[Federal Register Volume 68, Number 177 (Friday, September 12, 2003)]
[Notices]
[Pages 53780-53781]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-23280]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Notice of Allocation Availability Inviting Applications for the 
New Markets Tax Credit Program: Change of Certain Deadlines; New 
Markets Tax Credit Program Allocation Application: CDE Registration

AGENCY: Community Development Financial Institutions Fund, Department 
of the Treasury.

ACTION: Notice of Allocation Availability (``NOAA'') inviting 
applications for the second round of the New Markets Tax Credit 
(``NMTC'') Program: Change of Certain Deadlines; NMTC Program 
Allocation Application: CDE Registration.

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    Change of Certain Deadlines: On July 18, 2003, the Community 
Development Financial Institutions Fund (the ``Fund'') announced in a 
NOAA for the NMTC Program (68 Federal Register 42806) that a request 
for a paper application must be made using the NMTC Paper Application 
Submission Form (available from the Fund's Web site at http://www.cdfifund.gov), and that the request must be received by the Fund by 
September 15, 2003. The NOAA also announced that the Fund will provide 
programmatic and information technology support related to the 
allocation application through September 26, 2003. Lastly, under the 
Eligibility section of the NOAA, the Fund announced that a prior 
Allocatee of the NMTC Program is not eligible to receive a NMTC 
Allocation pursuant to the NOAA unless the Allocatee can demonstrate 
via the Fund's allocation tracking system that, as of February 17, 
2004, it has issued and the Allocatee has received cash from its 
investors for 50 percent of its Qualified Equity Investments relating 
to its prior NMTC Allocation. The February 17, 2004 deadline also 
applied if a prior Allocatee controls the applicant, is controlled by 
the applicant or shares common management officials with the applicant.
    This notice is to announce that, due to delays in the development 
of the electronic application and related documents, and delays in the 
delivery of the allocation agreements to prior Allocatees, the Fund is 
extending the aforesaid deadlines as follows:
    (1) Paper Applications: If an applicant is unable to submit an 
electronic application, it must submit to the Fund a request for a 
paper application using the NMTC Paper Application Submission Form, and 
the request must be received by the Fund by September 19, 2003. The 
NMTC Paper Application Submission Form may be obtained from the Fund's 
Web site at http://www.cdfifund.gov or the form may be requested by e-
mail at [email protected] or by calling the Fund's NMTC Program 
help desk at (202) 622-7373. The completed NMTC Paper Application 
Submission Form should be directed to the Fund's Chief Financial 
Officer and must be sent by facsimile to (202) 622-8911.
    The deadline for receipt of a paper application, including the 
requisite original signature page and all attachments, at the 
designated location is 5 p.m. ET on September 30, 2003. Paper 
applications received after that date and time will not be accepted for 
consideration and will be returned to the sender. Applications sent by 
facsimile or by e-mail will not be accepted.
    (2) Program and Information Technology Support: 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 September 29, 2003. The Fund will not respond to phone calls or 
e-mails concerning the application that are received after 5 p.m. ET on 
September 29, 2003, until after the allocation application deadline of 
September 30, 2003. Programmatic support can be obtained by calling 
(202) 622-7373 or through e-mail by sending questions or requests for 
programmatic assistance to [email protected]. Information 
technology support can be obtained by calling (202) 622-2455 or through 
e-mail by sending questions or requests for information technology 
assistance to [email protected].
    (3) Entities That Have Received NMTC Allocations in the Prior NMTC 
Program Allocation Round: Applicants are hereby notified that success 
in a prior round of the NMTC Program or any of the Fund's other 
programs is not a predictor of success under the NOAA. A prior 
Allocatee of the NMTC Program is not eligible to receive a NMTC 
Allocation pursuant to the NOAA unless the Allocatee can demonstrate 
via the Fund's allocation tracking system that, as of March 5, 2004, it 
has issued and the Allocatee has received cash from its investors for 
50 percent of its Qualified Equity Investments relating to its prior 
NMTC Allocation. Further, an entity is not eligible to receive a NMTC 
Allocation pursuant to the NOAA if another entity that Controls the 
applicant, is Controlled by the applicant or shares common management 
officials with the applicant (as determined by the Fund), has not, as 
of March 5, 2004, issued and received cash from its investors for 50 
percent of its Qualified Equity Investments relating to a prior NMTC 
Allocation. For purposes of this section of the NOAA, the Fund will 
only count as ``issued'' those Qualified Equity Investments that have 
been recorded in the Fund's allocation tracking system by March 5, 
2004. Allocatees and their Subsidiary transferees, if any, are advised 
to access the Fund's allocation tracking system to record each 
Qualified Equity Investment that they issue to an investor in exchange 
for cash.
    CDE Registration: The Applicant Instructions section of the 2003 
NMTC Program Allocation Application states that an applicant that is a 
Community Development Financial Institution (CDFI) or Specialized Small 
Business Investment Company (SSBIC) and is not currently certified as a 
qualified community development entity (CDE) must register as a CDE on 
the Fund's Web site by 5 p.m. ET on August 29, 2003 in order to be 
eligible to apply for an NMTC Allocation. The Fund has recently learned 
that some CDFIs or SSBICs may have experienced technical issues with 
accessing the Fund's CDE registration database which may have prevented 
such entities from registering as CDEs by the August 29, 2003 deadline. 
Such applicants are advised to contact Matthew Josephs, the Acting NMTC 
Program Manager, so that the Fund may determine whether they will be 
eligible to apply for a NMTC Allocation. All other information and 
requirements set forth in the July 18, 2003 NOAA for the NMTC Program 
and the 2003 NMTC Program Allocation Application shall remain 
effective, as published.

FOR FURTHER INFORMATION CONTACT: Applications and other information 
regarding the Fund and its programs

[[Page 53781]]

may be obtained from the Fund's Web site at http://www.cdfifund.gov. 
The Fund will post on its website responses to questions of general 
applicability regarding the NMTC Program. If you have any general 
questions about the NMTC Program, contact Matthew Josephs, the Fund's 
Acting NMTC Program Manager. The Acting NMTC Program Manager may be 
reached by e-mail at [email protected], by telephone at (202) 
622-7373, by facsimile at (202) 622-8911, or by mail at CDFI Fund, 601 
13th Street, NW, Suite 200 South, Washington, DC 20005. 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.

    Authority: 26 U.S.C. 45D; 31 U.S.C. 321; 26 CFR 1.45D-1T.

    Dated: September 8, 2003.
Tony T. Brown,
Director, Community Development Financial Institutions Fund.
[FR Doc. 03-23280 Filed 9-11-03; 8:45 am]
BILLING CODE 4810-70-P