[Federal Register: March 26, 2009 (Volume 74, Number 57)]
[Notices]
[Page 13310-13311]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr26mr09-143]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Notice of Allocation Availability (NOAA) Inviting Applications
for the CY 2009 Allocation Round of the New Markets Tax Credit (NMTC)
Program
Announcement Type: Change to NOAA inviting applications for the CY
2009 Allocation Round of the NMTC Program: Increase in allocation
authority; increase in maximum anticipated allocation award amount;
waiver of Qualified Equity Investment (QEI) issuance requirements for
allocation awards made in CY 2008; notification of reporting
requirements for allocatees receiving allocations pursuant to the
American Recovery and Reinvestment Act of 2009.
Dates: Electronic applications must be received by 5 p.m. ET on
April 8, 2009. Applications sent by mail, facsimile or other form will
not be accepted.
Executive Summary: This NOAA update is issued in connection with
the calendar year 2009 tax credit allocation round of the NMTC Program,
authorized by Title I, subtitle C, section 121 of the Community Renewal
Tax Relief Act of 2000 (Pub. L. 106-554), as amended (the Act). On
January 22, 2009, the Community Development Financial Institutions Fund
(the Fund) announced in the NOAA for the NMTC Program (74 FR 4077) the
amount of NMTC allocation authority available, the QEI issuance
requirements for prior-round allocatees, and the reporting requirements
for allocatees. Pursuant to the recent passage of the American Recovery
and Reinvestment Act of 2009 (Recovery Act), the Fund hereby announces
an increase in the total available NMTC allocation authority to $5.0
billion for the CY 2009 round. Furthermore, with respect to eligibility
for an allocation under the CY 2009 round, the Fund hereby waives the
QEI issuance requirements for allocation awards made in CY 2008 and
increases the anticipated maximum allocation award for CY 2009 to $125
million each. Finally, the Fund is hereby providing guidance on
reporting requirements for allocatees whose allocations are authorized
pursuant to the Recovery Act.
Increase in Allocation Authority: The January 22, 2009 NOAA
announced that there would be a total of $3.5 billion of NMTC
allocation authority available in the CY 2009 round. The Recovery Act
increases the NMTC allocation authority for the CY 2009 round from $3.5
billion to $5.0 billion.
[[Page 13311]]
Increase of Award Amount: The January 22, 2009 NOAA also announced
that the Fund expects that it will provide allocation awards of not
more than $100 million per applicant. Due to the additional allocation
authority authorized through the Recovery Act, this notice announces
that the Fund now expects that it may provide allocation awards of not
more than $125 million per applicant.
Waiver of QEI Issuance Requirements for CY 2008 Allocatees: The
January 22, 2009 NOAA provided information regarding QEI issuance
requirements for prior-year allocatees, including CY 2008 round
allocatees. This notice announces that, for the CY 2009 round of the
NMTC Program, a prior allocatee in the sixth round of the NMTC Program
(CY 2008) is not required to issue a minimum amount of QEIs relating to
its CY 2008 NMTC Allocation in order to be eligible for an allocation
under the seventh round (CY 2009).
Reporting Requirements for CY 2009 Allocatees Receiving Recovery
Act Allocations: The January 22, 2009 NOAA indicated that each
applicant that is selected to receive a NMTC allocation (including the
applicant's Subsidiary transferees) must sign a Notice of Allocation
and enter into an Allocation Agreement with the Fund. The Notice of
Allocation and Allocation Agreement will set forth certain required
terms and conditions of the NMTC allocation which will include, among
other things, reporting requirements for all applicants receiving NMTC
allocations. This notice announces that, due to the nature of the
Recovery Act, it is expected that allocatees receiving NMTC allocations
under the Recovery Act will be required, at a minimum, to: (i) Invest
QEI proceeds in low-income communities in an expedited manner; (ii)
track the use of these QEI proceeds on all investments; and (iii)
provide data to the Federal government on a quarterly basis that
indicates how QEI proceeds were spent and the impacts (e.g., job
creation) that were realized in the low-income communities. Specific
reporting requirements are still under development and will be outlined
in each allocatee's Allocation Agreement. In the meantime, the Fund
encourages all allocatees to review the Office of Management and
Budget's (OMB's) memorandum (M-09-10; http://www.whitehouse.gov/omb/
assets/memoranda_fy2009/m09-10.pdf) regarding potential reporting
requirements for organizations that receive awards under the Recovery
Act, as well as any subsequent guidance posted on OMB's or the Fund's
Web site.
All other information and requirements set forth in the January 22,
2009 NOAA shall remain effective, as published.
For Further Information Contact: 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 April 6,
2009. The Fund will not respond to phone calls or e-mails concerning
the application that are received after 5 p.m. ET on April 6, 2009
until after the allocation application deadline of April 8, 2009.
Applications and other information regarding the Fund and its programs
may be obtained from the Fund's Web site at http://www.cdfifund.gov.
The Fund will post on its Web site responses to questions of general
applicability regarding the NMTC Program.
A. Information technology support: Technical support can be
obtained by calling (202) 622-2455 or by e-mail at
ithelpdesk@cdfi.treas.gov. People who have visual or mobility
impairments that prevent them from accessing the Low-Income Community
maps using the Fund's Web site should call (202) 622-2455 for
assistance. These are not toll free numbers.
B. Programmatic support: If you have any questions about the
programmatic requirements of this NOAA, contact the Fund's NMTC Program
Manager by e-mail at cdfihelp@cdfi.treas.gov, by telephone at (202)
622-6355, by facsimile at (202) 622-7754, or by mail at CDFI Fund, 601
13th Street, NW., Suite 200 South, Washington, DC 20005. These are not
toll free numbers.
C. Administrative support: If you have any questions regarding the
administrative requirements of this NOAA, contact the Fund's Awards
Manager by e-mail at grantsmanagement@cdfi.treas.gov, by telephone at
(202) 622-8226, by facsimile at (202) 622-6453, or by mail at CDFI
Fund, 601 13th Street, NW., Suite 200 South, Washington, DC 20005.
These are not toll free numbers.
D. IRS support: 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.
E. Legal counsel support: If you have any questions or matters that
you believe require response by the Fund's Office of Legal Counsel,
please refer to the document titled ``How to Request a Legal Review,''
found on the Fund's Web site at http://www.cdfifund.gov.
Authority: 26 U.S.C. 45D; 31 U.S.C. 321; 26 CFR 1.45D-1; Pub. L.
No. 111-5.
Dated: March 20, 2009.
Donna Gambrell,
Director, Community Development Financial Institutions Fund.
[FR Doc. E9-6789 Filed 3-25-09; 8:45 am]
BILLING CODE 4810-70-P