TREASURY DIRECTIVE
13-21Date: January 19, 2001
Sunset Review: January 19, 2005
SUBJECT: Delegation of Authority to the Director, Community Development Financial Institutions Fund, for Administering the New Markets Tax Credit Program
1. PURPOSE: This directive delegates to the Director, Community Development Financial Institutions Fund, the authority to administer the Application and Allocation Procedures for the New Markets Tax Credit, as these terms are defined in Treasury Order (TO) 103-07, "Delegation of Authority to the Under Secretary (Domestic Finance) for Administering the New Markets Tax Credit Program"
2. DELEGATION. The authority of the Secretary of the Treasury under title I, subtitle C, section 121 of the Community Renewal Tax Relief Act of 2000, as enacted by section 1(a)(7) of the Consolidated Appropriations Act, 2001 (Public Law No. 106-554, December 21, 2000) to exercise and perform all duties, powers, rights and obligations for purposes of administering the Application and Allocation Procedures of the New Markets Tax Credit, which authority is vested in the Under Secretary (Domestic Finance) pursuant to TO 103-07, is hereby redelegated to the Director, Community Development Financial Institutions Fund. In exercising this authority, the Director shall consult and coordinate with the Commissioner of Internal Revenue, the Assistant Secretary (Tax Policy) and the Deputy Assistant Secretary (Community Development Policy), as appropriate.
3. REDELEGATION. The Director, Community Development Financial Institutions Fund, may redelegate the authority delegated herein to any official under the supervision of the Director, except for authority to sign rules that are promulgated in connection with the Application and Allocation Procedures of the New Markets Tax Credit.
4. AUTHORITIES.
a. Title I, subtitle C, section 121 of the Community Renewal Tax Relief Act of 2000, as enacted by section 1(a)(7) of the Consolidated Appropriations Act, 2001 (Public Law No. 106-554, December 21, 2000).
b. Treasury Order 103-01, "Delegation of Authority to the Under Secretary (Domestic Finance) for Administering the New Markets Tax Credit Program".
5. OFFICE OF PRIMARY INTEREST. Director, Community Development Financial Institutions Fund.
/S/
Gary Gensler
Under Secretary (Domestic Finance)