The U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund today announced that it will consider requests for extensions of compliance and certification reports when the recipients have been affected by the coronavirus (COVID-19) pandemic.
The Treasury CDFI release reminds representatives of an organization that has received a CDFI Fund award and/or allocation—including a New Markets Tax Credit (NMTC) allocation—of the requirement to maintain compliance by completing and submitting the annual compliance reports. A failure to file the annual compliance and certification reports or to advise the CDFI Fund of certain “material events” can result in a finding of noncompliance. Some recipients may have a reporting date of September 30, 2020.
Recipients of NMTC allocations are required to submit a “material events” form within 20 days of the occurrence of material event.
The CDFI Fund will evaluate requests on a case-by-case basis. Recipients that have been affected by the COVID-19 crisis may have their deadlines for the submission of annual compliance and/or certification reports extended by up to 90 days. In addition, the CDFI Fund will consider extensions of up to 180 days for certain participants.
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