Quarterly New Markets Report

American Recovery and Reinvestment Act
Quarterly New Markets Tax Credit Program
Report Instructions
October 20, 2009
(Updated April 20, 2010)

GENERAL INFORMATION ON QUARTERLY REPORTING
Quarterly New Markets Report (QNMR)
Recipients of New Market Tax Credit Program allocation awards (Allocatees) through the American
Recovery and Reinvestment Act (Recovery Act) are required to submit a QNMR to the Community
Development Financial Institutions Fund (CDFI Fund) no later than ten (10) days after the end of each
calendar quarter beginning September 30, 2009 and continuing every calendar quarter for the term of their
assistance agreements (December 31, March 31, June 30, and September 30). For each calendar
quarter, the QNMR is due at 11:59 p.m. PT.
The QNMR Excel workbook will be emailed to the authorized representative listed in the Allocatee’s
myCDFIFund account for the Recovery Act award on or before the first day of each quarterly reporting
period. Once completed, Allocatees should save the QNMR Excel workbook with their organization’s
name. Allocatees must submit the workbook electronically via email to the CDFI Fund at
[email protected] by the deadlines provided below. Only submissions received through
this address receive the CDFI Fund’s official electronic time and date stamp. Allocatees will receive an
automated email confirmation. However, please note that this is an automated mailbox and will not be
monitored by staff. Its sole purpose is for data intake.
By submitting the workbook via email, the Allocatee certifies that the QNMR is complete. After the QNMR
is submitted, the CDFI Fund will review the data and contact the Allocatee with any questions. If the
Allocatee fails to respond to such questions within the CDFI Fund’s required timeframe, the QNMR will be
rejected as incomplete. Failure to comply with any provision of the Recovery Act, quarterly reporting
requirements, or any other award term may be considered an event of default pursuant to the Allocation
Agreement and will become a part of the recipient’s performance record. Allocatees that demonstrate
systemic or chronic reporting problems and/or otherwise fail to correct such problems as identified by the
CDFI Fund are non-compliant.
QUARTERLY REPORTING DEADLINES

For every quarter ending on:
December 31
March 31
June 30
September 30

Deadline:
January 10
April 10
July 10
October 10

Per the assistance agreement, Allocatees are also required to report annually to the CDFI Fund through the
Community Investment Impact System (CIIS).

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Quarterly New Markets Tax Credit Program Report Instructions
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Completing the QNMR:
The QNMR Excel workbook requires responses to all applicable questions, data fields, and tables. When
appropriate, please use “Don’t Know” and/or “Not Applicable” as valid responses.
•
•

Don’t Know: Use “Don’t Know” when the question is valid for the Allocatee but the answer is
unknown or unavailable.
Not Applicable: Use “Not Applicable” when the question is not valid or not applicable to the
Allocatee. Do not use “Not Applicable” for a “$0” or “0” response. Please note that “Not
Applicable” does NOT mean unavailable (use “Don’t Know” for unavailable).

If a table has a check box, it should be checked to indicate that the Allocatee has provided all relevant
information that should have been included in the table.

I. ORGANIZATIONAL INFORMATION
A. General Information
Enter the following information based on the information associated with the Recovery Act award:
1. Organization Name
2. Organization EIN
3. Award Number of NMTC Recovery Act Allocation
4. Website Address
5. Name of Person Responsible for Completing the QNMR
Enter the name of the person from the Allocatee who is primarily responsible for the QNMR.
The CDFI Fund will contact this individual during the data cleansing process if clarification or
explanations are required.
6. Telephone Number of Person Responsible for Completing the QNMR
Enter the business telephone number of the person entered in Question 5.
7. Email Address of Person Responsible for Completing the QNMR
Enter the business email address of the person entered in Question 5. Use all lower case
letters, unless the address is case sensitive.

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Quarterly New Markets Tax Credit Program Report Instructions
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B. Human Resources Dedicated to the Allocatee's NMTC Program – RECOVERY
ACT SPECIFIC
For the purposes of completing the QNMR, use the following definitions of jobs created and
retained during the reporting period:
•
•

A job created is a new position created and filled or an existing unfilled position that is filled as
a result of the Recovery Act.
A job retained is an existing position that would not have been continued to be filled were it not
for Recovery Act funding.

One FTE equals a work week of 35 hours or more. In calculating the number of FTEs, the hours of
part-time employees should be combined. In the following examples, one FTE is equal to 35 hours
of work per week.
Example: Two part-time employees who each work 17.5 hours per week should be combined to
count as one FTE. (17.5 hours X 2 = 35 hours)
8. Total FTEs as a result of Recovery Act Allocation
Enter the total number of FTEs created or retained by the Allocatee to manage the additional
workload related to Recovery Act activities during the reporting period.
•
•

•
•
•
•

a.
b.

