CDFI Receives 258 Grant Apps

WASHINGTON - The Treasury Dept.'s Community Development Financial Institutions (CDFI) Fund said it has received 258 applications under the 2007 round of the New Markets Tax Credit (NMTC) Program. These applicants requested an aggregate total of $27,894,100,485 of NTMC allocation authority.

Under the 2007 NMTC allocation round, $3.9 billion of allocation authority is available, including $400 million that has been set aside specifically for recovery and redevelopment in the Hurricane Katrina Gulf Opportunity Zone (GO Zone). Forty-two of the 258 applicants, requesting $5,711,000 in allocation authority, indicated that they would like to be considered for this special allocation of GO Zone NMTCs. Through the first four rounds of the NMTC Program, the CDFI Fund has made 233 awards totaling $12.1 billion in tax credit allocation authority. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved. http://www.cujournal.com http://www.sourcemedia.com