[Federal Register Volume 75, Number 39 (Monday, March 1, 2010)]
[Notices]
[Pages 9275-9276]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-3900]


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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 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, 44 U.S.C. 3506(c)(2)(A). Currently, 
the Community Development Financial Institutions (CDFI) Fund, 
Department of the Treasury, is soliciting comments concerning an 
information collection required by the allocation agreement that is 
entered into by the CDFI Fund and recipients of tax credit authority 
allocations through New Markets Tax Credit (NMTC). The specific 
information collection relates to the allocation agreement requirement 
that allocatees provide notice to the CDFI Fund of the receipt of 
Qualified Equity Investments as defined at 26 CFR part 1.45D-1(c). The 
CDFI Fund has published separate notices seeking public comments 
regarding other information collections contained in the allocation 
agreement (e.g., use of Qualified Equity Investment proceeds).

DATES: Written comments should be received on or before April 30, 2010 
to be assured of consideration.

ADDRESSES: Direct all comments to Charles McGee, Program Manager for 
Certification, Compliance Monitoring and Evaluation, 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: A draft of the information collection 
may be obtained from the CDFI Fund's Web site at http://www.cdfifund.gov. Requests for additional information should be 
directed to Charles McGee, Program Manager for Certification, 
Compliance Monitoring and Evaluation, Community Development Financial 
Institutions Fund, U.S. Department of the Treasury, 601 13th Street, 
NW., Suite 200 South, Washington, DC 20005, or by phone to (202) 622-
8453.

SUPPLEMENTARY INFORMATION:
    Title: New Markets Tax Credit (NMTC) Allocation Tracking System.
    OMB Number: 1559-0024.
    Abstract: Title I, subtitle C, section 121 of the Community Renewal 
Tax Relief Act of 2000 (the Act), as enacted by section 1 (a)(7) of the 
Consolidated Appropriations Act, 2001 (Pub. L. 106-554, December 21, 
2000), amended the Internal Revenue Code (IRC) by adding I.R.C. Sec.  
45D, New Markets Tax Credit. Pursuant to I.R.C. Sec.  45D, the 
Department of the Treasury, through the CDFI Fund, administers NMTC, 
which provides an incentive to investors in the form of tax credits 
over seven years, which stimulates the provision of private investment 
capital that, in turn, facilitates economic and community development 
in low-income communities. In order to qualify for an allocation of 
NMTC authority, an entity must be certified as a qualified community 
development entity and submit an allocation application to the CDFI 
Fund. Upon receipt of such applications, the CDFI Fund conducts 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 CDFI Fund. The allocation agreement 
contains the terms and conditions, including all reporting 
requirements, associated with the receipt of a NMTC allocation. The 
CDFI Fund requires each allocatee to use an electronic data collection 
and submission system, known as the allocation tracking system, to 
report on the information related to its receipt of a Qualified Equity 
Investment.
    The CDFI Fund has developed the allocation tracking system to, 
among other things: (1) Enhance the allocatee's ability to report to 
the CDFI Fund timely information regarding the issuance of its 
Qualified Equity Investments; (2) enhance the Treasury Department's 
ability to monitor the issuance of Qualified Equity Investments to 
ensure that no allocatee exceeds its allocation authority, and to 
ensure that Qualified Equity Investments are issued within the 
timeframes required by the allocation agreement and NMTC regulations; 
and (3) provide the Treasury Department with basic investor data which 
may be aggregated

[[Page 9276]]

and analyzed in connection with NMTC evaluation efforts.
    Current Actions: Extension of a currently approved collection.
    Type of review: Regular review.
    Affected Public: Business or other for-profit institutions, not-
for-profit institutions, and State, local and Tribal entities.
    Estimated Number of Respondents: 495.
    Estimated Annual Time per Respondent: 12 hours.
    Estimated Total Annual Burden Hours: 5,940 hours.
    Requests 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. The 
specific section of the allocation agreement for which comments are 
sought is the reporting requirement that allocatees provide notice to 
the CDFI Fund, through the CDFI Fund's allocation tracking system, of 
the receipt of a Qualified Equity Investment. 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.

    Authority: 12 U.S.C. 4701 et seq.; 26 U.S.C. 45D.

    Dated: February 19, 2010.
Jeffrey C. Berg,
Legal Counsel, Community Development Financial Institutions Fund.
[FR Doc. 2010-3900 Filed 2-26-10; 8:45 am]
BILLING CODE 4810-70-M