Community Development Financial Instutitons Fund, 71078 [2019-27786]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 84, Number 247 (Thursday, December 26, 2019)]
[Notices]
[Page 71078]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27786]



[[Page 71078]]

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DEPARTMENT OF THE TREASURY


Community Development Financial Instutitons Fund

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, Public Law 104-13 (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 (NMTC) 
Program Allocation and Qualified Equity Investment Tracking System 
(AQEI).

DATES: Written comments must be received on or before February 24, 2020 
to be assured of consideration.

ADDRESSES: Submit your comments via email to Tanya McInnis, 
Certification, Compliance Monitoring and Evaluation (CCME) Program 
Manager, CDFI Fund, at [email protected].

FOR FURTHER INFORMATION CONTACT: Tanya McInnis, CCME Program Manager, 
CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue 
NW, Washington, DC 20220 or by facsimile to (202) 653-0375 (not a toll 
free number). Other information regarding the CDFI Fund and its 
programs may be obtained through the CDFI Fund's 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 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 allocations. Entities selected to receive an NMTC 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 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 previous name for 
this data collection system was the Allocation Tracking System or ATS. 
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; and (3) provide the CDFI Fund with basic investor data that 
can be aggregated and analyzed in connection with NMTC Program 
evaluation efforts.
    Current Actions: Renewal of Existing Information Collection.
    Type of Review: Regular Review.
    Affected Public: NMTC Program Allocatees.
    Estimated Number of Respondents: 156.
    Estimated Annual Time per Respondent: 18 hours.
    Estimated Total Annual Burden Hours: 2,808 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.

    Authority: 12 U.S.C. 4701 et seq.; 26 U.S.C. 45D.

Jodie L. Harris,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2019-27786 Filed 12-23-19; 8:45 am]
 BILLING CODE 4810-70-P