[Federal Register: September 12, 2003 (Volume 68, Number 177)]
[Notices]
[Page 53780-53781]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12se03-107]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Allocation Availability Inviting Applications for the
New Markets Tax Credit Program: Change of Certain Deadlines; New
Markets Tax Credit Program Allocation Application: CDE Registration
AGENCY: Community Development Financial Institutions Fund, Department
of the Treasury.
ACTION: Notice of Allocation Availability (``NOAA'') inviting
applications for the second round of the New Markets Tax Credit
(``NMTC'') Program: Change of Certain Deadlines; NMTC Program
Allocation Application: CDE Registration.
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Change of Certain Deadlines: On July 18, 2003, the Community
Development Financial Institutions Fund (the ``Fund'') announced in a
NOAA for the NMTC Program (68 Federal Register 42806) that a request
for a paper application must be made using the NMTC Paper Application
Submission Form (available from the Fund's Web site at http://www.cdfifund.gov
), and that the request must be received by the Fund by
September 15, 2003. The NOAA also announced that the Fund will provide
programmatic and information technology support related to the
allocation application through September 26, 2003. Lastly, under the
Eligibility section of the NOAA, the Fund announced that a prior
Allocatee of the NMTC Program is not eligible to receive a NMTC
Allocation pursuant to the NOAA unless the Allocatee can demonstrate
via the Fund's allocation tracking system that, as of February 17,
2004, it has issued and the Allocatee has received cash from its
investors for 50 percent of its Qualified Equity Investments relating
to its prior NMTC Allocation. The February 17, 2004 deadline also
applied if a prior Allocatee controls the applicant, is controlled by
the applicant or shares common management officials with the applicant.
This notice is to announce that, due to delays in the development
of the electronic application and related documents, and delays in the
delivery of the allocation agreements to prior Allocatees, the Fund is
extending the aforesaid deadlines as follows:
(1) Paper Applications: If an applicant is unable to submit an
electronic application, it must submit to the Fund a request for a
paper application using the NMTC Paper Application Submission Form, and
the request must be received by the Fund by September 19, 2003. The
NMTC Paper Application Submission Form may be obtained from the Fund's
Web site at http://www.cdfifund.gov or the form may be requested by e-
mail at cdfihelp@cdfi.treas.gov or by calling the Fund's NMTC Program
help desk at (202) 622-7373. The completed NMTC Paper Application
Submission Form should be directed to the Fund's Chief Financial
Officer and must be sent by facsimile to (202) 622-8911.
The deadline for receipt of a paper application, including the
requisite original signature page and all attachments, at the
designated location is 5 p.m. ET on September 30, 2003. Paper
applications received after that date and time will not be accepted for
consideration and will be returned to the sender. Applications sent by
facsimile or by e-mail will not be accepted.
(2) Program and Information Technology Support: The Fund will
provide programmatic and information technology support related to the
allocation application between the hours of 9 a.m. and 5 p.m. ET
through September 29, 2003. The Fund will not respond to phone calls or
e-mails concerning the application that are received after 5 p.m. ET on
September 29, 2003, until after the allocation application deadline of
September 30, 2003. Programmatic support can be obtained by calling
(202) 622-7373 or through e-mail by sending questions or requests for
programmatic assistance to cdfihelp@cdfi.treas.gov. Information
technology support can be obtained by calling (202) 622-2455 or through
e-mail by sending questions or requests for information technology
assistance to ithelpdesk@cdfi.treas.gov. (3) Entities That Have Received NMTC Allocations in the Prior NMTC
Program Allocation Round: Applicants are hereby notified that success
in a prior round of the NMTC Program or any of the Fund's other
programs is not a predictor of success under the NOAA. A prior
Allocatee of the NMTC Program is not eligible to receive a NMTC
Allocation pursuant to the NOAA unless the Allocatee can demonstrate
via the Fund's allocation tracking system that, as of March 5, 2004, it
has issued and the Allocatee has received cash from its investors for
50 percent of its Qualified Equity Investments relating to its prior
NMTC Allocation. Further, an entity is not eligible to receive a NMTC
Allocation pursuant to the NOAA if another entity that Controls the
applicant, is Controlled by the applicant or shares common management
officials with the applicant (as determined by the Fund), has not, as
of March 5, 2004, issued and received cash from its investors for 50
percent of its Qualified Equity Investments relating to a prior NMTC
Allocation. For purposes of this section of the NOAA, the Fund will
only count as ``issued'' those Qualified Equity Investments that have
been recorded in the Fund's allocation tracking system by March 5,
2004. Allocatees and their Subsidiary transferees, if any, are advised
to access the Fund's allocation tracking system to record each
Qualified Equity Investment that they issue to an investor in exchange
for cash.
CDE Registration: The Applicant Instructions section of the 2003
NMTC Program Allocation Application states that an applicant that is a
Community Development Financial Institution (CDFI) or Specialized Small
Business Investment Company (SSBIC) and is not currently certified as a
qualified community development entity (CDE) must register as a CDE on
the Fund's Web site by 5 p.m. ET on August 29, 2003 in order to be
eligible to apply for an NMTC Allocation. The Fund has recently learned
that some CDFIs or SSBICs may have experienced technical issues with
accessing the Fund's CDE registration database which may have prevented
such entities from registering as CDEs by the August 29, 2003 deadline.
Such applicants are advised to contact Matthew Josephs, the Acting NMTC
Program Manager, so that the Fund may determine whether they will be
eligible to apply for a NMTC Allocation. All other information and
requirements set forth in the July 18, 2003 NOAA for the NMTC Program
and the 2003 NMTC Program Allocation Application shall remain
effective, as published.
FOR FURTHER INFORMATION CONTACT: Applications and other information
regarding the Fund and its programs
[[Page 53781]]
may be obtained from the Fund's Web site at http://www.cdfifund.gov.
The Fund will post on its website responses to questions of general
applicability regarding the NMTC Program. If you have any general
questions about the NMTC Program, contact Matthew Josephs, the Fund's
Acting NMTC Program Manager. The Acting NMTC Program Manager may be
reached by e-mail at cdfihelp@cdfi.treas.gov, by telephone at (202)
622-7373, by facsimile at (202) 622-8911, or by mail at CDFI Fund, 601
13th Street, NW, Suite 200 South, Washington, DC 20005. For questions
regarding the tax aspects of the NMTC Program, contact Branch Five,
Office of the Associate Chief Counsel (Passthroughs and Special
Industries), IRS, by telephone at (202) 622-3040, by facsimile at (202)
622-4753, or by mail at 1111 Constitution Avenue, NW, Attn: CC:PSI:5,
Washington, DC 20224. These are not toll free numbers.
Authority: 26 U.S.C. 45D; 31 U.S.C. 321; 26 CFR 1.45D-1T.
Dated: September 8, 2003.
Tony T. Brown,
Director, Community Development Financial Institutions Fund.
[FR Doc. 03-23280 Filed 9-11-03; 8:45 am]
BILLING CODE 4810-70-P