[Federal Register Volume 67, Number 236 (Monday, December 9, 2002)]
[Notices]
[Pages 73007-73008]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-30995]


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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, Pub. L. No. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the Community Development Financial 
Institutions Fund (the Fund), a bureau of the Department of the 
Treasury, is soliciting comments concerning the New Markets Tax Credit 
(NMTC) Program--Community Development Entity (CDE) Certification 
Application.

DATES: Written comments should be received on or before February 7, 
2003 to be assured of consideration.

ADDRESSES: Direct all comments to Linda Davenport, Financial Equity 
Manager, Community Development Financial Institutions Fund, U.S. 
Department of the Treasury, 601 13th Street, NW., Suite 200 South, 
Washington, DC 20005, Facsimile Number (202) 622-8911.

FOR FURTHER INFORMATION CONTACT: The CDE Certification Application may 
be obtained from the Fund's Web site at http://www.cdfifund.gov. 
Requests for additional information should be directed to Linda 
Davenport, Financial Equity Manager, 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-
7373.

SUPPLEMENTARY INFORMATION:
    Title: New Markets Tax Credit 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 by section 1(a)(7) of the 
Consolidated Appropriations Act, 2001 (Pub. L. 106-554, December 21, 
2000), amended the

[[Page 73008]]

Internal Revenue Code (IRC) by adding IRC Sec.  45D, New Markets Tax 
Credit. Pursuant to IRC Sec.  45D, the Department of the Treasury, 
through the Fund, administers the NMTC Program, which will provide 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 under the NMTC 
Program, an entity must be certified as a qualified community 
development entity (CDE) and submit an allocation application to the 
CDFI Fund. Nonprofit entities and for-profit entities may be certified 
as CDEs by the Fund. Both for-profit and non-profit entities may apply 
to the Fund for an allocation of NMTCs, but only CDEs that are for-
profit entities are eligible to issue qualified equity investments with 
respect to which investors will be entitled to claim NMTCs. 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 or any governing board of the entity or on 
any advisory board to the entity.
    Current Actions: Currently receiving and processing CDE 
Certification Applications.
    Type of review: Extension.
    Affected Public: Business or other for-profit institutions, not-
for-profit institutions and State, local and Tribal entities.
    Estimated Number of Respondents: 500.
    Estimated Annual Time Per Respondent: 5 hours.
    Estimated Total Annual Burden Hours: 2,500 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. 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: Consolidated Appropriations Act of 2001, Pub. L. 106-
554; 31 U.S.C. 321.

    Dated: November 25, 2002.
Tony T. Brown,
Director, Community Development Financial Institutions Fund.
[FR Doc. 02-30995 Filed 12-6-02; 8:45 am]
BILLING CODE 4810-70-P