to make Qualified Low-Income
This NOAA describes application and Agreement, which must be Community Investments (QLICIs) in
allocation requirements for this countersigned by the CDFI Fund, before Qualified Active Low-Income
Allocation Round of the NMTC Program the NMTC allocation is effective. The Community Businesses (QALICBs)
and should be read in conjunction with: Allocation Agreement contains the where QLICI proceeds are used, in
(i) Guidance published by the CDFI terms and conditions of the NMTC whole or in part, to repay or refinance
Fund on how an entity may apply to allocation. For further information, see a debt or equity provider whose capital
become certified as a CDE (66 FR 65806, Section VI of this NOAA. was used to fund the QEI, or are used
December 20, 2001); (ii) the final III. Eligibility to repay or refinance any Affiliate of
regulations issued by the Internal such a debt or equity provider, except
Revenue Service (the IRS) (26 CFR A. Eligible Applicants: IRC § 45D where: (i) The QLICI proceeds are used
1.45D–1, published on December 28, specifies certain eligibility requirements to repay or refinance documented
2004), as amended and related that each Applicant must meet to be reasonable expenditures that are
guidance, notices and other eligible to apply for an allocation of directly attributable to the qualified
publications; and (iii) the application NMTCs. The following sets forth business of the QALICB, and such past
and related materials for this Allocation additional detail and certain additional expenditures were incurred no more
Round. All such materials may be found dates that relate to the submission of than 24 months prior to the QLICI
on the CDFI Fund’s Web site at https:// applications under this NOAA for the closing date; or (ii) no more than five
www.cdfifund.gov. The CDFI Fund available NMTC allocation authority. percent of the total QLICI proceeds from
requires Applicants to review these 1. CDE certification: For purposes of the QEI are used to repay or refinance
documents. Capitalized terms used, but this NOAA, the CDFI Fund will not documented reasonable expenditures
not defined, in this NOAA have the consider an application for an allocation that are directly attributable to the
respective meanings assigned to them in of NMTCs unless: (a) The Applicant is qualified business of the QALICB.
the NMTC Program Allocation certified as a CDE at the time the CDFI Refinance includes transferring cash or
application, IRC § 45D or the IRS Fund receives its NMTC Program property, directly or indirectly, to the
regulations. In the event of any allocation application; or (b) the debt or equity provider or an Affiliate of
inconsistency between this NOAA, the Applicant submits an application for the debt or equity provider.
allocation application, and guidance certification as a CDE through the CDFI 3. Prior award recipients or
issued by the CDFI Fund thereto, IRC Fund’s Awards Management Allocatees: Applicants must be aware
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§ 45D or the IRS regulations, the Information System (AMIS) on or before that success in a prior application or
provisions of IRC § 45D and the IRS 5:00 p.m. ET on May 17, 2017. allocation round of any of the CDFI
regulations shall govern. Applicants for CDE certification may Fund’s programs is not indicative of
obtain information regarding CDE success under this NOAA. For purposes
II. Allocation Information certification and the CDE certification of this section, the CDFI Fund will
A. Allocation amounts: Pursuant to application process in AMIS on the consider an Affiliate to be any entity
the Act, the CDFI Fund expects that it CDFI Fund’s Web site at https:// that meets the definition of Affiliate as
may allocate to CDEs the authority to www.cdfifund.gov. defined in the NMTC allocation

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20970 Federal Register / Vol. 82, No. 85 / Thursday, May 4, 2017 / Notices

application materials, or any entity not required to meet the above QEI Income Community Investments
otherwise identified as an Affiliate by issuance thresholds with regard to its (QLICIs).
