New Markets Tax Credit (NMTC) Program Allocation and Qualified Equity Tracking (AQEI) System

ICR 202002-1559-002

OMB: 1559-0024

Federal Form Document

Forms and Documents
Document
Name
Status
Supporting Statement A
2020-04-23
ICR Details
1559-0024 202002-1559-002
Active 201609-1559-003
TREAS/CDFIF
New Markets Tax Credit (NMTC) Program Allocation and Qualified Equity Tracking (AQEI) System
Revision of a currently approved collection   No
Regular
Approved with change 04/23/2020
Retrieve Notice of Action (NOA) 02/27/2020
Responses to public comments clarified in supporting statement during review.
  Inventory as of this Action Requested Previously Approved
04/30/2023 36 Months From Approved 04/30/2020
1,872 0 5,940
2,808 0 5,940
0 0 0

The New Markets Tax Credit Program (NMTC Program) was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs). Via a competitive process, the Community Development Financial Institutions Fund (CDFI Fund) awards NMTC allocation awards to select CDEs, based upon information submitted in their NMTC Allocation Application. Entities receiving a NMTC allocation must enter into an allocation agreement with the CDFI Fund. The allocation agreement contains the terms and conditions, including all reporting requirements, associated with the receipt of a NMTC allocation. The CDFI Fund required each Allocatee to use an electronic data collection and submission system, known as the Allocation Tracking System (ATS), to report on the information related to its receipt of a Qualified Equity Investment (QEI). As of May 2018, the ATS function was renamed as the NMTC Allocation and Qualified Equity Investment Tracking System (AQEI) and moved to the CDFI Fund’s Awards Management Information System (AMIS), a business system that supports all CDFI Fund programs through each phase of the programs’ life cycle.

PL: Pub.L. 106 - 554 1(a)(7) Name of Law: Consolidated Appropriations Act, 2001
   US Code: 31 USC 321 Name of Law: null
  
None

Not associated with rulemaking

  84 FR 71078 12/26/2019
85 FR 11179 02/26/2020
Yes

  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 1,872 5,940 0 0 -4,068 0
Annual Time Burden (Hours) 2,808 5,940 0 0 -3,132 0
Annual Cost Burden (Dollars) 0 0 0 0 0 0
No
No
The CDFI Fund has removed unused data points from this collection; however, the overall burden per response is being increased by 30 minutes due to an adjustment in agency estimates. The Fund believes that 1.5 hours is a more accurate estimate of the time required per response. The total number of respondents and responses is being reduced based on updated data on the current number of Allocatees reporting in the system.

$6,000
No
    No
    No
No
No
No
Uncollected
Trefor Henry 2026224130 [email protected]

  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.
02/27/2020


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