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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1559-0016
ICR Reference No:
201003-1559-003
Status:
Historical Active
Previous ICR Reference No:
200910-1559-001
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:
Emergency
Approval Requested By:
04/05/2010
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/02/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/02/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
10/31/2010
6 Months From Approved
02/28/2013
Responses
250
0
249
Time Burden (Hours)
50,000
0
65,487
Cost Burden (Dollars)
0
0
0
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.
Emergency Justfication:
In August 2009, pursuant to the U.S. Department of the Treasurys continuing effort to reduce paperwork and respondent burden, as required by the Paperwork Reduction Act of 1995, Pub. L. No. 104-13 (44 U.S.C. 3506(c)(2)(A)), the CDFI Fund published in the Federal Register a Request for Public Comment, 74 FR 38482, seeking responses to specific questions regarding the NMTC Program Allocation Application. The CDFI Fund received comments from 21 organizations and after careful consideration given to all comments, incorporated changes based on those responses into the 2010 NMTC Allocation Application. In order to allocate sufficient time for applicants to adequately prepare 2010 NMTC Allocation requests and allow the CDFI Fund to announce the 2010 NMTC Award recipients by calendar year end 2010, it is critical the normal PRA clearance process be temporarily waived with respect to the 2010 NMTC Allocation round. The CDFI Fund plans to award the 2010 NMTC Allocation within a seven month time frame. It is the goal of the Fund to publish the FY 2010 NOAA and NMTC Allocation Application by April 7, 2010. The Application due date is May 26, 2010 and the CDFI Fund hopes to announce the award recipients by December 2010.
Authorizing Statute(s):
US Code:
26 USC 45D-1
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?
Yes
Number of Information Collection (IC) in this ICR:
2
IC Title
Form No.
Form Name
NMTC Program Allocation Application
CDFI Form 0020
NMTC Program 2010 Allocation Application
NMTC Program Allocation Application
CDFI Form 0020
NMTC Program 2010 Allocation Application
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
250
249
0
1
0
0
Annual Time Burden (Hours)
50,000
65,487
0
-15,487
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:
Yes
Burden Reduction Due to:
Cutting Redundancy
Short Statement:
In order to minimize applicant burden for the 2010 NMTC Allocation Application, the CDFI Fund has reduced the number of application questions by merging or eliminating previous questions. The total number of tables has also been reduced by merging or eliminating previous tables. Where it was deemed the CDFI Fund changed the format of some questions to ensure clarity of responses.
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)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Rosa Martinez 2026228439 martinezr@cdfi.treas.gov
Common Form ICR:
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:
(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:
04/02/2010
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