Include the human resources of the Allocatee, the Parent, any Sub-Allocatees, and any
other organizations that support the Allocatee’s NMTC strategy.
Include FTEs dedicated to loan/investment underwriting and outreach, loan
administration, servicing and collections, financial counseling and other services (FCOS),
and any other activities not covered in the categories above, including finance,
compliance management, human resources, fundraising, policy, administration, and other
overall management at the reporting period end.
Include all full-time and part-time employees.
Include contractors, consultants, and volunteers that perform ongoing operations.
Exclude temporary employees.
Exclude professional services conducted outside of the office by third parties such as
accounting, bookkeeping, and legal counsel.
Retained
Created

9. Consultant/Contractor FTEs as a result of Recovery Act Allocation
Enter the number of consultant/contractor FTEs (if any) included in Q. 8 Total FTEs.
a.
b.

Retained
Created

Review the FTE numbers for accuracy.

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Quarterly New Markets Tax Credit Program Report Instructions
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C. Qualified Equity Investments – RECOVERY ACT SPECIFIC
10. Has your organization issued any Qualified Equity Investments (QEIs) in the current
reporting period relating to its NMTC Recovery Act allocation award? (Yes/No)
If yes and the organization has made Loans or Investments in a QALICB or Other CDE or a
Loan Purchase from Other CDE, complete the tables in Sections II and III.

II. FINANCING – RECOVERY ACT SPECIFIC
For Venture Capital funds, all financial questions pertain to the investing entity(ies), not the managing
entity, unless otherwise noted.
11. Loans/Investments Originated Table – RECOVERY ACT SPECIFIC
• Loans to and Investments in Qualified Active Low-Income Community Businesses
(QALICBs); and
• Advance Purchase Commitments (categorized and reported as “QALICBs” in the TLR).
If the Allocatee is providing a Loan to or an Investment in another CDE, report the details of
both the Loan to/or Investment in the CDE as well as the details of the resulting funding to the
QALICB(s). In other words, for each Investment in a CDE, the Allocatee must report a
minimum of two transactions: (1) The Investment in the CDE and (2) the resulting Loan or
Investment in the QALICB(s). The two transactions may occur during different quarters.
All data must be reported as of the reporting period end date unless otherwise noted.
Excluded from QNMR (the following are reported in the Annual Institution Level Report (ILR)):
• Loan purchases (except Advance Purchase Commitments);
• Financial Counseling and Other Services (FCOS); and
• Transfers of Allocation to Sub-Allocatee(s).
a.

Project Type (MANDATORY)
Report whether each QLICI is an Investment in Other CDE, a Loan or Investment in a
QALICB, or a Loan Purchase from Other CDE. Report non-profit businesses (except
CDEs) as QALICBs. Report advance purchases as QALICBs.
• Exclude Loan Purchases (except Advance Purchases) from the QNMR.
• Exclude Financial Counseling and Other Services (FCOS) from the QNMR.
For each Investment in Other CDE or Loan Purchase from Other CDE, also complete the
Project Number, Date Closed, Purpose, and Original QLICI Amount fields. For each Loan
or Investment in a QALICB, complete all fields.

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Quarterly New Markets Tax Credit Program Report Instructions
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b.

Project Number (MANDATORY)
Assign a unique identifier to each Project. The Project Number is used to link a Financial
Note(s) to a distinct Project and to track Projects across reporting periods. Therefore, the
Project Number MUST be identical across all reporting periods. The project-level data
should only be entered once for each Project, regardless of the number of associated
Financial Notes.
• Each Project Number MUST only be used for one Project per reporting period.
• Allocatees MUST use the same Project Number for each reporting period that a
particular Project is submitted.

c.

Date Closed (MANDATORY)
Provide closing date of Organization’s actual QLICI investments as of the end of the
reporting period.

d.

Purpose (MANDATORY)
Identify the primary purpose of the Financial Note. If there are multiple purposes (for
example, a loan funding both the purchase of a fixed asset and a facility improvement),
select the purpose with the largest percent of the transaction. Classify loans/investments
in CDEs as "Other".
BUSINESS

MICRO

RECOCOM

RECOMULTI

RECOSINGLE

Business
• Financing to for-profit and nonprofit businesses with more than five
employees or in an amount greater than $35,000 for the purpose of
expansion, working capital, equipment purchase or rental, or
commercial real estate development or improvement.
Microenterprise
• Financing to for-profit or nonprofit enterprise that has five or fewer
employees (including the proprietor) and in an amount no more than
$35,000 for the purpose of expansion, working capital, equipment
purchase or rental, or commercial real estate development or
improvement.
Real Estate - Construction/Permanent/Acquisition without
Rehabilitation - Commercial
• Financial Note is for 1) predevelopment financing; 2) construction or
permanent financing; or 3) acquisition without rehabilitation of office,
retail, manufacturing, or community facility space.
• Include mixed-use real estate that combines both commercial and
residential use.
Real Estate - Construction - Housing - Multi Family
• Financial Note is for predevelopment financing, or construction of
multifamily housing.
Real Estate - Construction - Housing - Single Family
• Financial Note is for predevelopment financing, or construction of
single family housing.

