View Information Collection Request (ICR) Package
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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:
1545-1038
ICR Reference No:
201005-1545-027
Status:
Historical Active
Previous ICR Reference No:
200704-1545-043
Agency/Subagency:
TREAS/IRS
Agency Tracking No:
EC1545-1038-027
Title:
Annual Certification of a Qualified Residential Rental Project
Type of Information Collection:
Revision of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
09/17/2010
Retrieve Notice of Action (NOA)
Date Received in OIRA:
07/26/2010
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2013
36 Months From Approved
09/30/2010
Responses
6,000
0
6,000
Time Burden (Hours)
76,620
0
39,180
Cost Burden (Dollars)
0
0
0
Abstract:
Operators of qualified residential projects will use this form to certify annually that their projects meet the requirements of IRC section 142(d). Operators are required to file this certification under section 142(d)(7). Operators must indicate on the form the specific "set-aside" test the bond issuer elected under 26 USC Section 142(d) for the project period. They must also indicate the percentage of low-income units in the residential rental project.
Authorizing Statute(s):
US Code:
26 USC 142(d)
Name of Law: Annual Certification of Qualified Residential Rental Project
Citations for New Statutory Requirements:
PL: Pub.L. 110 - 289 3010 Name of Law: Housing Assistance Tax Act of 2008
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
75 FR 9025
02/26/2010
30-day Notice:
Federal Register Citation:
Citation Date:
75 FR 42482
07/21/2010
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
Annual Certification of a Qualified Residential Rental Project
Form 8703
Annual Certification of Qualified Residential Rental Project
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
6,000
6,000
0
0
0
0
Annual Time Burden (Hours)
76,620
39,180
37,440
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:
Section 3010 of the Housing Assistance Tax Act of 2008, Division C of P.L. 110-289, ("The Housing Act")enacted July 30, 2008, modified IRC section 142(d)(3)(A). Accordingly, Questions 4,11,12 and 13 have been added to comply with that modification. Section III has been added to ascertain information with respect to the Issuer and the tax-exempt financing that financed the project under Section 142(d). This information should correspond with the information return, Form 8038, filed by the Issuer.
Annual Cost to Federal Government:
$1,200
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]?
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:
Emebeth Demrew 2029279565
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:
07/26/2010
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