Federal Register / Vol. 73, No. 23 / Monday, February 4, 2008 / Notices 6559 

CDFI Fund make the options more 

clear? 

(b) Should a certification applicant be 

required to demonstrate a track record 

of serving the requested Target Market? 

If so, what is an appropriate minimum 

time-frame to establish such a track 

record? Please provide reasons to 

support your response. 

(c) Should the CDFI Fund allow 

different types of organizations to meet 

the Target Market requirement at 

different benchmarks (i.e., percentage of 

activities directed toward the Target 

Market could deviate from the required 

60 percent level for certain types of 

organizations)? If so, what level of 

activity would be acceptable for specific 

organization types? 

(c) Should certification applicants be 

required to have a physical presence in 

their Target Markets (i.e., a branch, an 

office, local partners)? If so, what is an 

acceptable minimum level of presence? 

(4) Accountability Criteria: To be 

certified as a CDFI, an entity must 

maintain accountability to residents of 

its Target Market through representation 

on its governing board or otherwise (12 

CFR 1805.201(b)(5)). 

(a) (i) How many governing and/or 

advisory board members representing a 

Target Market should the CDFI Fund 

require to determine that an entity is 

accountable to its Target Market? 

(ii) How should the geographic size, 

population density of the Target Market, 

and/or board type (governing vs. 

advisory) factor into the number of 

representative board members necessary 

to demonstrate accountability to a 

Target Market? 

(b) Should the CDFI Fund expand or 

restrict the ways that board members 

can be deemed to be representative of a 

Target Market? 

(c) (i) Should the CDFI Fund continue 

to allow certification applicants to 

demonstrate accountability to Target 

Markets through ‘‘other mechanisms’’

(i.e. annual meetings, surveys)? 

(ii) If so, what additional types of 

mechanisms should be considered to 

demonstrate accountability? 

(5) Development Services Criteria: To 

be certified as a CDFI, an entity must 

provide Development Services in 

conjunction with its Financial Products, 

either directly or through an Affiliate, or 

through contract with another provider 

(12 CFR 1805.201(b)(4)). 

(a) What minimum level of 

Development Services should be 

expected of a CDFI (i.e. is one-on-one 

counseling enough or should training be 

more formal/standardized?)? 

(b) Should the CDFI Fund require an 

entity to provide Development Services 

that are linked to each Financial 

Product that it offers? 

(c) Should Development Services 

include broad efforts to increase 

financial education and literacy within 

an entity’s Target Market? 

(6) Non-Governmental Entity Criteria: 

To be certified as a CDFI, an entity 

cannot be an agency or instrumentality 

of the United States, or any State or 

political subdivision thereof. An entity 

that is created by, or that receives 

substantial assistance from, one or more 

government entities may be a CDFI 

provided it is not controlled by such 

entities and maintains independent 

decision-making power over its 

activities (12 CFR 1805.201(b)(6)). 

(a) What minimal levels of 

government support for an entity’s 

operations (e.g., funding and 

capitalization) or government 

involvement in an entity’s lending or 

investment decisions (e.g., underwriting 

criteria or loan approval) should be 

considered acceptable for certification? 

(b) Should governmental ‘‘operations 

support’’ and government ‘‘involvement 

in lending and investment decisions’’ be 

considered separately or should 

evidence of both be required in order to 

deem an entity as having failed to 

satisfy the non-governmental entity 

criteria? 

(7) CDFI Certification Application 

Process: 

(a) Should an electronic, web-based 

CDFI certification application process 

be implemented and, if so, should paper 

applications continue to be accepted? 

(b) (i) Should CDFI certification status 

extend for a fixed period of time before 

it expires? If so, is three (3) years an 

appropriate duration? 

(ii) Should CDFI certification be 

continued indefinitely if the certified 

CDFI does not request an award from 

the CDFI Fund? 

(iii) Is there any policy justification to 

designate different certification periods 

for different types of organizations? If 

so, how long should certification 

periods be for specific types of 

organizations? 

(c) What should be the primary 

components of a recertification process? 

(8) General: What other changes could 

the CDFI Fund make to improve the 

CDFI certification process that has not 

been addressed in the preceding 

questions? 

Authority: 12 U.S.C. 4703, 4703 note, 4704, 

4706, 4707, 4717; 12 CFR part 1805. 

Dated: January 28, 2008. 

Donna J. Gambrell, 

Director, Community Development Financial 

Institutions Fund. 

[FR Doc. E8–2008 Filed 2–1–08; 8:45 am] 

BILLING CODE 4810–70–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[IA–62–91] 

Proposed Collection; Comment 

Request for Regulation Project 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice and request for 

comments. 

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 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 IRS is 

soliciting comments concerning an 

existing final and temporary regulations, 

IA–62–91 (TD 8482), Capitalization and 

Inclusion in Inventory of Certain Costs 

(§§ 1.263A–2 and 1.263A–3). 

