[Federal Register Volume 71, Number 169 (Thursday, August 31, 2006)]
[Notices]
[Pages 51887-51888]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-14491]



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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Proposed Collection; Comment Request: Community Development 
Financial Institutions Fund: Comment Request on Continuing Collection 
of Information From Community Development Financial Institutions 
Program Awardees, Native American CDFI Assistance Program Awardees, 
Native American Technical Assistance Program Awardees, Native American 
CDFI Development Program Awardees, and New Markets Tax Credit Program 
Allocatees

ACTION: Notice and request for comments.

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SUMMARY: The Community Development Financial Institutions Fund (the 
Fund), a government corporation within the Department of the Treasury, 
as part of its continuing effort to reduce paperwork and respondent 
burden, is soliciting comments on continuing information collections, 
as required by the Paperwork Reduction Act of 1995, Public Law No. 104-
13 (44 U.S.C. 3506(c)(2)(A)): (i) Community Development Financial 
Institutions Program Awardee Annual Report (OMB Number 1559-0006) 
(hereafter, the Annual Report), and (ii) Annual Survey: Institution 
Level Report; Transaction Level Report; IRS Compliance Questions (OMB 
Number 1559-0027) (the Annual Survey). The two documents comprise 
certain reporting requirements for participants in the Fund's Community 
Development Financial Institutions (CDFI) Program, Native American CDFI 
Assistance (NACA) Program, Native American Technical Assistance (NATA) 
Program, Native American CDFI Development (NACD) Program, and New 
Markets Tax Credits (NMTC) Program. This notice further serves to 
consolidate the Annual Report and the Annual Survey. The combined 
reports shall be referred to as the Annual Report. The Annual Report 
forms (and related documents, including the CDFI Program assistance 
agreement, the NACA/NATA/NACD Program assistance agreement, and the 
NMTC Program allocation agreement) may be found at the Fund's Web site 
at http://www.cdfifund.gov.

DATES: Written comments must be received on or before October 30, 2006 
to be assured of consideration.

ADDRESSES: Comments on the Annual Report must be submitted in writing 
and sent to Donna Fabiani, Manager for Financial Strategies and 
Research, as follows: (i) by mail to: Community Development Financial 
Institutions Fund, U.S. Department of the Treasury, 601 13th Street, 
NW., Suite 200 South, Washington, DC 20005; (ii) by e-mail to: 
[email protected]; or (iii) by fax to: 202/622-7754. 
Comments on the IRS Compliance Questions section of the Annual Report 
must be submitted in writing and sent to: Debbie Patel, Team Manager, 
LMSB: PQA: Post-Filing Team B, Internal Revenue Service, 801 9th St., 
NW., The Mint Building, M3-312, Washington, DC 20001.

FOR FURTHER INFORMATION CONTACT: Yoo Jin Na, Manager for Compliance 
Monitoring and Evaluation, as follows: (i) By mail to: Community 
Development Financial Institutions Fund, U.S. Department of the 
Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC 20005; 
(ii) by e-mail to: [email protected]; or (iii) by fax 
to: 202/622-7754.

