| Request for Public Comment: Allocation and Qualified Equity Investment Tracking System | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=366 | Request for Public Comment: Allocation and Qualified Equity Investment Tracking System | <p>The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995, Public Law 104–13 (44 U.S.C. 3506(c)(2)(A)). Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the New Markets Tax Credit Program (NMTC Program) Allocation and Qualified Equity Investment (AQEI) Tracking System.</p><p>The Department of the Treasury, through the CDFI Fund, administers the NMTC Program, which provides an incentive to investors in the form of tax credits over seven years and stimulates the provision of private investment capital that, in turn, facilitates economic and community development in low-income communities. In order to qualify for an allocation of NMTC authority, 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 conducts a competitive review process to evaluate applications for the receipt of NMTC allocations. Entities selected to receive an 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 requires each Allocatee to use an electronic data collection and submission system, known as the Allocation and Qualified Equity Investment (AQEI) Tracking System, to report on the information related to its receipt of a Qualified Equity Investment.</p><p>The previous name for this data collection system was the Allocation Tracking System (ATS). The CDFI Fund developed the AQEI Tracking System to, among other things: (1) enhance the Allocatee’s ability to report to the CDFI Fund timely information regarding the issuance of its Qualified Equity Investments; (2) enhance the CDFI Fund’s ability to monitor the issuance of Qualified Equity Investments to ensure that no Allocatee exceeds its allocation authority and to ensure that Qualified Equity Investments are issued within the timeframes required by the Allocation Agreement and IRC §45D; and (3) provide the CDFI Fund with basic investor data that can be aggregated and analyzed in connection with NMTC Program evaluation efforts.</p><p>Comments are invited on: (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information has practical utility; (b) the accuracy of the agency’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services required to provide information.</p><p>Comments must be submitted in writing by 60 days after the date of publication of the Federal Register notice via email to Tanya McInnis, Certification, Compliance Monitoring and Evaluation (CCME) Program Manager, CDFI Fund, at ccme@cdfi.treas.gov.</p><p><b>Related Materials:</b></p><ul><li><p><a href="/Documents/AQEI%20PRA%20Federal%20Register%20notice%2026DEC2019.pdf" target="_blank">Federal Register Notice</a><br></p></li><li><p><a href="/Documents/Information%20Collection%20-%20New%20Markets%20Tax%20Credit%20Program%20Allocation%20and%20QEI%20Tracking%20System%20-%20CLEAN.pdf" target="_blank">For Public Comment: AQEI Tracking System Data Points</a><br></p></li><li><p><a href="/Documents/Allocation-QEI%20Tracking%20User%20Guide,%20August%202019.pdf" target="_blank">For Reference Only: AQEI Tracking System Guidance Manual</a></p></li></ul>
| 2019-12-23T05:00:00Z | Updates | 366 | | |
| Request for Public Comment: Community Development Entity Certification Application | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=367 | Request for Public Comment: Community Development Entity Certification Application | <p>The U.S. Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the New Markets Tax Credit Program (NMTC Program) Community Development Entity (CDE) Certification Application.</p><p>The Department of the Treasury, through the CDFI Fund, administers the NMTC Program, which provides an incentive to investors in the form of tax credits over seven years, expected to stimulate the provision of private investment capital that, in turn, will facilitate economic and community development in low-income communities.</p><p>In order to qualify for an allocation of tax credits through the NMTC Program, an entity must be certified as a CDE and submit an allocation application to the CDFI Fund. Nonprofit entities and for-profit entities may be certified as CDEs by the CDFI Fund. In order to be certified as a CDE, an entity must be a domestic corporation or partnership, that: (1) has a primary mission of serving or providing investment capital for low-income communities or low-income persons; and (2) maintains accountability to residents of low-income communities through their representation on any governing or advisory board of the entity.