[Federal Register Volume 75, Number 23 (Thursday, February 4, 2010)]
[Notices]
[Pages 5848-5849]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-2425]
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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 public agencies to take this opportunity to comment on
proposed and/or continuing information collections, as required by the
Paperwork Reduction Act of 1995, Pub. Law 104-13 (44 U.S.C.
3506(c)(2)(A)).
Currently, the Community Development Financial Institutions (CDFI)
Fund, Department of the Treasury, is soliciting comments concerning the
Evaluation of the New Markets Tax Credit (NMTC) Program. This notice
announces the CDFI Fund's intent to request approval from the Office of
Management and Budget (OMB) for new information collection activities
associated with an independent, multi-year evaluation of the NMTC
Program. It includes a one-time information collection effort involving
participants and stakeholders in the program, which is intended to
describe and assess program activities as well as identify project-
specific and community level outputs and outcomes. The data collection
will provide critical information for the evaluation. Clearance is
requested for the following new data collection activities: (1) Case-
style data collection related to approximately 80 randomly sampled NMTC
projects that will consist of semi-structured telephone interviews with
persons associated with those projects--i.e., approximately 80
representatives of Community Development Entities (CDEs), 80
representatives of Qualified Active Low Income Businesses (QALICBs), 80
investors, and 80 other key project stakeholders; (2) a web-based,
predominantly closed-ended survey of representatives of approximately
380 QALICBs; and (3) a web-based, predominantly closed-ended survey of
approximately 380 local community/economic development officials.
DATES: Written comments must be received on or before April 5, 2010 to
be assured of consideration.
ADDRESSES: Direct all comments to Greg Bischak, Program 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, by e-mail to
[email protected], or by facsimile to (202) 622-7754. Please note
this is not a toll-free number.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of this information collection should be directed to Greg
Bischak at (202) 622-8669.
SUPPLEMENTARY INFORMATION:
Title: Evaluation of the New Markets Tax Credit (NMTC) Program.
OMB Number: Not yet assigned.
Type of Request: New collection of information.
Abstract: The NMTC Program was established by the Community Renewal
Tax Relief Act of 2000 to encourage private capital investment in low-
income communities that are, or are perceived to be, high investment
risks. It permits individual and corporate taxpayers to receive a
credit against federal income taxes for making qualified equity
investments in designated Community Development Entities (CDEs).
Substantially all of the qualified equity investment must in turn be
used by CDEs to provide investments in Qualified Active Low-Income
Community Businesses (QALICBs), which include both operating businesses
and real estate developments. The federal tax credits are allocated
competitively by the CDFI Fund to CDEs. CDEs, in turn, select the
projects in which to invest.
There is considerable flexibility and, consequently, variability
with respect to the types of projects that can be supported by NMTC-
stimulated investments. They can include for-profit and non-profit
businesses involving a range of commercial, industrial, retail,
manufacturing, mixed-uses, and facilities such as for childcare, health
or charter schools.
The evaluation involves multiple research methods to produce valid
evidence for describing and assessing program activities and outcomes.
The focus is on the program's primary objective of attracting capital
to low-income, economically distressed communities so as to further
their economic and community development. The evaluation is intended to
inform an array of important policy questions, including: How and in
what manner the program is affecting the flow of new private capital to
low-income communities; where, in what timeframe, and how that capital
is invested to achieve community and economic
[[Page 5849]]
development objectives; and the quantity, nature, and quality of the
benefits to low-income communities and persons that can potentially be
attributed to the NMTC Program.
The evaluation includes: (a) A review of the relevant economic
development, performance measurement, and tax credit literature; (b)
interviews with key NMTC stakeholders; (c) an analysis of NMTC
administrative data; (d) the development of a typology of NMTC
projects; and (e) an examination of secondary public and private data.
To address the key evaluation issues noted above, new data must be
gathered about NMTC projects beyond what is already being collected by
the CDFI Fund. Clearance is requested for the following new data
collection efforts: (1) Case-style data collection related to
approximately 80 randomly sampled NMTC projects that will consist of
semi-structured telephone interviews with approximately 80 CDEs, 80
QALICBs, 80 investors, and 80 other key project stakeholders; (2) a
web-based, predominantly closed-ended survey of representatives of
approximately 380 QALICBs; and (3) a web-based, predominantly closed-
ended survey of approximately 380 local community/economic development
officials.
Toward this end, clearance is requested for four topical discussion
guides, a data sheet for CDEs, a data sheet for QALICBs, and two survey
instruments.
Respondents are CDEs that received NMTC allocation authority and
used these credits to finance qualified investments, QALICBs that
received equity or debt investments using NMTCs, investors in projects
that include NMTCs, local community and economic development officials
or other stakeholders in NMTC projects, such as accountants, attorneys,
or local organizations involved in the projects.
Estimated Number of Respondents: 890.
Number of Responses per Respondent: In general, it is expected that
each CDE will respond only once. Some CDE representatives may be
requested to respond more than once because they may have provided
allocations for more than one project in the sample selected.
Estimated Time per Response: All burden estimates include
respondents' time to prepare for and complete surveys, information
sheets (where applicable) and interviews. Estimated times are as
follows: QALICB survey: 30 minutes; Local Community/Economic
Development Officials' Survey: 20 minutes; CDE and QALICB Telephone
Interviews: 60 minutes; Investor and Local Stakeholder Interviews: 45
minutes; and CDE and QALICB Data Sheet: 30 minutes.
Estimated Total Annual Burden on Respondents: 494 hours.
Requests for Comments: All written comments will be open for public
inspection and may be obtained from the CDFI Fund's Web site at http://www.cdfifund.gov.
All responses to this notice will be summarized and included in the
request for OMB approval. All comments will be a matter of public
record. Comments are invited on the following:
(a) Whether the proposed 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 proposed collection of
information, including the validity of the methodology and assumptions
used; (c) ways to enhance the quality, utility, and clarity of the
information to be collected; and (d) ways to minimize the burden of the
collection of information on those who are to respond, including use of
appropriate automated, electronic, mechanical, or other technological
collection techniques or other forms of information technology.
Authority: 26 U.S.C. 45D; 31 U.S.C. 321; 26 CFR 1.45D-1.
Dated: January 29, 2010.
Donna J. Gambrell,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2010-2425 Filed 2-3-10; 8:45 am]
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