the Applicant in its NMTC allocation CY 2015–16 NMTC allocation award. Any prior Allocatees that requires any
application materials. Prior award Alternatively, an Applicant that has action by the CDFI Fund (e.g., certifying
recipients of any CDFI Fund program received multiple NMTC allocations a subsidiary entity as a CDE, adding a
are eligible to apply under this NOAA, between CY 2011 and CY 2015–16 subsidiary CDE to an Allocation
except as follows: Rounds can also meet the QEI issuance Agreement) in order to meet the QEI
a. Prior Allocatees and Qualified requirements on a cumulative basis. If issuance requirements above must
Equity Investment (QEI) issuance an Applicant has received multiple submit a Certification Application for
requirements: The following describes NMTC allocation awards between CY subsidiary CDEs by no later than May
the QEI issuance requirements 2011 and CY 2015–16, the Applicant 17, 2017 and Allocation Agreement
applicable to prior Allocatees. shall be deemed to be eligible to apply Amendment requests by no later than
An Allocatee in the CY 2011 for a NMTC allocation pursuant to this July 9, 2017 in order to guarantee that
allocation round of the NMTC Program NOAA if the Applicant is able to the CDFI Fund completes all necessary
is not eligible to receive a NMTC affirmatively demonstrate that, as of approvals prior to August 18, 2017.
allocation pursuant to this NOAA 11:59 p.m. ET on August 18, 2017, it has Applicants for CDE certification,
unless the Allocatee is able to finalized at least 90 percent of its QEIs including for Subsidiary CDE
affirmatively demonstrate that, as of relating to its cumulative allocation certification, may obtain information
11:59 p.m. ET on August 18, 2017, it has amounts from these prior NMTC regarding CDE certification and the CDE
finalized 100 percent of its QEIs relating Program rounds. Rural CDEs that certification application process in
to its CY 2011 NMTC allocation. received allocations under the CY 2014 AMIS on the CDFI Fund’s Web site at
An Allocatee in the CY 2012 allocation round may choose to exclude https://www.cdfifund.gov. Applications
allocation round of the NMTC Program such allocations from this cumulative for CDE certification must be submitted
is not eligible to receive a NMTC calculation, provided that the Allocatee in AMIS. Paper versions of the CDE
allocation pursuant to this NOAA has finalized at least 20 percent of its certification application will not be
unless the Allocatee is able to QEIs relating to its CY 2014 allocation. accepted.
affirmatively demonstrate that, as of Rural CDEs that received allocations b. Pending determination of
11:59 p.m. ET on August 18, 2017, it has under the CY 2015–16 allocation round noncompliance or default: If an
finalized at least 80 percent of its QEIs may choose to exclude such allocation Applicant is a prior award recipient or
relating to its CY 2012 NMTC allocation. from this cumulative calculation. Allocatee under any CDFI Fund
An Allocatee in the CY 2013 In addition to the requirements program and if: (i) It has submitted
allocation round of the NMTC Program described above, an entity is not eligible reports to the CDFI Fund that
is not eligible to receive a NMTC to receive a NMTC allocation pursuant demonstrate potential noncompliance
allocation pursuant to this NOAA to this NOAA if an Affiliate of the with or default under a previous
unless the Allocatee is able to Applicant is a prior Allocatee and has assistance, award or Allocation
affirmatively demonstrate that, as of not met the requirements for the Agreement; and (ii) the CDFI Fund has
11:59 p.m. ET on August 18, 2017, it has issuance and/or commitment of QEIs as yet to make a final determination as to
finalized at least 70 percent of its QEIs set forth above for the Allocatees in the whether the entity is in noncompliance
relating to its CY 2013 NMTC allocation. prior allocation rounds of the NMTC or default of its previous assistance,
An Allocatee (with the exception of a Program. award or Allocation Agreement, the
Rural CDE Allocatee) in the CY 2014 For purposes of this section of the CDFI Fund will consider the
allocation round of the NMTC Program NOAA, the CDFI Fund will only Applicant’s application under this
is not eligible to receive a NMTC recognize as ‘‘finalized’’ those QEIs that NOAA pending final determination of
allocation pursuant to this NOAA have been properly reported in the CDFI whether the entity is in noncompliance
