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New Market Tax Credit Program Compliance

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Executive Summary

The New Market Tax Credit (NMTC) Allocation Application process is arduous and requires significant documentation. Once an allocation has been awarded, the documentation during the seven-year life of the program needs to be equally thorough. As a federal tax program, the NMTC Program is tightly regulated, with a long list of regulatory and programmatic rules and requirements that a Community Development Entity (CDE) must follow, set by both the Treasury Department's Community Development Financial Institution (CDFI) Fund and the Internal Revenue Service (IRS).

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