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Quarterly New Markets Tax Credit Program Report Instructions
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RERHCOM

RERHMULTI
RERHSINGLE
OTHER

e.

Real Estate - Rehabilitation - Commercial
• Financial Note is to rehabilitate office, retail, manufacturing, or
community facility space. Financial Note may include acquisition
costs.
• Include mixed-use real estate that combines both commercial and
residential uses.
• Exclude acquisitions without rehabilitation.
Real Estate - Rehabilitation-Housing - Multi Family
• Financial Note is to rehabilitate or acquire multifamily housing.
Real Estate - Rehabilitation - Housing - Single Family
• Financial Note is to rehabilitate or acquire single family housing.
Other
• Financial Note purpose does not match any of the purposes defined
above.

Original QLICI Amount (MANDATORY)
The amount the User enters in this field should be the sum of the amounts of actual
QLICIs the Organization made by the end of the reporting period, including QALICB Loans
and Investments, Loans and Investments in Other CDEs, and Loan Purchases from Other
CDEs.
Do not include Advance Commitment Loan Purchases as Loan Purchase QLICIs.
Advance Commitment Loan Purchases should be treated as QALICBs.
QALICB Loans and Investments

Loans and Investments in Other CDEs

For each QEI, enter the dollar amount of the
proceeds that were used to make loans and
investments in QALICBs as of the reporting
period end (include advance commitment
loan purchases)
Include loans and investments made to both
real estate and non-real estate QALICBs. If
the Organization did not use the QEI to
make QALICB loans or investments, enter
zero.
For each QEI, enter the dollar amount of the
proceeds that were used to make loans and
investments in other CDEs as of the
reporting period end.
If the Organization did not use the QEI to
make loans or investments to other CDEs,
enter zero.

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Quarterly New Markets Tax Credit Program Report Instructions
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Loan Purchases from Other CDEs

For each QEI, enter the dollar amount of the
proceeds that were used to purchase loans
from other CDEs, as of the reporting period
end.
If the Organization did not use the QEI to
purchase loans from other CDEs, enter
zero.

f.

Total Project Costs (MANDATORY FOR LOANS/INVESTMENTS IN QALICB)
Report the total cost of the Project being financed.
• Include all sources of financing
• Include the CDE's portion of the financing.

g.

Total Project Cost - Public Sources (MANDATORY FOR LOANS/INVESTMENTS IN
QALICB)
Report the portion (in dollars) of the Total Project Cost provided by public sources.
• Include federal, state, and local government funds.
• Exclude foundation grants.
• Exclude NMTC funds (including unaffiliated CDEs co-investing in the project)

h.

Total Project Cost - Affiliates & Related Programs (MANDATORY FOR
LOANS/INVESTMENTS IN QALICB)
Report the portion (in dollars) of the Total Project Cost provided by the CDE’s affiliates and
related project investments by unaffiliated CDEs.

i.

Project Street Address (MANDATORY FOR LOANS/INVESTMENTS IN QALICB)
Report the project’s street address.

j.

Project City (MANDATORY FOR LOANS/INVESTMENTS IN QALICB)
Report the project's city.

k.

Project State (MANDATORY FOR LOANS/INVESTMENTS IN QALICB)
Report the project's two-letter state abbreviation.

l.

Project Zip Code (MANDATORY FOR LOANS/INVESTMENTS IN QALICB)
Report the project's five-digit zip code.

American Recovery and Reinvestment Act
Quarterly New Markets Tax Credit Program Report Instructions
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m. Project FIPS Code (MANDATORY FOR LOANS/INVESTMENTS IN QALICB)

Report the project's 11-digit Federal Information Processing Standards code (FIPS).
FIPS Code refers to the 11-digit code that indicates state (first 2 digits), county (next 3
digits), and census tract (last 6 digits). FIPS codes must be provided. For additional
information about FIPS codes, visit www.census.gov/geo/www/fips/fips.html.
The QNMR collects an 11-digit FIPS:
•

State: The first two digits of the FIPS represent the state.
• A list of state codes is available at:
www.census.gov/geo/www/cenpop/statecenters.txt

•

County: The next three digits of the FIPS represent the county.
• A list of county codes available at:
www.census.gov/geo/www/cenpop/county/ctyctrpg.html

