[Federal Register Volume 75, Number 88 (Friday, May 7, 2010)]
[Notices]
[Pages 25313-25314]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-10867]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Proposed Collection; Comment Request

ACTION: Notice and request for comments.

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SUMMARY: The 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 continuing information collections, as required by the Paperwork 
Reduction Act of 1995,44 U.S.C. 3506(c)(2)(A) Currently, the Community 
Development Financial Institutions (CDFI) Fund, Department of the 
Treasury, is soliciting comments concerning the Community Development 
Financial Institutions Program Awardee/Allocatee Annual Report (OMB 
Number 1559-0027), comprised by the Institution Level Report and the 
Transaction Level Report. The two documents comprise certain reporting 
requirements for participants in the CDFI Program, the Native American 
CDFI Assistance (NACA) Program, and the New Markets Tax Credits (NMTC) 
Program. The Annual Report forms (and related documents, including the 
CDFI Program assistance agreement, the NACA Program assistance 
agreement, and the NMTC Program allocation agreement) may be found at 
the CDFI Fund's Web site at www.cdfifund.gov.

DATES: Written comments must be received on or before July 6, 2010 to 
be assured of consideration.

ADDRESSES: All comments on the Annual CIIS Report must be submitted in 
writing and sent to Greg Bischak, Program Manager for Financial 
Strategies and Research, Community Development Financial Institutions 
Fund, U.S. Department of the Treasury, 601 13th Street, NW., Suite 200 
South, Washington, DC 20005, by e-mail to <a href="/cdn-cgi/l/email-protection#85e6e1e3ecede0e9f5c5e6e1e3ecabf1f7e0e4f6abe2eaf3"><span class="__cf_email__" data-cfemail="781b1c1e11101d1408381b1c1e11560c0a1d190b561f170e">[email protected]</span></a>, or 
by facsimile to (202) 622-7754. Please note this is not a toll free 
number.

FOR FURTHER INFORMATION CONTACT: Greg Bischak, Program Manager for 
Financial Strategies and Research, Community Development Financial 
Institutions

[[Page 25314]]

Fund, U.S. Department of the Treasury, 601 13th Street, NW., Suite 200 
South, Washington, DC 20005, by e-mail to <a href="/cdn-cgi/l/email-protection#d2b1b6b4bbbab7bea292b1b6b4bbfca6a0b7b3a1fcb5bda4"><span class="__cf_email__" data-cfemail="aac9ceccc3c2cfc6daeac9ceccc384ded8cfcbd984cdc5dc">[email protected]</span></a>, or 
by facsimile to (202) 622-7754. Please note this is not a toll free 
number.

