[Federal Register Volume 87, Number 227 (Monday, November 28, 2022)]
[Notices]
[Page 73070]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25781]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Notice of Information Collection and Request for Public Comment

ACTION: Notice and request for public comment.

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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. 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 and Qualified Equity 
Investment Tracking System (AQEI).

DATES: Written comments must be received on or before January 27, 2023 
to be assured of consideration.

ADDRESSES: Submit your comments via email to Heather Hunt, Program 
Manager for the Office of Compliance Monitoring and Evaluation (OCME), 
CDFI Fund at [email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Heather Hunt, OCME Program Manager, CDFI Fund, 
U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW, 
Washington, DC 20220, (202) 653-0423 (not a toll-free number). Other 
information regarding the CDFI Fund and its programs may be obtained on 
the CDFI Fund website at https://www.cdfifund.gov.

SUPPLEMENTARY INFORMATION:
    Title: Allocation and Qualified Equity Investment Tracking System.
    OMB Number: 1559-0024.
    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, 
New Markets Tax Credit. Pursuant to IRC sec. 45D, the Department of the 
Treasury, through the CDFI Fund, administers the NMTC Program, which 
provides an incentive to investors in the form of tax credits over 
seven years and stimulates the provision of private investment capital 
that, in turn, facilitates economic and community development in low-
income communities. In order to qualify for an allocation of NMTC 
Program authority, an entity must be certified as a qualified Community 
Development Entity and submit an allocation application to the CDFI 
Fund. Upon receipt of such applications, the CDFI Fund conducts a 
competitive review process to evaluate applications for the receipt of 
NMTC Program allocations. Entities selected to receive an NMTC Program 
allocation must enter into an Allocation Agreement with the CDFI Fund. 
The Allocation Agreement contains the terms and conditions, including 
all reporting requirements, associated with the receipt of a NMTC 
Program allocation. The CDFI Fund requires each Allocatee to use an 
electronic data collection and submission system, known as the 
Allocation and Qualified Equity Investment Tracking System (AQEI), to 
report on the information related to its receipt of a Qualified Equity 
Investment. The CDFI Fund developed the AQEI to, among other things: 
(1) enhance the Allocatee's ability to report to the CDFI Fund timely 
information regarding the issuance of its Qualified Equity Investments; 
(2) enhance the CDFI Fund's ability to monitor the issuance of 
Qualified Equity Investments to ensure that no Allocatee exceeds its 
allocation authority and to ensure that Qualified Equity Investments 
are issued within the timeframes required by the Allocation Agreement 
and IRC Sec.  45D; (3) provide the CDFI Fund with basic investor data 
that can be aggregated and analyzed in connection with NMTC Program 
evaluation efforts; and (4) provide the CDFI Fund with information 
about the status of Qualified Active Low-Income Community Businesses 
and Qualified Low-Income Community Investments at the end to the tax 
credit compliance period.
    Current Actions: Renewal of Existing Information Collection.
    Type of Review: Regular.
    Affected Public: NMTC Program Allocatees.
    Estimated Number of Respondents: 104.
    Frequency of Responses: Annually.
    Estimated Total Number of Annual Responses: 104.
    Estimated Annual Time per Respondent: 20 hours.
    Estimated Total Annual Burden Hours: 2,080 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 has 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 
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. 
An agency may not conduct or sponsor, and a person is not required to 
respond to, a collection of information unless the collections of 
information displays a valid OMB control number. Current reporting 
requirements are on the CDFI Fund website at https://www.cdfifund.gov/. 
Current versions of the AQEI and QEI Closeout Report guidance is 
available at https://www.cdfifund.gov/amis-reporting.
    Authority: 12 U.S.C. 4701 et seq.; 26 U.S.C. 45D, 44 U.S.C. 3501 et 
seq.).

Jodie L. Harris,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2022-25781 Filed 11-25-22; 8:45 am]
BILLING CODE 4810-70-P