Notice2024-21809
Agency Information Collection Activities: Capital Magnet Fund Application
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 24, 2024
Issuing agencies
Treasury DepartmentCommunity Development Financial Institutions Fund
Abstract
The U.S. Department of the Treasury, as part of a 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 (PRA). Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the Capital Magnet Fund (CMF) Application for the fiscal year funding rounds 2025-2027 (hereafter the Application). The CDFI Fund is required by law to make the Application publicly available for comment prior to submission for a new PRA number.
Full Text
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<title>Federal Register, Volume 89 Issue 185 (Tuesday, September 24, 2024)</title>
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[Federal Register Volume 89, Number 185 (Tuesday, September 24, 2024)]
[Notices]
[Page 77969]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-21809]
[[Page 77969]]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
Agency Information Collection Activities: Capital Magnet Fund
Application
AGENCY: Community Development Financial Institutions Fund, Department
of the Treasury
ACTION: Notice and Request for Public Comment
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SUMMARY: The U.S. Department of the Treasury, as part of a 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 (PRA). Currently, the Community
Development Financial Institutions Fund (CDFI Fund), U.S. Department of
the Treasury, is soliciting comments concerning the Capital Magnet Fund
(CMF) Application for the fiscal year funding rounds 2025-2027
(hereafter the Application). The CDFI Fund is required by law to make
the Application publicly available for comment prior to submission for
a new PRA number.
DATES: Written comments must be received on or before November 25, 2024
to be assured of consideration. Comments can be submitted
electronically via the e-Rulemaking Portal: <a href="http://www.regulations.gov">www.regulations.gov</a>.
ADDRESSES: You may submit comments concerning the CMF Application via
the Federal e-Rulemaking Portal at <a href="http://www.regulations.gov">www.regulations.gov</a>. Follow the
instructions on the website for the submission of comments. In general,
all comments will be available for inspection at <a href="http://www.regulations.gov">www.regulations.gov</a>.
Comments, including attachments and other supporting materials, are
part of the public record. Do not submit any information in your
comments or supporting materials that you consider confidential or
inappropriate for public disclosure. Information regarding the CDFI
Fund and its programs may be obtained through the CDFI Fund's website
at <a href="http://www.cdfifund.gov">http://www.cdfifund.gov</a>.
FOR FURTHER INFORMATION CONTACT: Requests for additional information
should be directed to Andrew Schlack, CMF Program Manager, CDFI Fund,
U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW,
Washington, DC 20220, or by email to <a href="/cdn-cgi/l/email-protection#75161813351611131c5b01071014065b121a03"><span class="__cf_email__" data-cfemail="dcbfb1ba9cbfb8bab5f2a8aeb9bdaff2bbb3aa">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
Title: Capital Magnet Fund Application.
OMB Number: 1559-NEW (previously covered under OMB Number 1559-
0036).
Type of Review: Regular Review.
Abstract: The Capital Magnet Fund (CMF) was established through the
Housing and Economic Recovery Act of 2008 (HERA) (Pub. L. 110-289), as
a competitive Federal financial assistance program administered by the
CDFI Fund. Through CMF, the CDFI Fund provides Federal financial
assistance to Certified Community Development Financial Institutions
(CDFIs) and qualified Nonprofit Organizations that have the development
or management of Affordable Housing, as defined in 12 CFR 1807, as one
of their principal purposes. Capitalized terms not defined in this
Notice (other than titles) have the meaning set forth in the CMF
Interim Rule (12 CFR 1807). CMF Awards must be used to attract private
financing for and increase investment in: (i) the Development,
Preservation, Rehabilitation, and Purchase of Affordable Housing for
primarily Extremely Low-, Very Low-, and Low-Income Families; and (ii)
Economic Development Activities which, in conjunction with Affordable
Housing Activities, will implement a Concerted Strategy to stabilize or
revitalize a Low-Income Area or an Underserved Rural Area.
CMF Award Recipients are selected through a competitive process
involving a careful review of their Application for program funding.
The Application requires the submission of quantitative data and
narrative responses for three parts: (1) Business and Leveraging
Strategy, (2) Community Impact, and (3) Organizational Capacity. The
Award selection process is defined in the Notice of Funding
Availability (NOFA) for each funding round.
Current Actions: Extension with significant changes from currently
approved collection which was under OMB Number 1559-0036.
Estimated Number of Respondents: 130 Applications.
Estimated Annual Time per Respondent: 100 hours.
Estimated Annual Burden Hours: 13,000 hours.
Request 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 website at <a href="https://www.reginfo.gov">https://www.reginfo.gov</a>. The CDFI Fund is seeking input on the CMF Application.
The Application may be obtained on the CMF web page of the CDFI Fund's
website at <a href="http://www.cdfifund.gov/requests-for-comments">http://www.cdfifund.gov/requests-for-comments</a>.
Revisions to the CMF Program Application are highlighted in yellow.
Comments concerning the Application 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 technology; (e) estimates of
capital or start-up costs and costs of operation, maintenance and
purchase of services required to provide information; and (f) whether
any additional questions or factors should be considered as part of the
CMF Application and/or review process.
To date, the CDFI Fund has solicited public comment related to many
changes incorporated in the proposed Application. On July 7, 2023, the
CDFI Fund published a Request for Information (RFI) (88 FR 43414)
requesting public input related to income definitions, the commitment
process for CMF Award funds, and secondary market activity, among other
issues. Over forty comments were received and considered as part of the
update and revision of the CMF Interim Rule. Further, many
modifications and changes in the proposed Application reflect the
revised Interim Rule published on June 25, 2024 (89 FR 53004). Comments
on the revised Interim Rule were solicited and submitted by August 26,
2024. Therefore, comments on changes, modifications, updates, and other
revisions to the proposed Application reflective of the revised Interim
Rule are welcome but are generally not specifically solicited as part
of this Notice.
Authority: Public Law 110-289, 12 CFR 1807.
Pravina Raghavan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2024-21809 Filed 9-23-24; 8:45 am]
BILLING CODE 4810-05-P
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