vehicle the investment activities of which are otherwise substantially entirely managed and directed, by one or more community development financial institutions (as so defined). (d) National limitation on amount of investments designated (1) In general There is an investment tax credit limitation for each calendar year. Such a limitation is— (A) $1,000,000,000 for 2023, (B) $1,500,000,000 for 2024, and (C) $2,000,000,000 for each year thereafter. (2) Inflation adjustment (A) In general In the case of any calendar year after 2025, the $2,000,000,000 in paragraph (1)(C) shall be increased by an amount equal to— (i) such dollar amount, multiplied by (ii) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting calendar year 2024 for calendar year 2016 in subparagraph (A)(ii) thereof. (B) Rounding If any increase determined under subparagraph (A) is not a multiple of $1,000,000, such increase shall be rounded to the nearest multiple of $1,000,000. (3) Allocation of limitation (A) In general The limitation under paragraph (1) shall be allocated by the Secretary among qualified community development financial institutions selected by the Secretary based on the following criteria: (i) Financial and compliance performance. (ii) Demonstrated ability to attract private capital. (iii) The diversity of business model types. (iv) The diversity of population density served. (v) Impact generation capacity. (vi) The information contained in the investment plan described in subparagraph (B). (vii) Whether the investment term will exceed 10 years. (viii) Such other criteria as determined appropriate by the Secretary. (B) Requirement to provide an investment plan An application submitted to the Secretary under subparagraph (A) shall include a plan that— (i) describes how the qualified community development financial institution will expand or maintain its lending and investing activity in its target market as a result of qualified CDFI