81 FR 35817 - Community Development Financial Institutions Fund; Notice and Request for Comments
DEPARTMENT OF THE TREASURY Federal Register Volume 81, Issue 107 (June 3, 2016)
Federal Register Volume 81, Issue 107 (June 3, 2016)
| Page Range | 35817-35818 | |
| FR Document | 2016-13123 |
[Federal Register Volume 81, Number 107 (Friday, June 3, 2016)] [Notices] [Pages 35817-35818] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2016-13123] ----------------------------------------------------------------------- DEPARTMENT OF THE TREASURY Community Development Financial Institutions Fund; Notice and Request for Comments ACTION: Notice and request for comments. ----------------------------------------------------------------------- SUMMARY: 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 Secondary Loan Commitment Form (SLCF) for the CDFI Bond Guarantee Program (BG Program). DATES: Written comments should be received on or before August 2, 2016 to be assured of consideration. ADDRESSES: Submit your comments via email Lisa Jones, CDFI Bond Guarantee Program Manager, at [email protected]. FOR FURTHER INFORMATION CONTACT: Lisa Jones, CDFI Bond Guarantee Program Manager, CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, or by facsimile to (202) 508-0083 (not a toll free number). Additional information regarding the BG Program and the SLCF may be obtained from the BG Program page of the CDFI Fund's Web site at http://www.cdfifund.gov/bond. SUPPLEMENTARY INFORMATION: Title: CDFI Bond Guarantee Program Secondary Loan Commitment Form. OMB Number: 1559-0044. Abstract: The purpose of the BG Program is to support CDFI lending by providing Guarantees for Bonds issued by Qualified Issuers as part of a Bond Issue for Eligible Community or Economic Development Purposes. The BG Program provides CDFIs with a source of long-term capital and furthers the mission of the CDFI Fund to increase economic opportunity and promote community development investments for underserved populations and distressed communities in the United States. The CDFI Fund achieves its mission by promoting access to capital and local economic growth by investing in, supporting, and training CDFIs. In compliance with OMB Circular A-129 and the BG Program's interim rule (12 CFR 1808), the BG Program will collect all necessary information to monitor compliance, manage the portfolio effectively, and track progress towards policy goals and statutory and regulatory requirements. The proposed SLCF will add significantly to the Department of the Treasury's review and impact analysis on the current and proposed use of Bond Proceeds in underserved communities and support the CDFI Fund in proactively managing regulatory compliance. Risk detection and mitigation are crucial activities for the long-term operation and viability of the BG Program. The specified data collection area and parameters are consistent with the requirements contained in 12 CFR part 1808.307(b). Current Actions: New Collection. Type of Review: Regular Review. Affected Public: Eligible CDFIs participating in the BG Program. Estimated Number of Respondents: 25. Estimated Annual Time per Respondent: 4 hours. Estimated Total Annual Burden Hours: 100 hours. Requests for Comments: Comments submitted in response to this notice will be summarized and/or included in the request for Office of Management and Budget approval. All comments will become a matter of public record and may be published on the CDFI Fund Web site at http://www.cdfifund.gov. 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 will 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. The CDFI Fund specifically requests comments concerning the following questions: (1) Does the proposed SLCF and certification form provide clarity on the expectations for meeting the requirements contained in 12 CFR part 1808.307(b)? (2) Is there additional information or guidance that the CDFI Fund can provide to clarify the commitment test review process? (3) Does the proposed SLCF and certification contain the appropriate data points to ensure that Eligible CDFIs have executed Secondary Loan documents (in the form of promissory notes) with Secondary Borrowers as follows: (1) Not later than 12 months after the Bond Issue Date, Secondary Loan documents representing at least 50 percent of such Eligible CDFI's Bond Loan proceeds allocated for Secondary Loans; and (2) not later than 24 months after the Bond Issue Date, Secondary [[Page 35818]] Loan documents representing 100 percent of such Eligible CDFI's Bond Loan proceeds allocated for Secondary Loans? Authority: 12 CFR part 1808. Mary Ann Donovan, Director, Community Development Financial Institutions Fund. [FR Doc. 2016-13123 Filed 6-2-16; 8:45 am] BILLING CODE 4810-70-P
![Federal Register / Vol. 81, No. 107 / Friday, June 3, 2016 / Notices 35817
evaluation purposes. This information is burden, invites the general public and underserved communities and support
reviewed to ensure the Recipient’s other Federal agencies to take this the CDFI Fund in proactively managing
compliance with its performance goals opportunity to comment on proposed regulatory compliance. Risk detection
and contractual obligations and the and/or continuing information and mitigation are crucial activities for
overall performance of the program. The collections, as required by the the long-term operation and viability of
Annual Report represents a revised Paperwork Reduction Act of 1995, the BG Program. The specified data
annual information collection as Public Law 104–13 (44 U.S.C. collection area and parameters are
compared to the version posted in 3506(c)(2)(A)). Currently, the consistent with the requirements
December 2012. This information Community Development Financial contained in 12 CFR part 1808.307(b).
