In mid-July, the Community Development Financial Institutions (CDFI) Fund announced that it would combine the calendar year (CY) 2024 and 2025 new markets tax credit (NMTC) allocation award rounds into a single $10 billion round. In this week's podcast, Michael Novogradac, CPA, and Brad Elphick, CPA, the head of the New Markets Tax Credit Working Group, discuss the announcement and its implications. They begin by looking at the possible timing of the CY 2023 awards announcement, then look at the possible timing of the opening of the CY 2024-2025 round before examining the number of awards and award sizes to expect from a $10 billion round, as well as the investor appetite for such a round. After that, they discuss the New Markets Tax Credit Working Group recommendations to the CDFI Fund, tips for community development entities (CDEs) and businesses interested in NMTC financing and resources for listeners.