SUPPLEMENTARY INFORMATION:
    Title: Comment Request on Continuing Collection of Information from 
Community Development Financial Institutions Program Awardees, Native 
American CDFI Assistance Program Awardees, Native American Technical 
Assistance Program Awardees, Native American CDFI Development Program 
Awardees, and New Markets Tax Credit Program Allocatees.
    OMB Number: 1559-0006; OMB Number 1559-0027.
    Abstract: The Fund's mission is to expand the capacity of financial 
institutions to provide credit, capital and financial services to 
underserved populations and communities in the United States. The 
Fund's strategic goal is to improve the economic conditions of 
underserved communities by providing capital and technical assistance 
to Community Development Financial Institutions (CDFIs), capital to 
insured depository institutions, and NMTC allocations to Community 
Development Entities (CDEs), which provide credit, capital, financial 
services, and development services to these markets. The Fund certifies 
entities as CDFIs and/or CDEs.
    Annual Reporting Requirements: The Annual Report consists of 
quantitative information at the institution and transaction levels and 
is used to assess: (1) The awardee's activities in support of its 
Comprehensive Business Plan; (2) the awardee's approved use of the 
Fund's assistance; (3) the awardee's financial condition; (4) the 
socio-economic characteristics of awardee's borrowers/investees, loan 
and investment terms, repayment status, and community development 
impacts; and (4) overall compliance with the terms and conditions of 
the assistance agreement entered into by the Fund and the awardee.
    A CDFI Program awardee or a NACA/NATA/NACD Program awardee must 
submit an Annual Report that comprises several sections, depending on 
the program and the type of award. The specific components that 
comprise an awardee's Annual Report are set forth in the assistance 
agreement that the awardee enters into with the Fund in order to 
receive a CDFI Program or a NACA/NATA/NACD Program award. In summary:
    1. A CDFI Program or NACA/NATA Program awardee that is a non-
regulated entity and that receives Financial Assistance (FA) only must 
submit an Annual Report that comprises: (i) A Financial Report 
(Financial Statement) reviewed or audited by an independent certified 
public accountant; (ii) Single Audit A-133 (if applicable); (iii) an 
Institution Level Report (ILR) and a Transaction Level Report (TLR) 
(which include, among others, questions that measure the awardee's 
achievement of the Performance Goals and Measures set forth in its 
assistance agreement); (iv) a Uses of Financial Assistance and Matching 
Funds Report; and (v) if applicable, an Explanation of Noncompliance.
    2. A CDFI Program or NACA/NATA Program awardee that is a regulated 
entity and that receives FA only must submit an Annual Report that 
comprises: (i) An ILR and a TLR; (ii) a Uses of Financial Assistance 
and Matching Funds Report; (iii) if applicable, an Explanation of 
Noncompliance; and (iv) if applicable, a Single Audit A-133.
    3. A CDFI Program or NACA/NATA/NACD Program awardee that receives 
an award from the Fund that is in the form of an equity investment must 
also submit a Shareholder Report.
    4. A CDFI Program or NACA/NATA/NACD Program awardee that receives 
Technical Assistance (TA) must submit an Annual Report that comprises: 
(i) The documents set forth in either (1) or (2) above, as applicable, 
if the awardee also receives FA; (ii) Uses of Technical Assistance 
Report; and (iii) OMB form 269A (Financial Status Report), which can be 
found on the Fund's Web site at http://www.cdfifund.gov.
    A NMTC Program allocatee must submit an Annual Report that 
comprises: (i) A financial statement that has been audited by an 
independent certified public accountant; (ii) an ILR (including the IRS 
Compliance

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Questions section), if the allocatee has issued any Qualified Equity 
Investments; and (iii) a TLR if the allocatee has issued any Qualified 
Low-Income Community Investments in the form of loans or investments. 
The components that comprise an allocatee's Annual Report are set forth 
in the allocation agreement that the allocatee enters into with the 
Fund in order to receive a NMTC Program allocation.
    Current Action: N/A.
    Type of review: Renewal (combining Annual Report, OMB 1559-0006, 
with Annual Survey, OMB 1559-0027).
    Affected Public: Not-for-profit institutions, businesses or other 
for-profit institutions and tribal entities.
    Burden: Estimated Number of Respondents: 423.
    CDFI Annual Report: 233.
    NMTC Annual Report: 190.
    Estimated Annual Time Per Respondent: 50.
    CDFI Program TA awardees: 22 hours.
    CDFI Program FA awardees: 62 hours.
    NMTC Program allocatees: 65 hours.
    Estimated Total Annual Burden Hours: 14,184.
    CDFI Program TA reports: 3,300 hours.
    CDFI Program FA reports: 9,300 hours.
    NMTC Program reports: 1,584 hours.
    Request 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 
all aspects of the information collections, but commentators may wish 
to focus particular attention on: (a) The portion of the requested 
information that CDFIs and CDEs currently collect and track 
electronically; (b) the effort and cost for CDFIs and CDEs to begin 
collecting and electronically tracking any required information not 
currently collected and tracked electronically (e.g., enhancing 
systems, purchasing new systems); (c) the cost for CDFIs and CDEs to 
operate and maintain the services/systems required to provide the 
required information; (d) ways to enhance the quality, utility, and 
clarity of the information to be collected; (e) whether the collection 
of information is necessary for the proper evaluation of the 
effectiveness and impact of the Fund's programs, including whether the 
information shall have practical utility; (f) ways to minimize the 
burden of the collection of information; and (g) the accuracy of the 
Fund's estimate of the burden of the collection of information.

    Authority: 12 U.S.C. 4703, 4703 note, 4707, 4710, 4714, 4717; 26 
U.S.C. 45D; 31 U.S.C. 321; and 12 CFR part 1805.

    Dated: August 22, 2006.
Arthur A. Garcia,
Director, Community Development Financial Institutions Fund.
 [FR Doc. E6-14491 Filed 8-30-06; 8:45 am]
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