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 ÂHOME Investment Partnerships ProgramÂ) 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 ÂHOME Investment Partnerships ProgramÂ).
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)