•

Tract: The last six digits of the FIPS represent the census tract.
• The directions below provide one option for identifying the census tract using the
U.S. Census Bureau's website.
§ If only four digits are provided for the census tract code, add two zeros after the
tract number.
§ If only three digits are provided for the census tract code, add one zero before
the tract number and two zeros after.
§ If only two digits are provided for the census tract code, add two zeros before
the tract number and two zeros after the tract number.
• How to Obtain a Census Tract for the FIPS Code
The Fund offers the following suggestions for obtaining a FIPS:
§ Visit the U.S. Census Bureau's website at www.census.gov.
§ Select "American Fact Finder" from the left column of the Census Bureau's
Homepage.
§ Select the "street address" hyperlink from the left column under "Address
Search..."
§ Enter the specific address and click the "Go" button.
§ If the census is unable to geocode the address, you will need to enter the
address of a nearby site.
§ Continue to enter nearby addresses until the Census website is able to
geocode the address.
§ Select "Census Tract" from the list of geographic options and click the "Map It"
button.
§ Use the map provided to "eyeball" the desired location and census tract.
§ Please print out a copy of the map for future reference.

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Quarterly New Markets Tax Credit Program Report Instructions
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n.

NAICS
If applicable, report the 2-digit North American Industry Classifications (NAICS) Code. The
NAICS code replaced the former Standard Industrial Classification (SIC) system and is
used to report business revenue on the federal tax return. For additional information, see
IRS Schedule C Form, question B or www.census.gov/epcd/www/naics.html.
11

Agriculture, Forestry, Fishing and Hunting

53

Real Estate and Rental and Leasing

21

Mining, Quarrying, and Oil and Gas Extraction

54

Professional, Scientific, and Technical Services

22

Utilities

55

Management of Companies and Enterprises

23

Construction

56

Administrative and Support and Waste
Management and Remediation Services

31-33

Manufacturing

61

Educational Services

Wholesale Trade

62

Health Care and Social Assistance

44-45

Retail Trade

71

Arts, Entertainment, and Recreation

48-49

Transportation and Warehousing

72

Accommodation and Food Services

51

Information

81

Other Services (except Public Administration)

52

Finance and Insurance

92

Public Administration

42

III. COMMUNITY DEVELOPMENT BENEFITS – RECOVERY ACT SPECIFIC
12. The Community Development Benefits Table – RECOVERY ACT SPECIFIC
This table should include the following data points:
a.

Business Description
If applicable, select a brief description of the business financed.
• Restaurants, hotels, food services, or other retail space
• Financial, professional, scientific, management, business, or other office space
• Industrial, manufacturing, transportation logistics, or warehousing space
• Housing
• Health, and human and social service facilities
• Educational and community facilities
• Facilities or space for the performing arts, cultural, entertainment, or other amenities
• Other

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Quarterly New Markets Tax Credit Program Report Instructions
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b.

Projected Jobs to Be Created at Businesses Financed as a Result of Recovery Act
Allocation
For business Projects, report the number of full-time equivalent (FTE) jobs projected to be
created in the business as a result of business loan originations or investments associated
with Recovery Act funding during the reporting period. One FTE is a 35-hour or more work
week. In calculating FTEs, part-time employees should be combined.
•
•

Exclude construction jobs.
If the QALICB is a single-purpose entity (SPE) created by an operating business to
lease back property to that parent business, report jobs for the parent business.

Enter the number of FTEs, “Don’t Know”, or “Not Applicable”.
c.

Jobs Retained as a Result of Recovery Act Allocation
For business Projects, enter the number of FTE jobs that are retained in the business as a
result of business loan originations or investments associated with Recovery Act funding
during the reporting period. One FTE is a 35-hour or more work week. In calculating FTEs,
part-time employees should be combined.
•
•

Exclude construction jobs.
If the QALICB is a single-purpose entity (SPE) created by an operating business to
lease back property to that parent business, report jobs for the parent business.

Enter the number of FTEs, “Don’t Know”, or “Not Applicable”.
d.

Projected Construction Jobs to Be Created as a Result of Recovery Act Allocation
For real estate Projects, report the number of construction jobs projected to be created due
to the financing associated with Recovery Act funding during the reporting period.
Enter the number of FTEs, “Don’t Know”, or “Not Applicable”.

e.

Total Square Feet of Facility Development and Rehabilitation
For Real Estate, Manufacturing, Office and Retail Projects, report the total number of
square feet that are expected to be constructed or rehabilitated with funding from the
transaction.
Enter the number of square feet, “Don’t Know”, or “Not Applicable”.

According to the Paperwork Reduction Act of 1995, no persons are required to respond to a collection of information unless it displays a valid OMB control
number. The valid OMB control number for this information collection is 1559-0035. The time required to complete this information collection is estimated to
average 4 hours per response, including the time to review instructions, search existing data resources, gathering and maintaining the data needed, and
completing and reviewing the collection of information.

American Recovery and Reinvestment Act
Quarterly New Markets Tax Credit Program Report Instructions
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