[Federal Register: July 16, 2003 (Volume 68, Number 136)]
[Notices]
[Page 42167-42168]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr16jy03-144]
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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 the 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. 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the Fund within the Department of the
Treasury is soliciting comments concerning the Fund's reporting
requirement for: a) the CDFI Program Annual Survey (comprising an
Institution-Level Report and a Transaction-Level Report) from CDFI
Program awardees; and b) the NMTC Program Institution-Level Report
(including IRS Compliance Questions) and Transaction-Level Report from
NMTC Program allocatees. The Fund is also soliciting comments on
certain other information collections required by the allocation
agreement for NMTC Program allocatees.
DATES: Written comments should be received on or before September 15,
2003 to be assured of consideration.
ADDRESSES: Direct all comments on the IRS Compliance Questions (found
on the last page of the NMTC Program Institution-Level Report) to: John
Bickford, Senior Program Analyst, SB/SE Compliance Policy, Internal
Revenue Service, 5000 Ellin Road, C9-465, Lanham, MD 20706, Facsimile
Number (202) 283-2240.
Direct all other comments on the CDFI Program Annual Survey and the
NMTC Program Institution Level and Transaction Level Reports to: Donna
Fabiani, Manager for Financial Strategies and Research, Community
Development Financial Institutions Fund, U.S. Department of the
Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC 20005,
datacollectioncomment@cdfi. treas. gov, Facsimile Number (202) 622-
3569.
Direct all comments on the information collections related to the
specified sections of the NMTC Program Allocation Agreement to: Jeffrey
C. Berg, Legal Counsel, Community Development Financial Institutions
Fund, U.S. Department of the Treasury, 601 13th Street, NW., Suite 200
South, Washington, DC 20005, allocation agreementPRAcomments@cdfi.
treas. gov, Facsimile Number (202) 622-7754.
FOR FURTHER INFORMATION CONTACT: A draft of the information collections
may be obtained from the Fund's Web site at http://www. cdfifund. gov.
Requests for additional information regarding the IRS Compliance
Questions should be directed to: John Bickford, Senior Program Analyst,
SB/SE Compliance Policy, Internal Revenue Service, 5000 Ellin Road, C9-
465, Lanham, MD 20706, or call (202)-283-2515.
Requests for additional information regarding all other reports
should be directed to: Donna Fabiani, Manager for Financial Strategies
and Research, Community Development Financial Institutions Fund, U.S.
Department of the Treasury, 601 13th Street, NW., Suite 200 South,
Washington, DC 20005, datacollectioncomment@cdfi. treas. gov, or fax
(202) 622-3569.
Requests for additional information regarding the specified
sections of the NMTC Program Allocation Agreement should be directed
to: Jeffrey C. Berg, Legal Counsel, Community Development Financial
Institutions Fund, U.S. Department of the Treasury, 601 13th Street,
NW., Suite 200 South, Washington, DC 20005, allocation
agreementPRAcomments@cdfi. treas. gov, or fax (202) 622-7754.
SUPPLEMENTARY INFORMATION:
Title: Performance and Compliance Data and Other Information
Collection
OMB Number: 1559-0006 (for Annual Survey only)
Abstract: Since 1996, the Fund has certified more than 700
Community Development Financial Institutions (CDFIs) and more than
1,200 Community Development Entities (CDEs), and made approximately
$3.1 billion in awards and tax credit allocations. The CDFI/CDE
industry boasts collective assets in excess of $5 billion and a
combined loan/investment portfolio of nearly $6 billion (exclusive of
the equity to be raised with the recent $2.5 billion in New Markets Tax
Credit allocations).
What has the industry accomplished? What is it capable of
accomplishing? Answers to these questions could help catalyze new
investment that may be required for the industry to reach its full
market potential and achieve long-term sustainability through greater
access to the financial markets.
The Fund plans to create a repository of data to help the industry
conduct peer analyses and self-assessments on its products and
institutional performance. This data will aid the Fund in conducting
financial risk and socio-economic impact analyses.
The Fund network of more than 1,900 certified CDFIs and CDEs is an
integral part of our nation's financial system. The Fund's vision is to
electronically link the nation's community development financing
industry as a powerful, reliable and stable network within the U.S.
financial system. The Fund is re-designing its electronic platform to
facilitate the flow of information between the Fund and the field and
to create a repository of data to aid CDFI self-assessments through
peer analyses, as well as aid the Fund in conducting its own assessment
of CDFI financial risk and community development impact. To that end,
the Fund will collect:
From All CDFI Program awardees, an annual survey consisting of two
parts: (a) an Institution-Level Report on the CDFI and its financial
performance; and (b) a Transaction-Level Report providing precise
information on the socio-economic characteristics of investees, loan
and investment terms, repayment status, and community development
impacts. The Transaction-Level Report complements the Institution-Level
Report and, together, the two pieces comprise the annual survey
requirement under CDFI Program assistance agreements.
From NMTC Program allocatees, an Institution-Level Report
(including IRS Compliance Questions) and a Transaction-Level Report.
These reports are used to demonstrate how CDFIs and CDEs are
performing and the impact they are having in underserved communities.
The data from the reports will be used in compliance reviews for
awardees and allocatees, in the development and implementation of PLUM
(described below), and the measurement of financing activities in the
most distressed communities in the nation, including Hot Zones.
