[Federal Register Volume 74, Number 57 (Thursday, March 26, 2009)]
[Notices]
[Pages 13310-13311]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-6789]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Notice of Allocation Availability (NOAA) Inviting Applications 
for the CY 2009 Allocation Round of the New Markets Tax Credit (NMTC) 
Program

    Announcement Type: Change to NOAA inviting applications for the CY 
2009 Allocation Round of the NMTC Program: Increase in allocation 
authority; increase in maximum anticipated allocation award amount; 
waiver of Qualified Equity Investment (QEI) issuance requirements for 
allocation awards made in CY 2008; notification of reporting 
requirements for allocatees receiving allocations pursuant to the 
American Recovery and Reinvestment Act of 2009.
    Dates: Electronic applications must be received by 5 p.m. ET on 
April 8, 2009. Applications sent by mail, facsimile or other form will 
not be accepted.
    Executive Summary: This NOAA update is issued in connection with 
the calendar year 2009 tax credit allocation round of the NMTC Program, 
authorized by Title I, subtitle C, section 121 of the Community Renewal 
Tax Relief Act of 2000 (Pub. L. 106-554), as amended (the Act). On 
January 22, 2009, the Community Development Financial Institutions Fund 
(the Fund) announced in the NOAA for the NMTC Program (74 FR 4077) the 
amount of NMTC allocation authority available, the QEI issuance 
requirements for prior-round allocatees, and the reporting requirements 
for allocatees. Pursuant to the recent passage of the American Recovery 
and Reinvestment Act of 2009 (Recovery Act), the Fund hereby announces 
an increase in the total available NMTC allocation authority to $5.0 
billion for the CY 2009 round. Furthermore, with respect to eligibility 
for an allocation under the CY 2009 round, the Fund hereby waives the 
QEI issuance requirements for allocation awards made in CY 2008 and 
increases the anticipated maximum allocation award for CY 2009 to $125 
million each. Finally, the Fund is hereby providing guidance on 
reporting requirements for allocatees whose allocations are authorized 
pursuant to the Recovery Act.
    Increase in Allocation Authority: The January 22, 2009 NOAA 
announced that there would be a total of $3.5 billion of NMTC 
allocation authority available in the CY 2009 round. The Recovery Act 
increases the NMTC allocation authority for the CY 2009 round from $3.5 
billion to $5.0 billion.

[[Page 13311]]

    Increase of Award Amount: The January 22, 2009 NOAA also announced 
that the Fund expects that it will provide allocation awards of not 
more than $100 million per applicant. Due to the additional allocation 
authority authorized through the Recovery Act, this notice announces 
that the Fund now expects that it may provide allocation awards of not 
more than $125 million per applicant.
    Waiver of QEI Issuance Requirements for CY 2008 Allocatees: The 
January 22, 2009 NOAA provided information regarding QEI issuance 
requirements for prior-year allocatees, including CY 2008 round 
allocatees. This notice announces that, for the CY 2009 round of the 
NMTC Program, a prior allocatee in the sixth round of the NMTC Program 
(CY 2008) is not required to issue a minimum amount of QEIs relating to 
its CY 2008 NMTC Allocation in order to be eligible for an allocation 
under the seventh round (CY 2009).
    Reporting Requirements for CY 2009 Allocatees Receiving Recovery 
Act Allocations: The January 22, 2009 NOAA indicated that each 
applicant that is selected to receive a NMTC allocation (including the 
applicant's Subsidiary transferees) must sign a Notice of Allocation 
and enter into an Allocation Agreement with the Fund. The Notice of 
Allocation and Allocation Agreement will set forth certain required 
terms and conditions of the NMTC allocation which will include, among 
other things, reporting requirements for all applicants receiving NMTC 
allocations. This notice announces that, due to the nature of the 
Recovery Act, it is expected that allocatees receiving NMTC allocations 
under the Recovery Act will be required, at a minimum, to: (i) Invest 
QEI proceeds in low-income communities in an expedited manner; (ii) 
track the use of these QEI proceeds on all investments; and (iii) 
provide data to the Federal government on a quarterly basis that 
indicates how QEI proceeds were spent and the impacts (e.g., job 
creation) that were realized in the low-income communities. Specific 
reporting requirements are still under development and will be outlined 
in each allocatee's Allocation Agreement. In the meantime, the Fund 
encourages all allocatees to review the Office of Management and 
Budget's (OMB's) memorandum (M-09-10; http://www.whitehouse.gov/omb/assets/memoranda_fy2009/m09-10.pdf) regarding potential reporting 
requirements for organizations that receive awards under the Recovery 
Act, as well as any subsequent guidance posted on OMB's or the Fund's 
Web site.
    All other information and requirements set forth in the January 22, 
2009 NOAA shall remain effective, as published.
    For Further Information Contact: 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 April 6, 
2009. The Fund will not respond to phone calls or e-mails concerning 
the application that are received after 5 p.m. ET on April 6, 2009 
until after the allocation application deadline of April 8, 2009. 
Applications and other information regarding the Fund and its programs 
may be obtained from the Fund's Web site at http://www.cdfifund.gov. 
The Fund will post on its Web site responses to questions of general 
applicability regarding the NMTC Program.
    A. Information technology support: Technical support can be 
obtained by calling (202) 622-2455 or by e-mail at 
[email protected]. People who have visual or mobility 
impairments that prevent them from accessing the Low-Income Community 
maps using the Fund's Web site should call (202) 622-2455 for 
assistance. These are not toll free numbers.
    B. Programmatic support: If you have any questions about the 
programmatic requirements of this NOAA, contact the Fund's NMTC Program 
Manager by e-mail at [email protected], by telephone at (202) 
622-6355, by facsimile at (202) 622-7754, or by mail at CDFI Fund, 601 
13th Street, NW., Suite 200 South, Washington, DC 20005. These are not 
toll free numbers.
    C. Administrative support: If you have any questions regarding the 
administrative requirements of this NOAA, contact the Fund's Awards 
Manager by e-mail at [email protected], by telephone at 
(202) 622-8226, by facsimile at (202) 622-6453, or by mail at CDFI 
Fund, 601 13th Street, NW., Suite 200 South, Washington, DC 20005. 
These are not toll free numbers.
    D. IRS support: 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.
    E. Legal counsel support: If you have any questions or matters that 
you believe require response by the Fund's Office of Legal Counsel, 
please refer to the document titled ``How to Request a Legal Review,'' 
found on the Fund's Web site at http://www.cdfifund.gov.

    Authority: 26 U.S.C. 45D; 31 U.S.C. 321; 26 CFR 1.45D-1; Pub. L. 
No. 111-5.

    Dated: March 20, 2009.
Donna Gambrell,
Director, Community Development Financial Institutions Fund.
 [FR Doc. E9-6789 Filed 3-25-09; 8:45 am]
BILLING CODE 4810-70-P