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OMB Control No: 1545-2119	ICR Reference No: 200809-1545-011
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/IRS	Agency Tracking No: ah-XXXX-011
Title: NOT-136936-08 (Notice 2008-XX) Tax-exempt Housing Bonds and 2008 Housing Legislation
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 09/17/2008
OIRA Conclusion Action: Approved without change	Conclusion Date: 09/16/2008
	Date Received in OIRA: 09/16/2008
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	03/31/2009	6 Months From Approved
Responses	150	0	0
Time Burden (Hours)	300	0	0
Cost Burden (Dollars)	0	0	0

Abstract: This information is being requested from issuers of tax-exempt bonds who issue bonds subject to the new volume cap or utilize proceeds of mortgage revenue bonds to refinance certain qualified subprime mortgage loans, as provided in the Housing Assistance Tax Act of 2008, enacted July 30, 2008 (2008 Housing Act). We are asking issuers to report bonds issued pursuant to the new volume cap on existing form 8038 that is already required to be filed in connection with bond issues, and issuers of mortgage revenue bonds to attach a schedule to the 8038 providing a reasonable estimate of the total expected principal amount that will be utilized to refinance qualified subprime mortgage loans. We are asking issuers to file a second copy of an existing IRS Form 8328 in order to make the election to carry forward additional volume cap provided under the 2008 Housing Act that remains unused at the end of calendar year 2008. The information required to be reported with respect to bond issues on IRS Form 8038 is mandated by section 149(e) of the Internal Revenue Code. The filing of IRS Form 8328 is the manner in which issuers make the election to carry forward unused volume ceiling pursuant to section 146(f) of the Internal Revenue Code.

Emergency Justfication: This Notice must be issued immediately in order to provide the allocation of the additional volume cap for tax-exempt bonds provided by the 2008 Housing Act and to provide guidance with respect to the use of proceeds of tax-exempt bonds for the refinancing of qualified subprime mortgage loans.

Authorizing Statute(s): US Code: 26 USC 149(e) Name of Law: Information reporting.
US Code: 26 USC 146(f) Name of Law: Elctive carryforward of unused limitations for specified purpose.

Citations for New Statutory Requirements: None

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

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
NOT-136936-08 (Notice 2008-XX) Tax-exempt Housing Bonds and 2008 Housing Legislation

ICR Summary of Burden

	Total Approved	Change Due to Agency Discretion
Annual Number of Responses	150	150
Annual Time Burden (Hours)	300	300
Annual Cost Burden (Dollars)	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 is a new collection.

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)? Uncollected

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Carla Young 202 622-3980 carla.a.young@irscounsel.treas.gov

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