</p><p>Comments are invited on: (a) whether the collection of information is necessary for the proper performance of the functions of the CDFI Fund, including whether the information shall have practical utility; (b) the accuracy of the CDFI Fund’s estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.</p><p>Comments must be submitted in writing by 60 days after the date of publication of the Federal Register notice via email to Tanya McInnis, Certification, Compliance Monitoring and Evaluation (CCME) Program Manager, CDFI Fund, at ccme@cdfi.treas.gov.</p><p><b>Related Materials:</b></p><ul><li><p><a href="/Documents/CDE%20Application%20PRA%20Federal%20Register%20notice%2026DEC2019.pdf" target="_blank">Federal Register Notice</a><br></p></li><li><p><a href="/Documents/1559-0014%20-%20New%20Markets%20Tax%20Credit%20Program%20Community%20Development%20Entity%20Certification%20Application%20-%20CLEAN.pdf" target="_blank">For Comment: CDE Certification Application</a><br></p></li><li><p><a href="/Documents/AMIS%20CDE%20Certification%20Application%20Guidance_2018%20Final.pdf" target="_blank">For Reference Only: CDE Certification Application Submission Guidance</a></p></li></ul>
| 2019-12-23T05:00:00Z | Updates | 367 | | |
| CDFI Fund Releases Summary Report and Public Data for NMTC Program for FYs 2003-2017 | | https://www.cdfifund.gov/Lists/CDFI News/AllItems.aspx | https://www.cdfifund.gov/Lists/CDFI News/DispForm.aspx?ID=364 | CDFI Fund Releases Summary Report and Public Data for NMTC Program for FYs 2003-2017 | <p>The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) today released a Summary Report and data collected on New Markets Tax Credit (NMTC) investments across the nation through fiscal year (FY) 2017. The CDFI Fund requires all Community Development Entities (CDEs) that have been awarded NMTC allocations to submit an annual report detailing how they invested Qualified Equity Investment (QEI) proceeds in low-income communities. These reports must be submitted to the CDFI Fund by the CDEs, along with their audited financial statements, within six months after the end of their fiscal year.</p><p>The Summary Report categorizes all investments utilizing the North American Industry Classification System (NAICS), which is the standard used by Federal statistical agencies to classify businesses. Analysis of NAICS data shows that nearly 70 percent of NMTC investments made through 2017 have been concentrated in single/mixed-use real estate, health care and social assistance, manufacturing, and educational services (see slides 8-12).</p><p>Further, the Summary Report documents: the geographic distribution of NMTC investments by region (slides 13-16); the extent that CDEs go beyond the minimum statutory distress requirements of the NMTC Program by committing to serve areas of higher distress, rural areas or targeted populations (slides 17-20); and that CDEs leverage the NMTC to offer financing with flexible or non-traditional rates and terms (slides 21-22).</p><p><b>Related Links:</b></p><ul><li><p><a href="/Documents/2019%20NMTC%20Public%20Data%20Release_FY_17-comments%20incorporated_BL%20Edits%20incorporated_Final.pdf" target="_blank">NMTC Public Data Release: 2003-2017 Summary Report</a><br></p></li><li><p><a href="/Documents/2019%20NMTC%20Public%20Data%20Release_FY_17.xlsx" target="_blank">NMTC Public Data Release: 2003-2017 Data File</a><br></p></li></ul><p><b>About the NMTC Program</b></p><p>The NMTC Program enables economically distressed communities to leverage private investment capital by providing investors with a federal tax credit. All NMTC investments must meet statutory qualifications for their investors to be able to claim the tax credit. The vast majority of NMTC investments are made within statutorily defined “Low-Income Communities.” Low-Income Communities are census tracts with a poverty rate of 20 percent or greater, or a median family income at or below 80 percent of the applicable area median family income. In addition to investments located in Low-Income Communities, investments can qualify for NMTCs by using other statutory provisions designed to target certain areas or populations, including provisions for Rural Counties, and Low-Income Targeted Populations.</p><p>Through the first 15 application rounds of the NMTC Program, the CDFI Fund has made 1,178 awards, allocating a total of $57.5 billion in tax credit authority to CDEs through a competitive application process. This $57.5 billion includes $3 billion in Recovery Act allocations and $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone.</p><p>To learn more about the NMTC Program, visit the NMTC Program webpage on the CDFI Fund’s website at <a href="/nmtc" target="_blank">www.cdfifund.gov/nmtc. </a></p>
| 2019-11-25T05:00:00Z | Updates | 364 | | |
