[Federal Register Volume 70, Number 248 (Wednesday, December 28, 2005)]
[Notices]
[Page 76913]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-7901]


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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, Public Law 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--Allocation Application.

DATES: Written comments should be received on or before February 27, 
2006 to be assured of consideration.

ADDRESSES: Direct all comments to Matt Josephs, New Markets Tax Credit 
Program 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 NMTC Allocation Application may be 
obtained from the Fund's Web site at http://www.cdfifund.gov. Requests 
for additional information should be directed to Matt Josephs, New 
Markets Tax Credit Program 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--
Allocation Application.
    OMB Number: 1559-0016.
    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 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 and submit an 
allocation application to the CDFI Fund. Upon receipt of such 
applications, the CDFI Fund will conduct a competitive review process 
to evaluate applications for the receipt of NMTC allocations.
    Current Actions: Currently reviewing allocation 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: 250.
    Estimated Annual Time Per Respondent: 175 hours.
    Estimated Total Annual Burden Hours: 43,750 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: December 20, 2005.
Arthur A. Garcia,
Director, Community Development Financial Institutions Fund.
[FR Doc. E5-7901 Filed 12-27-05; 8:45 am]
BILLING CODE 4810-70-P