This collection
is approved with the following terms of clearance: HUD is approved
an emergency clearance for the collection to meet the American
Reinvestment Recovery Act requirements. This collection will be
valid for 180 days. If HUD decides to continue use of the form past
the approved emergency clearance time period, they must resubmit to
OMB under the normal PRA clearance process for a three year
approval
Inventory as of this Action
Requested
Previously Approved
10/31/2009
6 Months From Approved
2,496
0
0
11,669
0
0
0
0
0
This information describes the
submission, reporting, and recordkeeping requirements of the Tax
Credit Assistance Program (TCAP) The data required includes program
level, project level and beneficiary level information collected
and reported on by TCAP grantees. The data identifies who benefits
from the TCAP program and how statutory requirements are satisfied.
The respondents are State housing credit agencies.
U.S. DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT WASHINGTON, D.C. 20410-7000 OFFICE OF
THE ASSISTANT SECRETARY FOR COMMUNITY PLANNING AND DEVELOPMENT Ms.
Kimberly P. Nelson OMB Desk Officer Office of Management and Budget
New Executive Office Building Washington, DC 20503 Dear Ms. Nelson:
The Department is seeking emergency review of the Paperwork
Reduction Act requirements associated with the Tax Credit
Assistance Program (TCAP). The Notice of Submission of Proposed
Information Collection to OMB; Emergency Comment Request (copy
enclosed) proposed for immediate Federal Register publication
explains the burden of the collection requirements and invites
public comments on them. This is a new information collection. In
compliance with the requirements of 5 CFR 1320.13, this letter
requests emergency processing within 7 days from the date of
publication. This emergency processing is essential to expedite the
TCAP program, which is authorized under the American Recovery and
Reinvestment Act (Recovery Act) of 2009 (Public Law 111-5, Section
2, Division A, Title XII of the Recovery Act, entitled HOME
Investment Partnerships Program) signed into law by President
Obama on February 17, 2009. This new law provides $2.25 billion of
grant funding for capital investment in Low Income Housing Tax
Credit (LIHTC) projects, which cannot move forward because the
current economic crisis has reduced the private capital available
to them. HUD will administer these funds as the Tax Credit
Assistance Program (TCAP). TCAP grant amounts will be determined by
a formula established in the Recovery Act and will be awarded by
HUD to the housing credit allocating agencies of each state, the
District of Columbia and the Commonwealth of Puerto Rico. Pursuant
to the Recovery Act, each grantee must commit seventy-five percent
of its TCAP funds to projects by February 16, 2010, by entering
into legally binding agreements with the project owners. In
addition, each grantee must expend seventy-five percent of its
grant for eligible projects by February 16, 2011 and 100 percent of
its grant by February 16, 2012. Any assistance provided to an
eligible low income housing tax credit project under this provision
shall be made in the same manner and subject to the same
limitations as required under section 42 of the Internal Revenue
Code. However, these funds constitute federal financial assistance
and thus are subject to certain additional federal grant compliance
requirements, including section 504 of the Rehabilitation Act of
1973 and the Lead Safe Housing Rule under 24 CFR Part 35. Due to
the high priority nature of the programs authorized under the
Recovery Act and the statutory timeframes of the TCAP, HUD is
requesting emergency processing of the attached Paperwork Reduction
Act Submission. Thank you for your consideration and assistance.
Sincerely, Nelson R. Bregón General Deputy Assistant Secretary
Enclosure
This is a new collection based
on the $2.25 billion awarded to state housing credit allocating
agencies under the Tax Credit Assistance Program (TCAP), which was
authorized by the American Recovery and Reinvestment Act (Recovery
Act) of 2009 (Public Law 111-5, Section 2, Division A, Title XII of
the Recovery Act, entitled HOME Investment Partnerships
Program).
No
No
Uncollected
Uncollected
Yes
Uncollected
Peter Huber 2024023941
No
On behalf of this Federal agency, I certify that
the collection of information encompassed by this request complies
with 5 CFR 1320.9 and the related provisions of 5 CFR
1320.8(b)(3).
The following is a summary of the topics, regarding
the proposed collection of information, that the certification
covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a
benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control
number;
If you are unable to certify compliance with any of
these provisions, identify the item by leaving the box unchecked
and explain the reason in the Supporting Statement.
Form SF 424 Tax Credit Assistance Program (TCAP)
ICR 2506-TCAP.docx
Tax Credit Assistance Program (TCAP)