DATES: Written comments should be 

received on or before April 4, 2008 to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn P. Kirkland, Internal Revenue 

Service, room 6129, 1111 Constitution 

Avenue, NW., Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the regulations should be 

directed to Carolyn N. Brown at Internal 

Revenue Service, room 6129, 1111 

Constitution Avenue, NW., Washington, 

DC 20224, or at (202) 622–6688, or 

through the internet at 

(Carolyn.N.Brown@irs.gov). 

SUPPLEMENTARY INFORMATION: 

Title: Capitalization and Inclusion in 

Inventory of Certain Costs. 

OMB Number: 1545–0987. 

Regulation Project Number: IA–62–

91. 

Abstract: The requirements are 

necessary to determine whether 

taxpayers comply with the cost 

allocation rules of Internal Revenue 

Code section 263A and with the 

requirements for changing their 

methods of accounting. The information 

will be used to verify taxpayers’ changes 

in method of accounting. 


ebenthall on PRODPC61 with NOTICES
6560 Federal Register / Vol. 73, No. 23 / Monday, February 4, 2008 / Notices 

Current Actions: There is no change to 

this existing regulation. 

Type of Review: Extension of OMB 

approval. 

Affected Public: Business or other forprofit organizations and farms. 

Estimated Number of Respondents: 

20,000. 

Estimated Average Time per 

Respondent: The estimated annual 

reporting and recordkeeping burden per 

respondent varies from 1 hour to 9 

hours. 

Estimated Total Annual Burden 

Hours: 100,000. 

The following paragraph applies to all 

the collections of information covered 

by this notice. 

The following paragraph applies to all 

of the collections of information covered 

by this notice: 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless the collection of information 

displays a valid OMB control number. 

Books or records relating to a 

collection of information must be 

retained as long as their contents may 

become material in the administration 

of any internal revenue law. Generally, 

tax returns and tax return information 

are confidential, as required by 26 

U.S.C. 6103. 

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: 

(a) Whether the collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information shall have 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 to be collected; (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology; and (e) estimates of capital 

or start-up costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Approved: January 25, 2008. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E8–2006 Filed 2–1–08; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

[REG–208156–91] 

Proposed Collection; Comment 

Request for Regulation Project 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice and request for 

comments. 

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 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 IRS is 

soliciting comments concerning existing 

final regulations, REG–208156–91 (TD 

8929), Accounting for Long-Term 

Contracts (§ 1.460–1). 

DATES: Written comments should be 

received on or before April 4, 2008 to 

be assured of consideration. 

ADDRESSES: Direct all written comments 

to Glenn P. Kirkland, Internal Revenue 

Service, room 6129, 1111 Constitution 

Avenue, NW., Washington, DC 20224. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information or 

copies of the regulations should be 

directed to Carolyn N. Brown at Internal 

Revenue Service, room 6129, 1111 

Constitution Avenue, NW., Washington, 

DC 20224, or at (202) 622–6688, or 

through the internet at 

(Carolyn.N.Brown@irs.gov). 

SUPPLEMENTARY INFORMATION: 

Title: Accounting for Long-Term 

Contracts. 

OMB Number: 1545–1650. 

Regulation Project Number: REG–

208156–91. 

Abstract: The regulation requires the 

Commissioner to be notified of a 

taxpayer’s decision to sever or aggregate 

one or more long-term contracts under 

the regulations. The statement is needed 

so the Commissioner can determine 

whether the taxpayer properly severed 

or aggregated its contract(s). The 

regulations affect any taxpayer that 

manufactures or constructs property 

under long-term contracts. 

Current Actions: There are no changes 

to these existing regulations. 

Type of Review: Extension of a 

currently approved collection. 

Affected Public: Business or other forprofit organizations. 

Estimated Number of Respondents: 

50,000. 

Estimated Time per Respondent: 15 

minutes. 

Estimated Total Annual Burden 

Hours: 12,500. 

The following paragraph applies to all 

of the collections of information covered 

by this notice: 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

unless the collection of information 

displays a valid OMB control number. 

Books or records relating to a collection 

of information must be retained as long 

as their contents may become material 

in the administration of any internal 

revenue law. Generally, tax returns and 

tax return information are confidential, 

as required by 26 U.S.C. 6103. 

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: 

(a) Whether the collection of 

information is necessary for the proper 

performance of the functions of the 

agency, including whether the 

information shall have 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 to be collected; (d) ways to 

minimize the burden of the collection of 

information on respondents, including 

through the use of automated collection 

techniques or other forms of information 

technology; and (e) estimates of capital 

or start-up costs and costs of operation, 

maintenance, and purchase of services 

to provide information. 

Approved: January 25, 2008. 

Glenn P. Kirkland, 

IRS Reports Clearance Officer. 

[FR Doc. E8–2009 Filed 2–1–08; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Internal Revenue Service 

Proposed Collection; Comment 

Request for Form 1028 

AGENCY: Internal Revenue Service (IRS), 

Treasury. 

ACTION: Notice and request for 

comments. 

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 proposed 

and/or continuing information 


ebenthall on PRODPC61 with NOTICES