New Markets Tax Credit (NMTC) Program Allocation Application

Forms and Documents

Document Name	Status
1559-0016_Justification for Change_MAY2011.doc Justification for No Material/Nonsubstantive Change	2011-05-16

IC Document Collections

IC ID	Document Title	Status
187769	NMTC Program Allocation Application Other-Placeholder	Modified
187767	NMTC Program Allocation Application Other-Placholder	Modified

ICR Details

OMB Control No: 1559-0016	ICR Reference No: 201105-1559-001
Status: Historical Active	Previous ICR Reference No: 201102-1559-001
Agency/Subagency: TREAS/CDFIF	Agency Tracking No:
Title: New Markets Tax Credit (NMTC) Program Allocation Application
Type of Information Collection: No material or nonsubstantive change to a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/26/2011
	Date Received in OIRA: 05/17/2011
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2014	03/31/2014	03/31/2014
Responses	249	0	249
Time Burden (Hours)	62,001	0	62,001
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
NMTC Program 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	249	249	0	0	0	0
Annual Time Burden (Hours)	62,001	62,001	0	0	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: No

Burden Reduction Due to:

Short Statement: A reduction of 2,500 hours is attributed a program change to the elimination and/or merging of questions and tables contained within the application. Also, where deemed, the Fund changed the format of some questions to ensure clarity of responses. An adjustment in the number of respondents from 250 to 249 reflects the most recent number of applications received. Prior to the last round of applications, it was estimated that respondents would take 200 hours to provide requested information to the Fund. An adjustment in the agency's burden estimate from 200 hours per respondent to 249 was made based on real data provided by the respondent to accurately report information required; resulting in a total adjustment of 14,501 hours, for a total of 62,001 burden hours requested.

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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: 05/17/2011

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