New Markets Tax Credit (NMTC) Program Allocation Application

Forms and Documents

Document Name	Status
Form CDFI Form 0020 NMTC Program Allocation Application Form and Instruction	Modified
Form CDFI Form 0020 NMTC Program Allocation Application Form and Instruction	Modified
2010 NMTC Supporting Statement_03 22RM.doc Supporting Statement A	2010-03-25
OMB Emergency Clearance Justification Memo.3 22 10.doc Supplementary Document	2010-03-25

IC Document Collections

IC ID	Document Title	Status
187769	NMTC Program Allocation Application Form and Instruction	Modified
187767	NMTC Program Allocation Application Form and Instruction	Modified

ICR Details

OMB Control No: 1559-0016	ICR Reference No: 201003-1559-003
Status: Historical Active	Previous ICR Reference No: 200910-1559-001
Agency/Subagency: TREAS/CDFIF	Agency Tracking No:
Title: New Markets Tax Credit (NMTC) Program Allocation Application
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 04/05/2010
OIRA Conclusion Action: Approved without change	Conclusion Date: 04/02/2010
	Date Received in OIRA: 04/02/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2010	6 Months From Approved	02/28/2013
Responses	250	0	249
Time Burden (Hours)	50,000	0	65,487
Cost Burden (Dollars)	0	0	0

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Abstract: The New Markets Tax Credit (NMTC) Program will provide an incentive to investors in the form of a tax credit, which is expected to stimulate investment in private capital that, and in turn, will facilitate economic and community development in low-income communities. In order to qualify for an allocation of tax credits under the NMTC Program 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 will conduct a competitive review process to evaluate applications for the receipt of NMTC allocations.

Emergency Justfication: In August 2009, pursuant to the U.S. Department of the Treasury’s continuing effort to reduce paperwork and respondent burden, as required by the Paperwork Reduction Act of 1995, Pub. L. No. 104-13 (44 U.S.C. 3506(c)(2)(A)), the CDFI Fund published in the Federal Register a Request for Public Comment, 74 FR 38482, seeking responses to specific questions regarding the NMTC Program Allocation Application. The CDFI Fund received comments from 21 organizations and after careful consideration given to all comments, incorporated changes based on those responses into the 2010 NMTC Allocation Application. In order to allocate sufficient time for applicants to adequately prepare 2010 NMTC Allocation requests and allow the CDFI Fund to announce the 2010 NMTC Award recipients by calendar year end 2010, it is critical the normal PRA clearance process be temporarily waived with respect to the 2010 NMTC Allocation round. The CDFI Fund plans to award the 2010 NMTC Allocation within a seven month time frame. It is the goal of the Fund to publish the FY 2010 NOAA and NMTC Allocation Application by April 7, 2010. The Application due date is May 26, 2010 and the CDFI Fund hopes to announce the award recipients by December 2010.

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Authorizing Statute(s): US Code: 26 USC 45D-1 Name of Law: null
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
NMTC Program Allocation Application	CDFI Form 0020	NMTC Program 2010 Allocation Application
NMTC Program Allocation Application	CDFI Form 0020	NMTC Program 2010 Allocation Application

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	250	249	0	1	0	0
Annual Time Burden (Hours)	50,000	65,487	0	-15,487	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Cutting Redundancy

Short Statement: In order to minimize applicant burden for the 2010 NMTC Allocation Application, the CDFI Fund has reduced the number of application questions by merging or eliminating previous questions. The total number of tables has also been reduced by merging or eliminating previous tables. Where it was deemed the CDFI Fund changed the format of some questions to ensure clarity of responses.

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Annual Cost to Federal Government: $0

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 04/02/2010

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