diff --git a/core/dbt/config/renderer.py b/core/dbt/config/renderer.py
index ae7d7895106..359f5011706 100644
--- a/core/dbt/config/renderer.py
+++ b/core/dbt/config/renderer.py
@@ -1,7 +1,6 @@
 from dbt import compat
 from dbt.clients.jinja import get_rendered
-from dbt.context.common import env_var
-from dbt.context.common import Var
+from dbt.context.common import generate_config_context
 from dbt.exceptions import DbtProfileError
 from dbt.exceptions import DbtProjectError
 from dbt.exceptions import RecursionException
@@ -13,8 +12,7 @@ class ConfigRenderer(object):
     variables and a render type.
     """
     def __init__(self, cli_vars):
-        self.context = {'env_var': env_var}
-        self.context['var'] = Var(None, self.context, cli_vars)
+        self.context = generate_config_context(cli_vars)
 
     @staticmethod
     def _is_hook_or_model_vars_path(keypath):
diff --git a/core/dbt/context/common.py b/core/dbt/context/common.py
index 8e4a6c8ec39..c1452706ad5 100644
--- a/core/dbt/context/common.py
+++ b/core/dbt/context/common.py
@@ -329,6 +329,22 @@ def get_datetime_module_context():
     }
 
 
+def get_context_modules():
+    return {
+        'pytz': get_pytz_module_context(),
+        'datetime': get_datetime_module_context(),
+    }
+
+
+def generate_config_context(cli_vars):
+    context = {
+        'env_var': env_var,
+        'modules': get_context_modules(),
+    }
+    context['var'] = Var(None, context, cli_vars)
+    return _add_tracking(context)
+
+
 def generate_base(model, model_dict, config, manifest, source_config,
                   provider, adapter=None):
     """Generate the common aspects of the config dict."""
@@ -370,10 +386,7 @@ def generate_base(model, model_dict, config, manifest, source_config,
         "graph": manifest.to_flat_graph(),
         "log": log,
         "model": model_dict,
-        "modules": {
-            "pytz": get_pytz_module_context(),
-            "datetime": get_datetime_module_context(),
-        },
+        "modules": get_context_modules(),
         "post_hooks": post_hooks,
         "pre_hooks": pre_hooks,
         "ref": provider.ref(db_wrapper, model, config, manifest),
diff --git a/test/integration/039_config_test/test_configs.py b/test/integration/039_config_test/test_configs.py
index d1cac71c85c..e783f6318d3 100644
--- a/test/integration/039_config_test/test_configs.py
+++ b/test/integration/039_config_test/test_configs.py
@@ -1,3 +1,6 @@
+from datetime import datetime
+import os
+import shutil
 
 from test.integration.base import DBTIntegrationTest, use_profile
 
@@ -39,3 +42,44 @@ def test_postgres_config_layering(self):
         # make sure we overwrote the materialization properly
         models = self.get_models_in_schema()
         self.assertEqual(models['model'], 'table')
+
+
+class TestTargetConfigs(DBTIntegrationTest):
+    @property
+    def schema(self):
+        return "config_039"
+
+    def unique_schema(self):
+        return super(TestTargetConfigs, self).unique_schema().upper()
+
+    @property
+    def models(self):
+        return "test/integration/039_config_test/models"
+
+    def setUp(self):
+        super(TestTargetConfigs, self).setUp()
+        self.init_targets = [d for d in os.listdir('.') if os.path.isdir(d) and d.startswith('target_')]
+
+    def tearDown(self):
+        super(TestTargetConfigs, self).tearDown()
+        for d in self.new_dirs():
+            shutil.rmtree(d)
+
+    def new_dirs(self):
+        for d in os.listdir('.'):
+            if os.path.isdir(d) and d not in self.init_targets and d.startswith('target_'):
+                yield d
+
+    @property
+    def project_config(self):
+        return {
+            'data-paths': ['test/integration/039_config_test/data'],
+            'target-path': "target_{{ modules.datetime.datetime.utcnow().strftime('%Y%m%dT%H%M%S') }}"
+        }
+
+    @use_profile('postgres')
+    def test_alternative_target_paths(self):
+        self.run_dbt(['seed'])
+        dirs = list(self.new_dirs())
+        self.assertEqual(len(dirs), 1)
+        self.assertTrue(os.path.exists(os.path.join(dirs[0], 'manifest.json')))