SUPPLEMENTARY INFORMATION:
    Title: CDFI Program and NMTC Program Annual Report including CIIS.
    OMB Number: 1559-0027.
    Abstract: The mission is to expand the capacity of financial 
institutions to provide credit, capital and financial services to 
underserved populations and communities in the United States. The CDFI 
Fund's strategic goal is to improve the economic conditions of 
underserved communities by providing capital and technical assistance 
to CDFIs, capital to insured depository institutions, and NMTC 
allocations to Community Development Entities (CDEs), which provide 
credit, capital, financial services, and development services to these 
markets. The CDFI Fund certifies entities as CDFIs and/or CDEs.
    Annual Reporting Requirements: The Annual Report consists of 
quantitative information at the institution and transaction levels for 
CDFIs and CDEs and is used to assess: (1) The awardee's/allocatee's 
activities as detailed in its application materials; (2) the awardee's/
allocatee's approved use of the assistance; (3) the awardee's/
allocatee's financial condition; (4) the socio-economic characteristics 
of awardee's/allocatee's borrowers/investees, loan and investment 
terms, repayment status, and community development impacts; and (4) 
overall compliance with the terms and conditions of the assistance/
allocation agreement entered into by the CDFI Fund and the awardee/
allocatee.
    A CDFI Program awardee or a NACA Program awardee must submit an 
Annual Report that comprises several sections, depending on the program 
and the type of award. The specific components that comprise an 
awardee's Annual Report are set forth in the assistance agreement that 
the awardee enters into with the CDFI Fund in order to receive a CDFI 
Program or a NACA Program award. In summary:
    1. A CDFI Program or NACA/NATA Program awardee that is a non-
regulated entity and that receives Financial Assistance (FA) only must 
submit an Annual Report that comprises: (i) A Financial Report 
(Financial Statement) reviewed or audited by an independent certified 
public accountant; (ii) Single Audit A-133 (if applicable); (iii) an 
Institution Level Report (ILR) and a Transaction Level Report (TLR) 
(which include, among others, questions that measure the awardee's 
achievement of the Performance Goals and Measures set forth in its 
assistance agreement); (iv) a Uses of Financial Assistance and Matching 
Funds Report; and (v) an Explanation of Noncompliance (if applicable).
    2. A CDFI Program or NACA Program awardee that is a regulated 
entity and that receives FA only must submit an Annual Report that 
comprises: (i) An ILR and a TLR; (ii) a Uses of Financial Assistance 
and Matching Funds Report; (iii) an Explanation of Noncompliance (if 
applicable); and (iv) a Single Audit A-133 (if applicable).
    3. A CDFI Program or NACA Program awardee that receives an award 
from the CDFI Fund that is in the form of an equity investment must 
also submit a Shareholder Report.
    4. A CDFI Program or NACA Program awardee that receives Technical 
Assistance (TA) must submit an Annual Report that comprises: (i) The 
documents set forth in either (1) or (2) above, as applicable, if the 
awardee also receives FA; (ii) Uses of Technical Assistance Report; and 
(iii) OMB form 269A (Financial Status Report), which can be found on 
the website at http://www.cdfifund.gov.
    A NMTC Program allocatee must submit an Annual Report that 
comprises: (i) A financial statement that has been audited by an 
independent certified public accountant; (ii) an ILR (including the IRS 
Compliance Questions section), if the allocatee has issued any 
Qualified Equity Investments; and (iii) a TLR if the allocatee has 
issued any Qualified Low-Income Community Investments in the form of 
loans or investments. The components that comprise an allocatee's 
Annual Report are set forth in the allocation agreement that the 
allocatee enters into with the CDFI Fund in order to receive a NMTC 
Program allocation.
    Current Action: Extension of a currently approved collection.
    Type of review: Regular review.
    Affected Public: Not-for-profit institutions, businesses or other 
for-profit institutions and tribal entities.
    Estimated Number of Annual Respondents:

CDFI Annual ILR only: 75
CDFI Annual TLR and ILR: 159
NMTC Annual Report: 207

    Burden per Report Type:

CDFI Program TA awardees Estimated Time Burden: 22 hours
CDFI Program FA ILR only awardees Estimated Time Burden: 32 hours
CDFI Program FA TLR/ILR awardees Estimated Time Burden: 64 hours
NMTC Program allocatees Estimated Time Burden: 65 hours

    Total Estimated Burden per Reporting Type:

CDFI Program TA reports: 1,518 hours
CDFI Program FA ILR only reports: 2,400 hours
CDFI Program FA TLR/ILR reports: 10,176 hours
NMTC Program CDE reports: 13,455 hours

    Estimated Total Annual Burden Hours = 27,549 hours

    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for OMB approval. All 
comments will become a matter of public record. Comments are invited on 
all aspects of the information collections, but commentators may wish 
to focus particular attention on: (a) The cost for CDFIs and CDEs to 
operate and maintain the services/systems required to provide the 
required information; (b) ways to enhance the quality, utility, and 
clarity of the information to be collected; (c) whether the collection 
of information is necessary for the proper evaluation of the 
effectiveness and impact of the CDFI Fund's programs, including whether 
the information shall have practical utility; (d) the accuracy of the 
CDFI Fund's estimate of the burden of the collection of information; 
(e) ways to minimize the burden of the collection of information 
including through the use of technology, such as software for internal 
accounting and geocoding to capture geographic detail while 
streamlining and aggregating TLR reporting for upload to CIIS, and; (f) 
what methods might be used to improve the data quality, internal 
accounting and efficiency of reporting transactions for serving other 
targeted populations.

    Authority:  12 U.S.C.4707 et seq.; 26 U.S.C. 45D; 12 CFR part 
1805.

    Dated: May 3, 2010.
Donna J. Gambrell,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2010-10867 Filed 5-6-10; 8:45 am]
BILLING CODE 4810-70-P


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