collection request incorporates four new Institutions Fund (CDFI Fund), U.S. Current Actions: New Collection.
fields to report funding from related Department of the Treasury, is soliciting Type of Review: Regular Review.
public sources and related private comments concerning the Secondary Affected Public: Eligible CDFIs
sources, and funding from third-party Loan Commitment Form (SLCF) for the participating in the BG Program.
public sources and third-party private CDFI Bond Guarantee Program (BG Estimated Number of Respondents:
sources. In addition, this version Program). 25.
incorporates prior public comments and Estimated Annual Time per
DATES: Written comments should be Respondent: 4 hours.
technical corrections from current users received on or before August 2, 2016 to Estimated Total Annual Burden
to improve validation and reduce be assured of consideration. Hours: 100 hours.
reporting burdens for program
ADDRESSES: Submit your comments via Requests for Comments: Comments
Recipients. The CDFI Fund proposes to
email Lisa Jones, CDFI Bond Guarantee submitted in response to this notice will
add additional fields to the posted data
Program Manager, at bgp@cdfi.treas.gov. be summarized and/or included in the
collection instrument to show how the
FOR FURTHER INFORMATION CONTACT: Lisa request for Office of Management and
Applicant has met its Application
Jones, CDFI Bond Guarantee Program Budget approval. All comments will
commitment to leverage a CMF Award
Manager, CDFI Fund, U.S. Department become a matter of public record and
with the specified pre-investment funds.
of the Treasury, 1500 Pennsylvania may be published on the CDFI Fund
The reporting template can be viewed
Avenue NW., Washington, DC 20220, or Web site at http://www.cdfifund.gov.
on the CDFI Fund Web site at https://
by facsimile to (202) 508–0083 (not a Comments are invited on: (a) Whether
www.cdfifund.gov/programs-training/
toll free number). Additional the collection of information is
Programs/cmf/Pages/compliance-
information regarding the BG Program necessary for the proper performance of
step.aspx#step5. Comments concerning
and the SLCF may be obtained from the the functions of the CDFI Fund,
the Annual Report are invited on: (a)
BG Program page of the CDFI Fund’s including whether the information will
Whether the collection of information is
Web site at http://www.cdfifund.gov/ have practical utility; (b) the accuracy of
necessary for the proper performance of
bond. the CDFI Fund’s estimate of the burden
the functions of the agency, including
of the collection of information; (c) ways
whether the information shall have SUPPLEMENTARY INFORMATION: to enhance the quality, utility, and
practical utility; (b) the accuracy of the Title: CDFI Bond Guarantee Program clarity of the information to be
agency’s estimate of the burden of the Secondary Loan Commitment Form. collected; (d) ways to minimize the
collection of information; (c) ways to OMB Number: 1559–0044. burden of the collection of information
enhance the quality, utility, and clarity Abstract: The purpose of the BG on respondents, including through the
of the information to be collected; (d) Program is to support CDFI lending by use of technology; and (e) estimates of
ways to minimize the burden of the providing Guarantees for Bonds issued capital or start-up costs and costs of
collection of information on by Qualified Issuers as part of a Bond operation, maintenance, and purchase
respondents, including through the use Issue for Eligible Community or of services to provide information.
of technology; and (e) estimates of Economic Development Purposes. The The CDFI Fund specifically requests
capital or start-up costs and costs of BG Program provides CDFIs with a comments concerning the following
operation, maintenance, and purchase source of long-term capital and furthers questions:
of services required to provide the mission of the CDFI Fund to (1) Does the proposed SLCF and
information. increase economic opportunity and certification form provide clarity on the
Authority: Pub. L. 110–289, 12 CFR 1807. promote community development expectations for meeting the
investments for underserved requirements contained in 12 CFR part
Mary Ann Donovan, populations and distressed communities 1808.307(b)?
