Daily Rules, Proposed Rules, and Notices of the Federal Government
Currently, the Community Development Financial Institutions (CDFI) Fund, Department of the Treasury, is soliciting comments concerning the Evaluation of the New Markets Tax Credit (NMTC) Program. This notice announces the CDFI Fund's intent to request approval from the Office of Management and Budget (OMB) for new information collection activities associated with an independent, multi-year evaluation of the NMTC Program. It includes a one-time information collection effort involving participants and stakeholders in the program, which is intended to describe and assess program activities as well as identify project-specific and community level outputs and outcomes. The data collection will provide critical information for the evaluation. Clearance is requested for the following new data collection activities: (1) Case-style data collection related to approximately 80 randomly sampled NMTC projects that will consist of semi-structured telephone interviews with persons associated with those projects--i.e., approximately 80 representatives of Community Development Entities (CDEs), 80 representatives of Qualified Active Low Income Businesses (QALICBs), 80 investors, and 80 other key project stakeholders; (2) a web-based, predominantly closed-ended survey of representatives of approximately 380 QALICBs; and (3) a web-based, predominantly closed-ended survey of approximately 380 local community/economic development officials.
There is considerable flexibility and, consequently, variability with respect to the types of projects that can be supported by NMTC-stimulated investments. They can include for-profit and non-profit businesses involving a range of commercial, industrial, retail, manufacturing, mixed-uses, and facilities such as for childcare, health or charter schools.
The evaluation involves multiple research methods to produce valid evidence for describing and assessing program activities and outcomes. The focus is on the program's primary objective of attracting capital to low-income, economically distressed communities so as to further their economic and community development. The evaluation is intended to inform an array of important policy questions, including: How and in what manner the program is affecting the flow of new private capital to low-income communities; where, in what timeframe, and how that capital is invested to achieve community and economic
Toward this end, clearance is requested for four topical discussion guides, a data sheet for CDEs, a data sheet for QALICBs, and two survey instruments.
Respondents are CDEs that received NMTC allocation authority and used these credits to finance qualified investments, QALICBs that received equity or debt investments using NMTCs, investors in projects that include NMTCs, local community and economic development officials or other stakeholders in NMTC projects, such as accountants, attorneys, or local organizations involved in the projects.
All responses to this notice will be summarized and included in the request for OMB approval. All comments will be a matter of public record. Comments are invited on the following:
(a) Whether the proposed 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 proposed collection of information, including the validity of the methodology and assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on those who are to respond, including use of appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology.
26 U.S.C. 45D; 31 U.S.C. 321; 26 CFR 1.45D-1.