[Federal Register Volume 82, Number 5 (Monday, January 9, 2017)]
[Notices]
[Pages 2443-2444]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-00141]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Notice and Request for Public Comment

    Announcement Type: Notice and Request for Public Comment.

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), U.S. Department of the Treasury, is soliciting comments 
concerning the New Markets Tax Credit Program (NMTC Program) Allocation 
Application.

DATES: Written comments must be received on or before March 10, 2017 to 
be assured of consideration.

ADDRESSES: Submit your comments via email to Robert Ibanez, NMTC 
Program Manager, CDFI Fund, at [email protected].

FOR FURTHER INFORMATION CONTACT: Robert Ibanez, NMTC Program Manager, 
CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue 
NW., Washington, DC 20220. The NMTC Allocation Application may be 
obtained from the CDFI Fund's Web site at http://www.cdfifund.gov/nmtc. 
Other information regarding the CDFI Fund and its programs may be 
obtained through the CDFI Fund's Web site at http://www.cdfifund.gov.

SUPPLEMENTARY INFORMATION: 
    Title: 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, tax payers 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 are required to prepare and submit an 
Allocation Application, which consists of five key sections: Business 
Strategy; Community Outcomes; Organization Capacity; Capitalization 
Strategy; and Previous Allocations and Awards. This request for public 
comment seeks to gather information on the NMTC Allocation Application.
    Type of Review: Regular Review.
    Affected Public: CDEs applying for allocations of New Markets Tax 
Credits.
    Estimated Number of Respondents: 310.
    Estimated Annual Time per Respondent: 263.

[[Page 2444]]

    Estimated Total Annual Burden Hours: 81,530.
    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.

Mary Ann Donovan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2017-00141 Filed 1-6-17; 8:45 am]
 BILLING CODE 4810-70-P