Proposed Collection; Comment Request, 7538 [2010-3165]

Agencies

• Community Development Financial Institutions Fund
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 75, Number 33 (Friday, February 19, 2010)]
[Notices]
[Page 7538]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-3165]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Proposed Collection; Comment Request

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, Public Law No. 104-13 (44 U.S.C. 
3506(c)(2)(A)). Currently, the Community Development Financial 
Institutions Fund (the ``Fund''), an office within the Department of 
the Treasury, is soliciting comments concerning the CDFI Fund's 
Quarterly New Markets Report (QNMR) for New Markets Tax Credit (NMTC) 
allocatees under the American Recovery and Reinvestment Act of 2009 
(Recovery Act).

DATES: Written comments should be received on or before April 20, 2010 
to be assured of consideration.

ADDRESSES: Direct all comments to Charles McGee, Program Manager, 
Certification, Compliance Monitoring and Evaluation at the Community 
Development Financial Institutions Fund, U.S. Department of the 
Treasury, 601 13th Street, NW., Suite 200 South, Washington, DC 20005, 
by e-mail to cdfihelp@cdfi.treas.gov or by facsimile to (202) 622-7754. 
Please note this is not a toll free number.

FOR FURTHER INFORMATION CONTACT: The CDFI Fund's QNMR may be obtained 
from the Recovery Act page of the CDFI Fund's Web site at https://www.cdfifund.gov. Requests for additional information should be 
directed to Charles McGee, Program Manager, Certification, Compliance 
Monitoring and Evaluation, Community Development Financial Institutions 
Fund, U.S. Department of the Treasury, 601 13th Street, NW., Suite 200 
South, Washington, DC 20005, or call (202) 622-7373. Please note this 
is not a toll free number.

SUPPLEMENTARY INFORMATION: 
    Title: Quarterly New Markets Report.
    OMB Number: 1559-0035.
    Abstract: The NMTC Program was authorized under the Community 
Renewal Tax Relief Act of 2000 and is administered by the Department of 
the Treasury's Community Development Financial Institutions (CDFI) 
Fund. The NMTC Program facilitates investment in low-income communities 
by permitting taxpayers to receive a credit against Federal income 
taxes for making Qualified Equity Investments (QEIs) in designated 
Treasury-certified Community Development Entities (CDEs). The CDEs 
must, in turn, use substantially all of these QEI proceeds to make 
loans and investments in businesses and real estate developments in 
low-income communities.
    The Recovery Act provided $3 billion of tax credit allocation 
authority through the NMTC Program. Of this amount, $1.5 billion was 
made available to thirty-two CDEs through the FY 2008 NMTC allocation 
round and the remaining $1.5 billion was made available to twenty-four 
CDEs through the FY 2009 NMTC allocation round. In order to ensure that 
the accountability and transparency requirements of the Recovery Act 
are being met, NMTC allocatees that are recipients of an allocation 
authority under the Recovery Act are required to report to the CDFI 
Fund on a quarterly basis. NMTC allocatees must complete and submit a 
QNMR to the CDFI Fund no later than 10 days after the end of each 
calendar quarter. The questions included in the QNMR allow the CDFI 
Fund to evaluate the effectiveness and impact of the NMTC Program. More 
specifically, the information reported in the QNMR will enable the CDFI 
Fund to identify how Recovery Act allocatees are putting their NMTC 
investments to use in low-income communities and will help the CDFI 
Fund to meet its own Recovery Act agency reporting requirements. The 
QNMR also provides qualitative and quantitative information on the 
allocatee's compliance with its performance goals as outlined in its 
allocation agreement with the CDFI Fund. Failure to obtain the 
information collected in the QNMR could result in improper monitoring 
of the uses of Federal funds.
    Current Actions: Extension of a currently approved collection.
    Type of Review: Regular Review.
    Affected Public: New Markets Tax Credit allocatees that are 
recipients of an allocation authority under the Recovery Act.
    Estimated Number of Respondents: 56.
    Estimated Annual Time per Respondent: 17.14 hours.
    Estimated Total Annual Burden Hours: 960 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 CDFI Fund Web site at https://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.

    Authority:  12 U.S.C. 1834a, 4703, 4703 note, 4713, 4717; 31 
U.S.C. 321; 12 CFR part 1806; Public Law 111-5.

    Dated: February 4, 2010.
Donna J. Gambrell,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2010-3165 Filed 2-18-10; 8:45 am]
BILLING CODE 4810-70-P