unless the Allocatee is able to Fund’s Allocation Tracking System or default, in the sole determination of
affirmatively demonstrate that, as of (ATS) by the deadlines specified above. the CDFI Fund. Further, if an Affiliate
11:59 p.m. ET on August 18, 2017, it has Allocatees and their Subsidiary of the Applicant is a prior CDFI Fund
finalized at least 50 percent of its QEIs Allocatees, if any, are advised to access award recipient or Allocatee and if such
relating to its CY 2014 NMTC allocation. ATS to record each QEI that they issue entity: (i) Has submitted reports to the
A prior Rural CDE Allocatee awarded in to an investor in exchange for funds in- CDFI Fund that demonstrate potential
the CY 2014 allocation round is not hand. noncompliance with or default under a
eligible to receive a NMTC allocation Applicants will be required, upon previous assistance, award or Allocation
pursuant to this NOAA unless the notification from the CDFI Fund, to Agreement; and (ii) the CDFI Fund has
Allocatee can demonstrate that, as of submit adequate documentation to yet to make a final determination as to
11:59 p.m. ET on August 18, 2017, it has substantiate the required issuances of whether the entity is in noncompliance
finalized at least 30 percent of its CY QEIs. or default of its previous assistance,
2014 NMTC Allocation. Applicants should be aware that these award or Allocation Agreement, the
An Allocatee (with the exception of a QEI issuance requirements represent the CDFI Fund will consider the
Rural CDE Allocatee) in the CY 2015– minimum threshold requirements that Applicant’s application under this
16 allocation round of the NMTC must be met in order to submit an NOAA pending final determination of
Program is not eligible to receive a application for assistance under this whether the entity is in noncompliance
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NMTC allocation pursuant to this NOAA. As stated in Section V.C.1 of or default, in the sole determination of
NOAA unless the Allocatee is able to this NOAA, the CDFI Fund reserves the the CDFI Fund.
affirmatively demonstrate that, as of right to reject an application and/or Moreover, if an Applicant is a prior
11:59 p.m. ET on August 18, 2017, it has adjust award amounts as appropriate Allocatee, and is otherwise eligible as of
finalized at least 30 percent of its QEIs based on information obtained during the application deadline, the Applicant
relating to its CY 2015–16 NMTC the review process—including an must continue to be compliant with its
allocation. A Rural CDE Allocatee Applicant’s track record of raising QEIs Allocation Agreement(s) after the
awarded in the CY 2015–16 Round is and/or deploying its Qualified Low application deadline, in order for the

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Assurances and Certifications rank Applicants and determine the businesses or communities. Second, the
supporting documents, investor letters, dollar amount of allocation authority CDFI Fund will give five (5) additional
and organizational charts). The awarded in accordance with the points to any Applicant that intends to
Controlling Entity’s representative procedures set forth below. satisfy the requirement of IRC
signature page, Assurances and B. Criteria: § 45D(b)(1)(B) by making QLICIs in one
Certifications supporting documents, 1. Business Strategy (25-point or more businesses in which persons
investor letters and organizational maximum): unrelated (within the meaning of IRC
charts must be submitted on or before a. When assessing an Applicant’s § 267(b) or IRC § 707(b)(1)) to an
11:59 p.m. on June 26, 2017. For details, business strategy, reviewers will Applicant (and the Applicant’s
see the instructions provided in the consider, among other things: The subsidiary CDEs, if the Subsidiary
NMTC Online Application Instructions Applicant’s products, services and Allocatee makes the QLICI) hold the
for this Allocation Round on the CDFI investment criteria; the prior majority equity interest. Applicants may
Fund’s Web site. performance of the Applicant or its earn points for one or both statutory
Applications and other required Controlling Entity, particularly as it priorities. Thus, Applicants that meet
documents received after this date and relates to making similar kinds of the requirements of both priority
time will be rejected. Please note that investments as those it proposes to categories can receive up to a total of ten
the document submission deadlines in make with the proceeds of QEIs; the (10) additional points. A record of
