[Federal Register: December 9, 2002 (Volume 67, Number 236)]
[Notices]               
[Page 73007]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09de02-140]                         


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DEPARTMENT OF THE TREASURY


 
Community Development Financial Institutions Fund; Proposed 
Collection; Comment Request


ACTION: Notice and request for comments.


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SUMMARY: The Department of Treasury, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other Federal agencies to take this opportunity to comment on 
proposed and/or continuing information collections, as required by the 
Paperwork Reduction Act of 1995, Pub. L. No. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the Community Development Financial 
Institutions Fund (the Fund), a bureau of the Department of the 
Treasury, is soliciting comments concerning the New Markets Tax Credit 
(NMTC) Program--Allocation Application.


DATES: Written comments should be received on or before February 7, 
2003 to be assured of consideration.


ADDRESSES: Direct all comments to Linda Davenport, Financial Equity 
Manager, Community Development Financial Institutions Fund, U.S. 
Department of the Treasury, 601 13th Street, NW., Suite 200 South, 
Washington, DC 20005, Facsimile Number (202) 622-8911.


FOR FURTHER INFORMATION CONTACT: The NMTC Allocation Application may be 
obtained from the Fund's Web site at http://www.cdfifund.gov. Requests 
for additional information should be directed to Linda Davenport, 
Financial Equity Manager, Community Development Financial Institutions 
Fund, U.S. Department of the Treasury, 601 13th Street, NW., Suite 200 
South, Washington, DC 20005, or by phone to (202) 622-7373.


SUPPLEMENTARY INFORMATION:
    Title: New Markets Tax Credit Program--Allocation Application.
    OMB Number: 1559-0016.
    Abstract: Title I, subtitle C, section 121 of the Community Renewal 
Tax Relief Act of 2000 (the Act), as enacted by section 1(a)(7) of the 
Consolidated Appropriations Act, 2001 (Pub. L. 106-554, December 21, 
2000), amended the Internal Revenue Code (IRC) by adding IRC Sec.  45D, 
New Markets Tax Credit. Pursuant to IRC Sec.  45D, the Department of 
the Treasury, through the Fund, administers the NMTC Program, which 
will provide an incentive to investors in the form of tax credits over 
seven years, which is expected to stimulate the provision of private 
investment capital that, in turn, will facilitate economic and 
community development in low-income communities. In order to qualify 
for an allocation of tax credits under the NMTC Program, an entity must 
be certified as a qualified community development entity and submit an 
allocation application to the CDFI Fund. Upon receipt of such 
applications, the CDFI Fund will conduct a competitive review process 
to evaluate applications for the receipt of NMTC allocations.
    Current Actions: Currently reviewing allocation applications.
    Type of review: Extension.
    Affected Public: Business or other for-profit institutions, not-
for-profit institutions and State, local and Tribal entities.
    Estimated Number of Respondents: 350.
    Estimated Annual Time Per Respondent: 100 hours.
    Estimated Total Annual Burden Hours: 35,000 hours.
    Requests for Comments: Comments submitted in response to this 
notice will be summarized and/or included in the request for OMB 
approval. All comments will become a matter of public record. Comments 
are invited on: (a) Whether the collection of information is necessary 
for the proper performance of the functions of the agency, including 
whether the information shall have practical utility; (b) the accuracy 
of the agency's estimate of the burden of the collection of 
information; (c) ways to enhance the quality, utility, and clarity of 
the information to be collected; (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
technology; and (e) estimates of capital or start-up costs and costs of 
operation, maintenance, and purchase of services required to provide 
information.


    Authority: Consolidated Appropriations Act of 2001, Pub. L. 106-
554; 31 U.S.C. 321.


    Dated: November 25, 2002.
Tony T. Brown,
Director, Community Development Financial Institutions Fund.
[FR Doc. 02-30994 Filed 12-6-02; 8:45 am]

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