The CDFI Fund late last month announced the calendar year 2021 (CY 2021) new markets tax credit (NMTC) allocation awards, allocating $5 billion in NMTC authority to 107 community development entities (CDEs). In this week’s podcast, Michael Novogradac, CPA, is joined by Brad Elphick, CPA, and Rebecca Darling, CPA, to discuss what we learned from the awards announcement, as well as what CDEs should be doing now that the awards have been announced. After that, they examine what qualified businesses should be doing as they seek below-market-rate financing through the NMTC and wrap up with a look at what to expect for the CY 2022 application round.