this NOAA and/or the allocation Applicant’s prior performance in having successfully provided capital or
application are strictly enforced. providing capital or technical assistance technical assistance to disadvantaged
E. Intergovernmental Review: Not to disadvantaged businesses or businesses or communities may be
applicable. communities; the projected level of the demonstrated either by the past actions
F. Funding Restrictions: For allowable Applicant’s pipeline of potential of an Applicant itself or by its
uses of investment proceeds related to a investments; the extent to which the Controlling Entity (e.g., where a new
NMTC allocation, please see 26 U.S.C. Applicant intends to make QLICIs in CDE is established by a nonprofit
45D and the final regulations issued by one or more businesses in which corporation with a history of providing
the Internal Revenue Service (26 CFR persons unrelated to the entity hold a assistance to disadvantaged
1.45D–1, published December 28, 2004 majority equity interest; and the extent communities). An Applicant that
and as amended) and related guidance. to which Applicants that otherwise have receives additional points for intending
Please see Section I, above, for the notable relationships with the Qualified to make investments in unrelated
Programmatic Changes of this NOAA. Active Low Income Community businesses and is awarded a NMTC
G. Paperwork Reduction: Under the Businesses (QALICBs) financed will allocation must meet the requirements
Paperwork Reduction Act (44 U.S.C. create benefits (beyond those created in of IRC § 45D(b)(1)(B) by investing
chapter 35), an agency may not conduct the normal course of a NMTC substantially all of the proceeds from its
or sponsor a collection of information, transaction) to Low-Income QEIs in unrelated businesses. The CDFI
and an individual is not required to Communities. Fund will factor in an Applicant’s
respond to a collection of information, Under the Business Strategy criterion, priority points when ranking Applicants
unless it displays a valid OMB control an Applicant will generally score well during Phase 2 of the review process, as
number. Pursuant to the Paperwork to the extent that it will deploy debt or described below.
Reduction Act, the application has been investment capital in products or 2. Community Outcomes (25-point
assigned the following control number: services which are flexible or non- maximum): In assessing the potential
1559–0016. traditional in form and on better terms benefits to Low-Income Communities
than available in the marketplace. An that may result from the Applicant’s
V. Application Review Information Applicant will also score well to the proposed investments, reviewers will
A. Review and selection process: All extent that, among other things: (i) It has consider, among other things, the degree
allocation applications will be reviewed a track record of successfully deploying to which the Applicant is likely to: (i)
for eligibility and completeness. To be loans or equity investments and Achieve significant and measurable
complete, the application must contain, providing services similar to those it community development outcomes in
at a minimum, all information described intends to provide with the proceeds of its Low-Income Communities; (ii) invest
as required in the application form. An QEIs; (ii) it has identified a set of in particularly economically distressed
incomplete application will be rejected. clearly-defined potential borrowers or markets: (iii) Engage with local
Once the application has been investees; (iii) its projected dollar communities regarding investments; (iv)
determined to be eligible and complete, volume of NMTC deployment is the level of involvement of community
the CDFI Fund will conduct the supported by its track record of representatives in the Governing Board
substantive review of each application deployment; (iv) in the case of an and/or Advisory Board in approving
in two parts (Phase 1 and Phase 2) in Applicant proposing to purchase loans investment criteria or decisions; and (v)
accordance with the criteria and from CDEs, the Applicant will require demonstrate a track record of investing
procedures generally described in this the CDE selling such loans to re-invest in businesses that spur additional
NOAA and the allocation application. the proceeds of the loan sale to provide private capital investment in Low-
In Phase 1, three reviewers will additional products and services to Income Communities.
