New Markets Tax Credit (NMTC) Program Allocation Application

Forms and Documents

Document Name	Status
Form CDFI 0020 NMTC Program Allocation Application Form and Instruction	Modified
Form CDFI 0020 NMTC Program Allocation Application Form and Instruction	Modified
1559-0016_NMTC_SS_OCT2010REV.doc Supporting Statement A	2010-10-29

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: 201010-1559-001
Status: Historical Inactive	Previous ICR Reference No: 201003-1559-003
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: Regular
OIRA Conclusion Action: Improperly submitted and continue	Conclusion Date: 02/02/2011
	Date Received in OIRA: 10/29/2010
Terms of Clearance: Agency will resubmit collection after accurately breaking out burden changes due to agency estimate and due to agency discretion.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2010	36 Months From Approved	03/31/2011
Responses	250	0	250
Time Burden (Hours)	50,000	0	50,000
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.

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Authorizing Statute(s): US Code: 26 USC 45D Name of Law: New market tax credit
  

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
60-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 52393	08/25/2010
30-day Notice:	Federal Register Citation:	Citation Date:
	75 FR 65708	10/26/2010
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 0020	New Markets Tax Credit Allocation Application
NMTC Program Allocation Application	CDFI 0020	New Markets Tax Credit Allocation Application

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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: No

Burden Reduction Due to:

Short Statement: The increase in burden hours is due to the increase in time devoted by the respondent to adequately manage the new application format and accurately interpret and respond to the revised questions and tables. However, the CDFI Fund has reduced the number of application questions and also the number of tables by eliminating and/or merging previous questions and tables contained within the application. Also, where it was deemed, the 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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: 10/29/2010

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