The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is soliciting public comment on changes to the New Markets Tax Credit Program (NMTC Program) Transaction Level Report (TLR).
Through this request for comment, the CDFI Fund seeks to address the remaining open Planned Corrective Actions recommended by the Government Accountability Office (GAO) in its report, GAO-14-500: New Markets Tax Credit, Better Controls and Data Are Needed to Ensure Effectiveness.
The CDFI Fund is proposing to address the GAO recommendations by: (a) revising data points on fees and transaction costs to provide comprehensive reporting and alignment with the QALICB Fee Disclosure Form and NMTC Allocation Application; and (b) adding new data points for measuring the depth of public subsidy in NMTC transactions.
In addition to the proposed changes, the CDFI Fund is considering additional revisions to the NMTC Program TLR, including data points (new and revised) on community outcome measures which will be used to evaluate prior Allocatee performance during the competitive Application process, align with the information collected in the Allocation Application, and permit Allocatees to better report qualitative and quantitative outcome measures.
Additional details on the proposed changes are contained in the Notice and Request for Public Comment published in the Federal Register on February 8, 2023. Please note this Request for Comment only pertains to the NMTC Program TLR. The CDFI Fund intends to release a separate Request for Information for the Community Development Financial Institutions Program and Native CDFI Assistance Program TLR in calendar year 2023 (this is also separate from the Abbreviated TLR that was released for comment in December 2022).
Comments must be received via email no later than 60 days after the date of publication of the Federal Register notice to Shannon McKay, Program Manager, Office Financial Strategies and Research, CDFI Fund, U.S. Department of the Treasury, at CDFI-FinancialStrategiesandResearch@cdfi.treas.gov.
Questions related to the Notice and Request for Public Comment can be directed to Shannon McKay, Program Manager, Office of Financial Strategies and Research, CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania Ave. NW., Washington, DC 20220, by phone at (202) 653-0300, via Service Request in the CDFI Fund’s Awards Management Information System (AMIS), or email at CDFI-FinancialStrategiesandResearch@cdfi.treas.gov. Other information regarding the CDFI Fund and its programs may be obtained through the CDFI Fund’s website at https://www.cdfifund.gov
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