evaluate and score the Business Strategy Low-Income Communities. An Applicant will generally score
and Community Outcomes sections of b. Priority Points: In addition, as well under this section to the extent
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each application. An Applicant must provided by IRC § 45D(f)(2), the CDFI that, among other things: (a) It has a
exceed a minimum overall aggregate Fund will ascribe additional points to track record of producing quantitative
base score threshold and exceed a entities that meet one or both of the and qualitative community outcomes
minimum aggregate section score statutory priorities. First, the CDFI Fund that are similar to those projected to be
threshold in each scored section in will give up to five (5) additional points achieved with an NMTC allocation; (b)
order to advance from the Phase 1 to the to any Applicant that has a record of it is working in particularly
Phase 2 part of the substantive review having successfully provided capital or economically distressed or otherwise
process. In Phase 2, the CDFI Fund will technical assistance to disadvantaged underserved communities; (c) its

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experience, has dedicated at least 50 the QLICIs to be made by the Allocatees, The CDFI Fund reserves the right to
percent of its direct financing dollars to the CDFI Fund will consider requiring reject or reduce the allocation award
Non-Metropolitan counties over the past any or all of the Allocatees to direct up amount of any NMTC allocation
five years, and has committed that at to the ‘‘maximum’’ percentage of QLICIs application in the case of a prior
least 50 percent of its NMTC financing that the Allocatees indicated would be Allocatee, if such Applicant has failed
dollars with this Allocation will be targeted to Non-Metropolitan counties, to use its prior NMTC allocation(s) in a
deployed in such areas. Non- taking into consideration their track manner that is generally consistent with
Metropolitan counties are counties not record and ability to deploy dollars in the business strategy (including, but not
contained within a Metropolitan Non-Metropolitan counties. If the CDFI limited to, the proposed product
Statistical Area, as such term is defined Fund cannot meet the goal of 20 percent offerings, QALICB type, and markets
in OMB Bulletin No. 10–02 (Update of of QLICIs in Non-Metropolitan counties served) set forth in the allocation
Statistical Area Definitions and by requiring any or all Allocatees to application(s) related to such prior
Guidance on Their Uses) and applied commit up to the maximum percentage allocation(s) or such Applicant has been
using 2010 census tracts. of QLICIs that they indicated would be found by the IRS to have engaged in a
Applicants that meet the minimum targeted to Non-Metropolitan counties, transaction or series of transactions
scoring thresholds will be advanced to the CDFI Fund may add additional designed to achieve a result that is
Phase 2 review and will be provided Rural CDEs (in descending order of final inconsistent with the purposes of IRC
with ‘‘preliminary’’ awards, in rank score) to the Allocatee pool. In § 45D. The CDFI Fund also reserves the
descending order of Final Rank Score, order to accommodate any additional right to reject or reduce the allocation
until the available allocation authority Allocatees within the allocation award amount of any NMTC allocation
is fulfilled. Once these ‘‘preliminary’’ limitations, a formula reduction will be application in the case of an Affiliate of
award amounts are determined, the applied as uniformly as possible, to the the Applicant that is a prior Allocatee
CDFI Fund will then analyze the allocation amount for all Allocatees in and has failed to use its prior NMTC
Allocatee pool to determine whether the the pool that have not committed to allocation(s) in a manner that is
two Non-Metropolitan proportionality investing a minimum of 20 percent of generally consistent with the business
objectives have been met. their QLICIs in Non-Metropolitan strategy set forth in the allocation
The CDFI Fund will first examine the counties. application(s) related to such prior
‘‘preliminary’’ awards and Allocatees to E. Questions: All outstanding reports allocation(s) or has been found by the
determine whether the percentage of or compliance questions should be IRS to have engaged in a transaction or
Allocatees that are Rural CDEs is, at a directed to the Office of Certification, series of transactions designed to
minimum, equal to the percentage of Compliance Monitoring, and Evaluation achieve a result that is inconsistent with
Applicants in the highly qualified pool through the submission of a Service the purposes of IRC § 45D.
