[Federal Register Volume 88, Number 49 (Tuesday, March 14, 2023)]
[Notices]
[Pages 15853-15854]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-05089]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Proposed Collection; 
Comment Request; New Markets Tax Credit Program Community Development 
Entity (CDE) Certification Application

AGENCY: Community Development Financial Institutions Fund, U.S. 
Department of the Treasury.

ACTION: Notice and request for public comment.

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SUMMARY: 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) Community 
Development Entity (CDE) Certification Application as required by the 
Paperwork Reduction Act of 1995 (PRA).

DATES: Written comments must be received on or before May 15, 2023 to 
be assured of consideration.

ADDRESSES: Submit your comments via email to Michelle Dickens, Office 
of Certification, Policy and Evaluation (OCPE) Program Manager, CDFI 
Fund, at [email protected].

FOR FURTHER INFORMATION CONTACT: Michelle Dickens, OCPE Program 
Manager, CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania 
Avenue NW, Washington, DC 20220 or (202) 653-0335 (not a toll free 
number). Other information regarding the CDFI Fund and its programs may 
be obtained through the CDFI Fund's website at http://www.cdfifund.gov.

SUPPLEMENTARY INFORMATION: 
    Title: New Markets Tax Credit Program Community Development Entity 
(CDE) Certification Application.
    OMB Control Number: 1559-0014.
    Abstract: Title I, subtitle C, section 121 of the Community Renewal 
Tax Relief Act of 2000 (the Act), as enacted in the Consolidated 
Appropriations Act, 2001 (Pub. L. 106-554, December 21, 2000), amended 
the Internal Revenue Code (IRC) by adding IRC 45D and created the NMTC 
Program. The Department of the Treasury, through the

[[Page 15854]]

CDFI Fund, administers the NMTC Program, which provides an incentive to 
investors in the form of tax credits over seven years, expected to 
stimulate the provision of private investment capital that, in turn, 
will facilitate economic and community development in low-income 
communities. In order to qualify for an allocation of tax credits 
through the NMTC Program, an entity must be certified as a qualified 
CDE and submit an allocation application to the CDFI Fund. Nonprofit 
entities and for-profit entities may be certified as CDEs by the CDFI 
Fund. In order to be certified as a CDE, an entity must be a domestic 
corporation or partnership, that: (1) has a primary mission of serving 
or providing investment capital for low-income communities or low-
income persons; and (2) maintains accountability to residents of low-
income communities through their representation on any governing or 
advisory board of the entity.
    Current Actions: Renewal of existing information collection.
    Type of Review: Regular review.
    Affected Public: CDEs and entities seeking CDE certification, 
including business or other for-profit institutions, nonprofit 
entities, and State, local and Tribal entities.
    Estimated Number of Respondents: 300.
    Estimated Annual Time per Respondent: 4 hours.
    Estimated Total Annual Burden Hours: 1,200 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 and may be 
published on the CDFI Fund website 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 CDFI Fund, including 
whether the information shall have practical utility; (b) the accuracy 
of the CDFI Fund'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 to provide 
information.
    Authority: 44 U.S.C. 3501 et seq.

Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2023-05089 Filed 3-13-23; 8:45 am]
BILLING CODE 4810-70-P