New Markets Tax Credit (NMTC) Program Application

Forms and Documents

Document Name	Status
1559-0016 NMTC Program Application Appendix A Supporting Statement 8.23.2024.pdf Supplementary Document	2024-08-23
1559-0016 CY2024- 2026 NMTC App PRA Renewal - Supporting Statement 2024-08-30.docx Supporting Statement A	2024-09-05

IC Document Collections

IC ID	Document Title	Status
187769	NMTC Program Allocation Application (State, Local, & Tribal Governments) Other-Application	Modified
187767	NMTC Program Allocation Application (Business & Non-Profit) Other-Application	Modified

ICR Details

OMB Control No: 1559-0016	ICR Reference No: 202408-1559-001
Status: Received in OIRA	Previous ICR Reference No: 202105-1559-001
Agency/Subagency: TREAS/CDFIF	Agency Tracking No:
Title: New Markets Tax Credit (NMTC) Program Application
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 09/05/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	197	0
Time Burden (Hours)	60,121	0
Cost Burden (Dollars)	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 1.45D-1 Name of Law: New Markets 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:
	89 FR 13801	02/23/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 72713	09/04/2024
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 (Business & Non-Profit)
NMTC Program Allocation Application (State, Local, & Tribal Governments)

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ICR Summary of Burden

	Total Request	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	197	0	0	197	0	0
Annual Time Burden (Hours)	60,121	0	0	60,121	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

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

Burden Increase Due to: Miscellaneous Actions

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

Burden Reduction Due to:

Short Statement: This ICR is being reinstated in order to receive approval for the CY 2024-2026 NMTC Program Applications. The estimated total burden hours for CY 2024-2026 NMTC Applications of 60,121 hours is lower than the total approved for the previous CY 2021-2023 application of 64,614 hours. This estimate reflects updates made to the application in order to reduce burden.

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Annual Cost to Federal Government: $2,730,315

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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? No

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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: 09/05/2024

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