that are Rural CDEs. If this objective is Request in AMIS or by telephone at The CDFI Fund reserves the right to
not achieved, the CDFI Fund will (202) 653–0423. The CDFI Fund will reject an NMTC allocation application if
provide awards to additional Rural respond to reporting or compliance information (including administrative
CDEs from the highly qualified pool, in questions between the hours of 9:00 errors or omission of information)
descending order of their Final Rank a.m. and 5:00 p.m. ET, starting the date comes to the attention of the CDFI Fund
Score, until the appropriate percentage of the publication of this NOAA through that adversely affects an Applicant’s
balance is achieved. In order to June 19, 2017. The CDFI Fund will not eligibility for an award, adversely affects
accommodate the additional Rural CDEs respond to reporting or compliance the CDFI Fund’s evaluation or scoring of
in the Allocatee pool within the phone calls or email inquiries that are an application, adversely affects the
available allocation limitations, a received after 5:00 p.m. ET on June 19, CDFI Fund’s prior determinations of
formula reduction will be applied as 2017 until after the funding application CDE certification, or indicates fraud or
uniformly as possible to the allocation deadline of June 21, 2017. mismanagement on the part of an
amount for all Allocatees in the pool F. Right of rejection: The CDFI Fund Applicant or the Controlling Entity, if
that have not committed to investing a reserves the right to reject any NMTC such fraud or mismanagement by the
minimum of 20 percent of their QLICIs allocation application in the case of a Controlling Entity would hinder the
in Non-Metropolitan counties. prior CDFI Fund award recipient, if Applicant’s ability to perform under the
The CDFI Fund will then determine such Applicant has failed to comply Allocation Agreement. If the CDFI Fund
whether the pool of Allocatees will, in with the terms, conditions, and other determines that any portion of the
the aggregate, invest at least 20 percent requirements of the prior or existing application is incorrect in any material
of their QLICIs (as measured by dollar assistance or award agreement(s) with respect, the CDFI Fund reserves the
amount) in Non-Metropolitan counties. the CDFI Fund. The CDFI Fund reserves right, in its sole discretion, to reject the
The CDFI Fund will first apply the the right to reject any NMTC allocation application.
‘‘minimum’’ percentage of QLICIs that application in the case of a prior CDFI As a part of the substantive review
Allocatees indicated in their Fund Allocatee, if such Applicant has process, the CDFI Fund may permit the
applications would be targeted to Non- failed to comply with the terms, Allocation Recommendation Panel
Metropolitan areas to the total allocation conditions, and other requirements of member(s) to request information from
award amount of each Allocatee (less its prior or existing Allocation Applicants for the sole purpose of
whatever percentage the Allocatee Agreement(s) with the CDFI Fund. The obtaining, clarifying or confirming
indicated would be retained for non- CDFI Fund reserves the right to reject application information or omission of
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QLICI activities), and total these figures any NMTC allocation application in the information. In no event shall such
for all Allocatees. If this aggregate total case of any Applicant, if an Affiliate of contact be construed to permit an
is greater than or equal to 20 percent of the Applicant has failed to meet the Applicant to change any element of its
the QLICIs to be made by the Allocatees, terms, conditions and other application. At this point in the process,
then the pool is considered balanced requirements of any prior or existing an Applicant may be required to submit
and the CDFI Fund will proceed with assistance agreement, award agreement additional information about its
the allocation process. However, if the or Allocation Agreement with the CDFI application in order to assist the CDFI
aggregate total is less than 20 percent of Fund. Fund with its final evaluation process.

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Federal Register / Vol. 82, No. 85 / Thursday, May 4, 2017 / Notices 20977

Fund has provided written notification certification as a CDE throughout the D. Reporting: The CDFI Fund will
of such determination to such term of the Allocation Agreement. If an collect information, on at least an
organization; and (iii) the anticipated Applicant has represented in its NMTC annual basis from all Applicants that are
date for entering into an Allocation allocation application that it intends to awarded NMTC allocations and/or are
Agreement is within a period of time invest substantially all of the proceeds recipients of QLICIs, including such
specified in such notification from its investors in businesses in audited financial statements and
throughout which any new award, which persons unrelated to the opinions of counsel as the CDFI Fund
allocation, or assistance is prohibited, Applicant hold a majority equity deems necessary or desirable, in its sole
the CDFI Fund reserves the right, in its interest, the Allocation Agreement will discretion. The CDFI Fund will require
sole discretion, to delay entering into an contain a covenant whereby said the Applicant to retain information as
Allocation Agreement and/or to impose Applicant agrees that it will invest the CDFI Fund deems necessary or
limitations on the Allocatee’s ability to substantially all of said proceeds in desirable and shall provide such
issue QEIs to investors, or to terminate businesses in which persons unrelated information to the CDFI Fund when
and rescind the Notice of Allocation and to the Applicant hold a majority equity requested to monitor each Allocatee’s
the allocation made under this NOAA. interest. compliance with the provisions of its
Furthermore, if prior to entering into an In addition to entering into an Allocation Agreement and to assess the
Allocation Agreement through this Allocation Agreement, each Applicant impact of the NMTC Program in Low-
NOAA: (i) The CDFI Fund has made a selected to receive a NMTC allocation Income Communities. The CDFI Fund
determination that an Affiliate of the must furnish to the CDFI Fund an may also provide such information to
Allocatee that is a prior CDFI Fund opinion from its legal counsel or a the IRS in a manner consistent with IRC
award recipient or Allocatee under any similar certification, the content of § 6103 so that the IRS may determine,
CDFI Fund program is in default of a which will be further specified in the among other things, whether the
previously executed assistance, Allocation Agreement, to include, Allocatee has used substantially all of
allocation, or award agreement(s); (ii) among other matters, an opinion that an the proceeds of each QEI raised through
the CDFI Fund has provided written Applicant (and its Subsidiary its NMTC allocation to make QLICIs.