In anticipation of these changes, the Fund is making major
investments in technology to collect, store, and analyze this large
volume of data. Two of these investments are:
[sbull] Community Investment Intelligence System (CIIS): This new
data collection system and repository will collect and store CDFI and
CDE transaction-level and institution-level data. The system is being
designed to communicate, where possible, with the technology CDFIs and
CDEs currently use, thereby facilitating the transfer of large volumes
of data to the Fund. The Fund's contractor, E F
[[Page 42168]]
Kearney, will work with CDFIs and CDEs in the system design phase with
the goal of developing a sophisticated yet user-friendly web-based data
transmission process. CIIS is expected to be implemented in December
2003.
[sbull] PLUM: PLUM is an automated CDFI performance rating system
that will analyze the data collected through CIIS to rate a CDFI's
Performance/community development impact, Liquidity/financial strength,
Underwriting/portfolio quality, and Management. The Fund will publish a
separate notice seeking public comment on PLUM.
To view the proposed data collection reports, visit the Fund's
website www. cdfifund. gov and click on ``Fund seeking comments on Data
Collection.'' This will link to the following reports: 1. CDFI Program
Annual Survey--Institution-Level Report; 2. CDFI Program Annual
Survey--Transaction-Level Report; 3. NMTC Program Institution-Level
Report (including IRS Compliance Questions); and 4. NMTC Program
Transaction-Level Report.
NMTC Program Allocation Agreement: 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 Fund. Upon receipt of such applications,
the Fund will conduct a competitive review process to evaluate
applications for the receipt of NMTC allocations. Entities receiving an
NMTC allocation must enter into an allocation agreement with the Fund.
The allocation agreement contains the terms and conditions associated
with the receipt of an NMTC allocation. Comment are requested on
certain disclosure requirements contained in the allocation agreement
as well as the requirement for the submission of a copy of the
allocatee's audited financial statements. The specific sections of the
allocation agreement for which comments are sought may be obtained from
the Fund's Web site at http://www. cdfifund. gov.
Current Action: N/A.
Type of review:
CDFI Program Annual Survey: Renewal
NMTC Program Institution-Level and Transaction-Level Reports: New
NMTC Program Allocation Agreement sections: New
Affected Public: Not-for-profit institutions, businesses or other
for-profit institutions and tribal entities.
Estimated Number of Respondents:
CDFI Program Annual Survey: 350
NMTC Program Institution-Level and Transaction-Level Reports: 66
Allocation Agreement (section 4.9): 66
Allocation Agreement (sections 6.2 and 6.9): 5
Estimated Annual Time Per Respondent:
CDFI Program Annual Survey: 24 hours
NMTC Program Institution-Level and Transaction-Level Reports: 24 hours
Allocation Agreement (section 4.9): 1 hour
Allocation Agreement (sections 6.2 and 6.9): 2 hours
Estimated Total Annual Burden Hours:
CDFI Program Annual Survey: 8,400 hours
NMTC Program Institution-Level and Transaction-Level Reports: 1,584
hours
Allocation Agreement (section 4.9): 66 hours
Allocation Agreement (sections 6.2 and 6.9): 10 hours
Request 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
all aspects of the information collections, but commentators may wish
to focus particular attention on: (a) For NMTC Program allocatees, the
types of data that allocatees that purchase loans should be required to
report to demonstrate the community development impact of the loan
purchase; (b) for NMTC Program allocatees, the types of data that
allocatees that invest in other CDEs should be required to report to
demonstrate the community development impact of the second-tier CDE's
Qualified Active Low-Income Community Business (QALICB) borrowers/
investees; (c) for NMTC allocatees, for which entity (allocatee,
subsidiary CDE receiving an allocation transfer, and/or CDE investee)
should the following types of information be reported: characteristics
of QALICB borrowers/investees, staffing, revenue and expenses, assets
and liabilities, and capital under management; (d) for NMTC allocatees,
should information such as characteristics of QALICB borrowers/
investees, staffing, revenue and expenses, assets and liabilities, and
capital under management be reported for an entity's entire operations
or only its NMTC-related activities; (e) the portion of the requested
information that CDFIs and CDEs currently collect and track
electronically; (f) the effort and cost for CDFIs and CDEs to begin
collecting and electronically tracking any required information not
currently collected and tracked electronically (e.g., enhancing
systems, purchasing new systems); (g) the cost for CDFIs and CDEs to
operate and maintain the services/systems required to provide the
required information; (h) the frequency with which the Fund should
collect transaction-level data (quarterly, semi-annually, or annually);
(i) ways to enhance the quality, utility, and clarity of the
information to be collected; (j) whether the collection of information
is necessary for the proper evaluation of the effectiveness and impact
of the Fund's programs, including whether the information shall have
practical utility; (k) ways to minimize the burden of the collection of
information and (l) the accuracy of the Fund's estimate of the burden
of the collection of information.
Comments are also requested on sections 4.9, 6.2, 6.5(c) and 6.9 of
the draft NMTC Program Allocation Agreement (please note that there is
no burden anticipated for section 6.5(c) since this collection of
information is usual and customary for the respondents).
Authority: 12 U.S.C. 4703, 4703 note, 4707, 4710, 4714, 4717; 26
U.S.C. 45D; 31 U.S.C. 321; and 12 CFR part 1805.
Dated: July 9, 2003.
Tony T. Brown,
Director, Community Development Financial Institutions Fund.
[FR Doc. 03-17993 Filed 7-15-03; 8:45 am]
BILLING CODE 4810-70-P