Director, Community Development Financial in the United States. The CDFI Fund (2) Is there additional information or
Institutions Fund. achieves its mission by promoting guidance that the CDFI Fund can
[FR Doc. 2016–13122 Filed 6–2–16; 8:45 am] access to capital and local economic provide to clarify the commitment test
BILLING CODE 4810–70–P growth by investing in, supporting, and review process?
training CDFIs. (3) Does the proposed SLCF and
In compliance with OMB Circular A– certification contain the appropriate
DEPARTMENT OF THE TREASURY 129 and the BG Program’s interim rule data points to ensure that Eligible CDFIs
Community Development Financial (12 CFR 1808), the BG Program will have executed Secondary Loan
Institutions Fund; Notice and Request collect all necessary information to documents (in the form of promissory
monitor compliance, manage the notes) with Secondary Borrowers as
mstockstill on DSK3G9T082PROD with NOTICES
for Comments
portfolio effectively, and track progress follows: (1) Not later than 12 months
Notice and request for
ACTION: towards policy goals and statutory and after the Bond Issue Date, Secondary
comments. regulatory requirements. The proposed Loan documents representing at least 50
SLCF will add significantly to the percent of such Eligible CDFI’s Bond
SUMMARY: The U.S. Department of the Department of the Treasury’s review Loan proceeds allocated for Secondary
Treasury, as part of its continuing effort and impact analysis on the current and Loans; and (2) not later than 24 months
to reduce paperwork and respondent proposed use of Bond Proceeds in after the Bond Issue Date, Secondary
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![35818 Federal Register / Vol. 81, No. 107 / Friday, June 3, 2016 / Notices
Loan documents representing 100 Estimated Time per Respondents: other Federal agencies to take this
percent of such Eligible CDFI’s Bond 100,000. opportunity to comment on proposed
Loan proceeds allocated for Secondary Estimated Time per Respondent: 45 and/or continuing information
Loans? minutes. collections, as required by the
Authority: 12 CFR part 1808. Estimated Total Annual Burden Paperwork Reduction Act of 1995,
Hours: 75,000. Public Law 104–13 (44 U.S.C.
Mary Ann Donovan, The following paragraph applies to all 3506(c)(2)(A)). Currently, the IRS is
Director, Community Development Financial of the collections of information covered soliciting comments concerning netting
Institutions Fund. by this notice: rule for certain conversion transactions.
[FR Doc. 2016–13123 Filed 6–2–16; 8:45 am] An agency may not conduct or DATES: Written comments should be
BILLING CODE 4810–70–P sponsor, and a person is not required to received on or before August 2, 2016 to
respond to, a collection of information be assured of consideration.
unless the collection of information
DEPARTMENT OF THE TREASURY ADDRESSES: Direct all written comments
displays a valid OMB control number.
to Tuawana Pinkston, Internal Revenue
Books or records relating to a collection
Internal Revenue Service Service, Room 6526, 1111 Constitution
of information must be retained as long
Avenue NW., Washington, DC 20224.
as their contents may become material
Proposed Collection; Comment FOR FURTHER INFORMATION CONTACT:
in the administration of any internal
Request for Regulation Project Requests for additional information or
revenue law. Generally, tax returns and
AGENCY: Internal Revenue Service (IRS), tax return information are confidential, copies of the information collection
Treasury. as required by 26 U.S.C. 6103. should be directed to Allan Hopkins, at
ACTION: Notice and request for Request for Comments: Comments Internal Revenue Service, Room 6129,
comments. submitted in response to this notice will 1111 Constitution Avenue NW.,
be summarized and/or included in the Washington, DC 20224, or through the
SUMMARY: The Department of the request for OMB approval. All internet, at Allan.M.Hopkins@irs.gov.