notification of such determination to Allocatees, if any): (i) Is duly formed The Allocation Agreement shall further
such organization; and (iii) the and in good standing in the jurisdiction describe the Allocatee’s reporting
anticipated date for entering into an in which it was formed and the requirements.
Allocation Agreement is within a period jurisdiction(s) in which it operates; (ii) The CDFI Fund reserves the right, in
of time specified in such notification has the authority to enter into the its sole discretion, to modify these
throughout which any new award, Allocation Agreement and undertake reporting requirements if it determines
allocation, or assistance is prohibited, it to be appropriate and necessary;
the activities that are specified therein;
the CDFI Fund reserves the right, in its however, such reporting requirements
(iii) has no pending or threatened
sole discretion, to delay entering into an will be modified only after due notice
litigation that would materially affect its
Allocation Agreement and/or to impose to Allocatees.
ability to enter into and carry out the
limitations on the Allocatee’s ability to activities specified in the Allocation VII. Agency Contacts
issue QEIs to investors, or to terminate Agreement; and (iv) is not in default of The CDFI Fund will provide
and rescind the Notice of Allocation and its articles of incorporation, bylaws or programmatic and information
the allocation made under this NOAA. other organizational documents, or any technology support related to the
B. Allocation Agreement: Each agreements with the Federal allocation application between the
Applicant that is selected to receive a government. hours of 9:00 a.m. and 5:00 p.m. ET
NMTC allocation (including the If an Allocatee identifies Subsidiary through June 19, 2017. The CDFI Fund
Applicant’s Subsidiary Allocatees) must Allocatees, the CDFI Fund reserves the will not respond to phone calls or
enter into an Allocation Agreement with right to require an Allocatee to provide emails concerning the application that
the CDFI Fund. The Allocation supporting documentation evidencing are received after 5:00 p.m. ET on June
Agreement will set forth certain that it Controls such entities prior to 19, 2017 until after the allocation
required terms and conditions of the entering into an Allocation Agreement application deadline of June 21, 2017.
NMTC allocation which may include, with the Allocatee and its Subsidiary Applications and other information
but are not limited to, the following: (i) Allocatees. The CDFI Fund reserves the regarding the CDFI Fund and its
The amount of the awarded NMTC right, in its sole discretion, to rescind its programs may be obtained from the
allocation; (ii) the approved uses of the allocation award if the Allocatee fails to CDFI Fund’s Web site at https://
awarded NMTC allocation (e.g., loans to return the Allocation Agreement, signed www.cdfifund.gov. The CDFI Fund will
or equity investments in Qualified by the authorized representative of the post on its Web site responses to
Active Low-Income Businesses, loans to Allocatee, and/or provide the CDFI questions of general applicability
or equity investments in other CDEs); Fund with any other requested regarding the NMTC Program.
