Agency Information Collection Activities; Submission for OMB Review; Comment Request; Community Development Financial Institutions Program and New Markets Tax Credit Program Annual Report including Awards Management and Information System, 23887 [2020-09063]

Agencies

• DEPARTMENT OF THE TREASURY

[Federal Register Volume 85, Number 83 (Wednesday, April 29, 2020)]
[Notices]
[Page 23887]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-09063]


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DEPARTMENT OF THE TREASURY


Agency Information Collection Activities; Submission for OMB 
Review; Comment Request; Community Development Financial Institutions 
Program and New Markets Tax Credit Program Annual Report including 
Awards Management and Information System

AGENCY: Departmental Offices, U.S. Department of the Treasury.

ACTION: Notice.

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SUMMARY: The Department of the Treasury will submit the following 
information collection requests to the Office of Management and Budget 
(OMB) for review and clearance in accordance with the Paperwork 
Reduction Act of 1995, on or after the date of publication of this 
notice. The public is invited to submit comments on these requests.

DATES: Comments should be received on or before May 29, 2020 to be 
assured of consideration.

ADDRESSES: Written comments and recommendations for the proposed 
information collection should be sent within 30 days of publication of 
this notice to www.reginfo.gov/public/do/PRAMain. Find this particular 
information collection by selecting ``Currently under 30-day Review--
Open for Public Comments'' or by using the search function.

FOR FURTHER INFORMATION CONTACT: Copies of the submissions may be 
obtained from Molly Stasko by emailing [email protected], calling (202) 
622-8922, or viewing the entire information collection request at 
www.reginfo.gov.

SUPPLEMENTARY INFORMATION: 

Community Development Financial Institutions Fund (CDFIF)

    Title: CDFI Program and NMTC Program Annual Report including AMIS.
    OMB Control Number: 1559-0027.
    Type of Review: Revision of a currently approved collection.
    Description: This collection captures quantitative information from 
Community Development Financial Institutions (CDFIs) and Community 
Development Entities (CDEs) at the institution and transaction levels. 
This information is used to assess: (1) The recipient's/allocatee's 
activities as detailed in its application materials; (2) the 
recipient's/allocatee's approved use of the assistance; (3) the 
recipient's/allocatee's financial condition; (4) the socio-economic 
characteristics of recipient's/allocatee's borrowers/investees, loan 
and investment terms, repayment status, and community development 
outcomes; and (5) overall compliance with the terms and conditions of 
the assistance/allocation agreement entered into by the CDFI Fund and 
the recipient/allocatee. A CDFI Program or Native American CDFI 
Assistance Program (NACA Program) recipient must submit an Annual 
Report that is comprised of several sections that depend on the program 
and the type of award. The specific components that comprise a 
recipient's Annual Report are set forth in the assistance agreement 
that the recipient enters into with the CDFI Fund in order to receive a 
CDFI Program or a NACA Program award. The current CDFI/NACA reporting 
requirements can be found in the assistance agreement templates located 
on the CDFI Fund website at www.cdfifund.gov. For CDFI/NACA recipients, 
three significant changes were made to annual reporting. First, as part 
of its IT modernization strategy, the CDFI Fund developed a unified 
technology platform called the Awards Management Information System 
(AMIS) that facilitates better data collection and efficiency for 
users, improves data validations, and enhances computing capacity. 
Second, in developing the AMIS-based Compliance and Performance 
Reporting platform (ACPR), we sought to reduce the reporting burden by 
eliminating the Institution Level Report (ILR) which cut aggregate 
recipient reporting time by 3,066 hours. Third, the CDFI/NACA 
Transaction Level Report (TLR) requirements were substantially reduced 
by 70% by limiting transactional reporting to only newly originated and 
closed loans and investments and eliminating reporting on outstanding 
loans and investments. For NMTC Program allocatees, the reporting 
structure remained the same. Each allocatee must submit an Annual 
Report that comprises: (i) A financial statement that has been audited 
by an independent certified public accountant; (ii) an Institution 
Level Report (ILR) (including the IRS Compliance Questions section), if 
the allocatee has issued any Qualified Equity Investments; and (iii) a 
Transaction Level Report (TLR) if the allocatee has issued any 
Qualified Low- Income Community Investments in the form of loans or 
investments. The components that comprise an allocatee's Annual Report 
are set forth in the allocation agreement that the allocate enters into 
with the CDFI Fund in order to receive a NMTC Program allocation. These 
NMTC requirements can be found in the allocation agreement templates 
located on the CDFI Fund website at www.cdfifund.gov. With the 
efficiency gains from the implementation of AMIS, the average NMTC 
reporting time has gone down slightly, while the total number of 
reporting entities has remained the same so there is a slight net 
reduction in total burden. Altogether, the total annual burden for both 
CDFI/NACA and NMTC annual reporting has decreased substantially from 
51,645 hours in 2017 to 34,000 hours in 2020.
    Affected Public: Business or other for-profits, non-profits, State, 
local and tribal entities.
    Estimated Number of Respondents: 575.
    Frequency of Response: Annually.
    Estimated Total Number of Annual Responses: 575.
    Estimated Time per Response: 120 hours.
    Estimated Total Annual Burden Hours: 34,000 hours.

    (Authority: 44 U.S.C. 3501 et seq.)

    Dated: April 23, 2020.
Spencer W. Clark,
Treasury PRA Clearance Officer.
[FR Doc. 2020-09063 Filed 4-28-20; 8:45 am]
BILLING CODE 4810-70-P