Treasury, as part of its continuing effort comments will become a matter of SUPPLEMENTARY INFORMATION:
to reduce paperwork and respondent public record. Title: Regulations Under Section 1258
burden, invites the general public and Comments are invited on: (a) Whether of the Internal Revenue Code of 1986;
other Federal agencies to take this the collection of information is Netting Rule for Certain Conversion
opportunity to comment on proposed necessary for the proper performance of Transactions.
and/or continuing information the functions of the agency, including OMB Number: 1545–1452.
collections, as required by the whether the information shall have Regulation Project Number: FI–43–94.
Paperwork Reduction Act of 1995, practical utility; (b) the accuracy of the Abstract: Internal Revenue Code
Public Law 104–13 (44 U.S.C. agency’s estimate of the burden of the section 1258 recharacterizes capital
3506(c)(2)(A)). Currently, the IRS is collection of information; (c) ways to gains from conversion transactions as
soliciting comments concerning TD enhance the quality, utility, and clarity ordinary income to the extent of the
9633, Limitations on Duplication of Net of the information to be collected; (d) time value element. This regulation
Built-in Losses. ways to minimize the burden of the provides that certain gains and losses
DATES: Written comments should be collection of information on may be netted for purposes of
received on or before August 2, 2016 to respondents, including through the use determining the amount of gain
be assured of consideration. of automated collection techniques or recharacterized. To be eligible for
ADDRESSES: Direct all written comments other forms of information technology; netting relief, the taxpayer must identify
to Tuawana Pinkston, Internal Revenue and (e) estimates of capital or start-up on its books and records all the
Service, Room 6526, 1111 Constitution costs and costs of operation, positions that are part of the conversion
Avenue NW., Washington, DC 20224. maintenance, and purchase of services transaction. This must be done before
FOR FURTHER INFORMATION CONTACT: to provide information. the close of the day on which the
Requests for additional information or positions become part of the conversion
Approved: May 24, 2016.
copies of this regulation should be transaction.
Tuawana Pinkston, Current Actions: There is no change to
directed to Martha R. Brinson, Internal
IRS Reports Clearance Officer. this existing regulation.
Revenue Service, Room 6526, 1111
Constitution Avenue NW., Washington, [FR Doc. 2016–13092 Filed 6–2–16; 8:45 am] Type of Review: Extension of a
DC 20224, or through the Internet at BILLING CODE 4830–01–P currently approved collection.
Martha.R.Brinson@irs.gov. Affected Public: Business or other for-
SUPPLEMENTARY INFORMATION:
profit organizations, and not-for-profit
DEPARTMENT OF THE TREASURY institutions.
Title: Limitations on Duplication of
Net Built-in Losses. Estimated Number of Respondents:
Internal Revenue Service 50,000.
OMB Number: 1545–2247.
Regulation Project Number: TD 9633. Estimated Time per Respondent: 6
Proposed Collection; Comment
Abstract: These regulations will minutes.
Request for Regulation Project Estimated Total Annual Burden
provide guidance for applying 26 U.S.C.
362(e)(2), relating to the limitation on AGENCY: Internal Revenue Service (IRS), Hours: 5,000.
The following paragraph applies to all
mstockstill on DSK3G9T082PROD with NOTICES
transfer of built-in losses. Treasury.
Current Actions: There is no change ACTION: Notice and request for of the collections of information covered
in the paperwork burden previously comments. by this notice:
approved by OMB. An agency may not conduct or
Type of Review: Extension of a SUMMARY: The Department of the sponsor, and a person is not required to
currently approved collection. Treasury, as part of its continuing effort respond to, a collection of information
Affected Public: Business or other for- to reduce paperwork and respondent unless the collection of information
profit organizations. burden, invites the general public and displays a valid OMB control number.
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Document Created: 2018-02-08 07:29:28
Document Modified: 2018-02-08 07:29:28
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| Action | Notice and request for comments. | |
| Dates | Written comments should be received on or before August 2, 2016 to be assured of consideration. | |
| Contact | Lisa Jones, CDFI Bond Guarantee Program Manager, CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW., Washington, DC 20220, or by facsimile to (202) 508-0083 (not a toll free number). Additional information regarding the BG Program and the SLCF may be obtained from the BG Program page of the CDFI Fund's Web site at http://www.cdfifund.gov/bond. | |
| FR Citation | 81 FR 35817 |
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