(iii) the approved service area(s) in documentation, including an approved A. Information technology support:
which the proceeds of QEIs may be legal opinion, within the deadlines set Technical support can be obtained by
used, including the dollar amount of by the CDFI Fund. calling (202) 653–0422 or by submitting
QLICIs that must be invested in Non- C. Fees: The CDFI Fund reserves the a Service Request in AMIS. People who
Metropolitan counties; (iv) right, in accordance with applicable have visual or mobility impairments
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commitments to specific ‘‘innovative Federal law and, if authorized, to charge that prevent them from accessing the
activities’’ discussed by the Applicant allocation reservation and/or Low-Income Community maps using the
in its Allocation Application; (v) the compliance monitoring fees to all CDFI Fund’s Web site should call (202)
time period by which the Applicant entities receiving NMTC allocations. 653–0422 for assistance. These are not
may obtain QEIs from investors; (vi) Prior to imposing any such fee, the CDFI toll free numbers.
reporting requirements for all Fund will publish additional B. Programmatic support: If you have
Applicants receiving NMTC allocations; information concerning the nature and any questions about the programmatic
and (vii) a requirement to maintain amount of the fee. requirements of this NOAA, contact the

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$20978 Federal Register / Vol. 82, No. 85 / Thursday, May 4, 2017 / Notices CDFI Fund’s NMTC Program Manager Holmes, Office of the Associate Chief webcasting as well as telephone by submitting a Service Request in Counsel (Passthroughs and Special conference calls. For further information AMIS; or by telephone at (202) 653– Industries), IRS, by telephone at (202) on these upcoming information 0421. These are not toll-free numbers. 317–4137, or by facsimile at (202) 317– sessions, please visit the CDFI Fund’s C. Administrative support: If you have 6731. These are not toll free numbers. Web site at https://www.cdfifund.gov. any questions regarding the Applicants wishing formal ruling administrative requirements of this request should see IRS Internal Revenue Authority: 26 U.S.C. 45D; 31 U.S.C. 321; 26 NOAA, contact the CDFI Fund’s NMTC CFR 1.45D–1. Bulletin 2015–1, issued January 2, 2015. Program Manager by submitting a Mary Ann Donovan, Service Request in AMIS, or by VIII. Information Sessions Director, Community Development Financial telephone at (202) 653–0421. These are In connection with this NOAA, the Institutions Fund. not toll free numbers. CDFI Fund may conduct one or more [FR Doc. 2017–08976 Filed 5–3–17; 8:45 am] D. IRS support: For questions information sessions that will be regarding the tax aspects of the NMTC produced in Washington, DC and BILLING CODE 4810–70–P Program, contact Jian Grant and James broadcast over the internet via pmangrum on DSK3GDR082PROD with NOTICES VerDate Sep<11>2014 14:39 May 03, 2017 Jkt 241001 PO 00000 Frm 00115 Fmt 4703 Sfmt 9990 E:\FR\FM\04MYN1.SGM 04MYN1$
Document Created: 2017-05-04 01:49:14
Document Modified: 2017-05-04 01:49:14
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Dates		Electronic applications must be received by 5:00 p.m. ET on June 21, 2017. Applications sent by mail, facsimile, or other form will not be accepted. Please note the Community Development Financial Institutions Fund (CDFI Fund) will only accept applications and attachments (e.g., the Controlling Entity's representative signature page, Assurances and Certifications supporting documents, investor letters, organizational charts) in electronic form (see Section IV.C of this NOAA for more details). Applications must meet all eligibility and other requirements and deadlines, as applicable, set forth in this NOAA. Any Applicant that is not yet certified as a Community Development Entity (CDE) must submit an application for CDE certification through the CDFI Fund's Awards Management Information System (AMIS) on or before 5:00 p.m. ET on May 17, 2017 (see Section III.A.1 of this NOAA for more details on CDE certification).
FR Citation		82 FR 20968
82 FR 20968 - Funding Opportunity Title: Notice of Allocation Availability (NOAA) Inviting Applications for the Calendar Year (CY) 2017 Allocation Round of the New Markets Tax Credit (NMTC) Program

DEPARTMENT OF THE TREASURYCommunity Development Financial Institutions Fund

Federal Register Volume 82, Issue 85 (May 4, 2017)

DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
