[Federal Register Volume 79, Number 9 (Tuesday, January 14, 2014)]
[Notices]
[Page 2509]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2014-00510]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Proposed Collection; Comment Request

AGENCY: Community Development Financial Institutions Fund, Treasury.

ACTION: Notice and request for comments.

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SUMMARY: The U.S. 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, 44 U.S.C. 3506(c)(2)(A). 
Currently, the Community Development Financial Institutions Fund (CDFI 
Fund), Department of the Treasury, is soliciting comments concerning 
the New Markets Tax Credit Program (NMTC Program)--Allocation 
Application (hereafter, the Application), in anticipation of extension 
of the program beyond CY 2013.

DATES: Written comments must be received on or before March 17, 2014 to 
be assured of consideration.

ADDRESSES: Direct all comments to Robert Ibanez, NMTC Program Manager, 
CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue 
NW, Washington, DC 20220, by email to [email protected], or by 
facsimile to (202) 508-0084. Please note this is not a toll free 
number.

FOR FURTHER INFORMATION CONTACT: The Application may be obtained from 
the NMTC Program page of the CDFI Fund's Web site at http://www.cdfifund.gov/what_we_do/programs_id.asp?programID=5#. Requests 
for additional information should be directed to Robert Ibanez, NMTC 
Program Manager, Community Development Financial Institutions Fund, 
U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW, 
Washington, DC 20220, by email to [email protected], or by facsimile 
to (202) 508-0084. Please note this is not a toll free number.

SUPPLEMENTARY INFORMATION:
    Title: New Markets Tax Credit (NMTC) 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) amended the Internal Revenue Code 
(IRC) by adding IRC Sec.  45D and created the NMTC Program. The 
Department of the Treasury, through the CDFI Fund, Internal Revenue 
Service, and Office of Tax Policy, administers the NMTC Program. In 
order to claim the NMTC, taxpayers make Qualified Equity Investments 
(QEIs) in Community Development Entities (CDEs) and substantially all 
of the QEI proceeds must, in turn, be used by the CDE to provide 
investments in businesses and real estate developments in low-income 
communities and other purposes authorized under the statute.
    The tax credit provided to the investor totals 39 percent of the 
amount of the investment and is claimed over a seven-year period. In 
each of the first three years, the investor receives a credit equal to 
five percent of the total amount paid for the stock or capital interest 
at the time of purchase. For the final four years, the value of the 
credit is six percent annually. Investors may not redeem their 
investments in CDEs prior to the conclusion of the seven-year period 
without forfeiting any credit amounts they have received.
    The CDFI Fund is responsible for certifying organizations as CDEs, 
and administering the competitive allocation of tax credit authority to 
CDEs, which it does through annual allocation rounds. As part of the 
award selection process, CDEs will be required to prepare and submit an 
Application, which will include five key sections--Business Strategy; 
Community Outcomes; Management Capacity; Capitalization Strategy; and 
Information Regarding Prior Awards. The CDFI Fund will conduct the 
substantive review of each application in two parts (Phase 1 and Phase 
2), as defined in a Notice of Allocation Availability for each round. 
In Phase 1, the application will be evaluated by reviewers to generate 
scores for the Business Strategy and Community Outcomes sections plus 
statutory priority points. The scores will be used to determine a rank-
order list of the most highly-qualified CDEs. In Phase 2, the CDFI Fund 
will evaluate the entire application of each highly-qualified, highly-
ranked CDE.
    Current Actions: Extension (without change)
    Type of review: Regular
    Affected public: CDEs seeking NMTC Program allocation authority.
    Estimated Number of Respondents: 310
    Estimated Annual Time per Respondent: 263
    Estimated Total Annual Burden Hours: 81,530 hours
    Requests for Comments: Comments submitted in response to this 
notice will be summarized and/or included in the request for Office of 
Management and Budget approval. All comments will become a matter of 
public record and may be published on the Fund Web site at http://www.cdfifund.gov. 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; 26 CFR 1.45D-1.

    Dated: January 9, 2014.
Bob Ibanez,
NMTC Program Manager, Community Development Financial Institutions 
Fund.
[FR Doc. 2014-00510 Filed 1-13-14; 8:45 am]
BILLING CODE 4810-70-P