[Federal Register: May 5, 2009 (Volume 74, Number 85)]
[Notices]
[Page 20780-20781]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr05my09-126]
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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 U.S. 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, Public Law No. 104-13 (44 U.S.C.
3506(c)(2)(A)). Currently, the Community Development Financial
Institutions Fund (the Fund), a government corporation within the
Department of the Treasury, is soliciting comments concerning the ``New
Markets Tax Credit (NMTC) Program--Community Development Entity (CDE)
Certification Application'' (hereafter, the Application).
DATES: Written comments should be received on or before July 6, 2009 to
be assured of consideration.
ADDRESSES: Direct all comments to Christopher J. Stever, Certification
and Training Program Manager, Community Development Financial
Institutions Fund, U.S. Department of the Treasury, 601 13th Street,
NW., Suite 200 South, Washington, DC 20005, by e-mail to
cdfihelp@cdfi.treas.gov, or by facsimile to (202) 622-7754. Please note
that this is not a toll free number.
FOR FURTHER INFORMATION CONTACT: The Application may be obtained from
the Fund's Web site at http://www.cdfifund.gov. Requests for additional
information should be directed to Christopher J. Stever, Certification
and Training Program Manager, Community Development Financial
Institutions Fund, U.S. Department of the Treasury, 601 13th Street,
NW., Suite 200 South, Washington, DC 20005, by e-mail to
cdfihelp@cdfi.treas.gov, or by facsimile to (202) 622-7754. Please note
that this is not a toll free number.
SUPPLEMENTARY INFORMATION:
Title: New Markets Tax Credit (NMTC) Program--Community Development
Entity (CDE) Certification Application.
OMB Number: 1559-0014.
Abstract: Title I, subtitle C, section 121 of the Community Renewal
Tax Relief Act of 2000 (the Act), as enacted in the Consolidated
Appropriations Act, 2001 (Pub. L. No. 106-554, December 21, 2000),
amended the Internal Revenue Code (IRC) by adding IRC 45D and created
the NMTC Program. The Department of the Treasury, through the Fund,
administers the NMTC Program, which provides 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
through the NMTC Program, an entity must be certified as a qualified
Community Development Entity (CDE) and submit an allocation application
to the Fund. Nonprofit entities and for-profit entities may be
certified as CDEs by the Fund. In order to be certified as a CDE, an
entity must be a domestic corporation or partnership, that: (1) Has a
primary mission of serving or providing investment capital for low-
income communities or low-income persons; and (2) maintains
accountability to residents of low-income communities through their
representation on any governing or advisory board of the entity.
Current Actions: Currently receiving and processing CDE
certification applications.
Type of review: Extension.
Affected Public: CDEs and entities seeking CDE certification,
including business or other for-profit institutions, nonprofit
entities, and State, local and Tribal entities.
Estimated Number of Respondents: 300.
Estimated Annual Time Per Respondent: 4 hours.
Estimated Total Annual Burden Hours: 1,200 hours.
Requests For Comments: Comments submitted in response to this
notice will be summarized and/or included in the request for Office of
Management and Budget approval. All comments will become a matter of
public record and may be published on the Fund's Web site at http://
www.cdfifund.gov. 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. The Fund specifically requests
comments concerning ways the process of certification for subsidiary
CDEs can be simplified.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless the collection of
information displays a valid OMB control number.
Authority: 26 U.S.C. 45D; 31 U.S.C. 321; 26 CFR 1.45D-1.
[[Page 20781]]
Dated: April 29, 2009.
Donna Gambrell,
Director, Community Development Financial Institutions Fund.
[FR Doc. E9-10350 Filed 5-4-09; 8:45 am]
BILLING CODE 4810-70-P