[CircleUp] CDFI Fund Update: Request for Public Comment on NMTC Allocation Application

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Request for Public Comment: NMTC Allocation Application 
August 3, 2009 
[CDFI-2009-39] 

Request for Public Comment: 
New Markets Tax Credit Program Allocation Application 

Washington, DC - The U.S. Department of 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, Pub. L. No. 104-13 (44 U.S.C. 3506(c)(2)(A)).
Currently, the Community Development Financial Institutions (CDFI) Fund is
soliciting comments on the New Markets Tax Credit Program (NMTC) Allocation
Application. 

This application should be referenced for the purpose of providing comments
on the use of the application to collect information only; it should not be
completed and submitted as a request for an allocation of NMTCs. Written
comments should be received on or before October 2, 2009 to be assured of
consideration. 

The New Markets Tax Credit (NMTC) Program was established by the Community
Renewal Tax Relief Act of 2000. It provides an incentive to investors in the
form of tax credits over seven years, which is expected to stimulate the
provision of private investment capital that, in turn, will facilitate
economic and community development in low-income communities. In order to
qualify for an allocation of tax credits through the NMTC Program, an entity
must be certified as a qualified CDE and submit an allocation application to
the Fund. Nonprofit entities and for-profit entities may be certified as
CDEs by the 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. 

View
<http://www.cdfifund.gov/docs/nmtc/2009/Federal%20Register%20Notice%20Vol%20
74%20No%20147.pdf>  Related Federal Register Notice 

Materials for Public Comment: 

View
<http://www.cdfifund.gov/docs/nmtc/2009/2009%20NMTC%20Allocation%20Applicati
on.pdf>  NMTC Program Allocation Application 

-30- 

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