[Federal Register Volume 71, Number 40 (Wednesday, March 1, 2006)]
[Notices]
[Pages 10596-10597]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-2834]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Proposed Collection; Comment Request

ACTION: Notice and request for comments.

-----------------------------------------------------------------------

SUMMARY: The Department of the 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 government corporation within the 
Department of the Treasury, is soliciting comments concerning the ``New 
Markets Tax Credit (NMTC) Program--Community Development Entity (CDE) 
Certification Application'' (hereafter, the Application).

DATES: Written comments should be received on or before May 1, 2006 to 
be assured of consideration.

ADDRESSES: Direct all comments to Pamela Williams, Program Operations 
Advisor, Community Development Financial Institutions Fund, U.S. 
Department of the Treasury, 601 13th Street, NW, Suite 200 South, 
Washington, DC 20005, Facsimile Number (202) 622-7754.

FOR FURTHER INFORMATION CONTACT: The Application may be obtained from 
the Fund's Web site at http://www.cdfifund.gov. Requests for additional 
information should be directed to Pamela Williams, Program Operations 
Advisor, 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) 622-6355.

SUPPLEMENTARY INFORMATION:
    Title: New Markets Tax Credit (NMTC) 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 Internal Revenue Code (IRC) by adding IRC Sec.  45D 
and created the NMTC Program. The Department of the

[[Page 10597]]

Treasury, through the Fund, administers the NMTC Program, which 
provides 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 through the NMTC Program, an entity 
must be certified as a qualified community development entity (CDE) and 
submit an allocation application to the Fund. Nonprofit entities and 
for-profit entities may be certified as CDEs by the Fund. Both for-
profit and nonprofit 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 or advisory board of the entity.
    Current Actions: Currently receiving and processing CDE 
certification applications.
    Type of review: Extension.
    Affected Public: CDEs, including business or other for-profit 
institutions, nonprofit entities, 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: 26 U.S.C. 45D; 31 U.S.C. 321; 26 CFR 1.45D-1T.

    Dated: February 23, 2006.
Arthur A. Garcia,
Director, Community Development Financial Institutions Fund.
[FR Doc. E6-2834 Filed 2-28-06; 8:45 am]
BILLING CODE 4810-70-P