The FEC Pilot Program was authorized in July of 2008 under Section 1132 of the Housing and Economic Recovery Act of 2008 (Pub. L. 110-289), and in March of 2009, $2 million was appropriated for this programÂs inaugural funding round under the Omnibus Appropriations Act of 2009 (Pub. L. 111-8). In December, 2009, $4.15 million was appropriated for this programÂs second funding round under the Consolidated Appropriations Act of 2010 (Pub. L. 111-117) of which $3.15 million must be awarded to a single awardee headquartered in Hawaii. The attached application will be used to solicit applications only from eligible organizations headquartered in the State of Hawaii that provide financial education and counseling services to prospective homebuyers located in the State of Hawaii. The remaining $1 million will be awarded to two to three applicants that applied under the FY 2009 funding round for the national program, but were not successful in the inaugural round.
The Community Development Financial Institutions (CDFI) Fund is requesting emergency Paperwork Reduction Act (PRA) clearance of the FY 2010 Financial Education and Counseling (FEC) Pilot Program Application for Hawaii Applicants. The attached document includes the application, required table, and instructions.
The FEC Pilot Program was authorized in July of 2008 under Section 1132 of the Housing and Economic Recovery Act of 2008 (Pub. L. 110-289), and in March of 2009, $2 million was appropriated for this programÂs inaugural funding round under the Omnibus Appropriations Act of 2009 (Pub. L. 111-8). In December, 2009, $4.15 million was appropriated for this programÂs second funding round under the Consolidated Appropriations Act of 2010 (Pub. L. 111-117) of which $3.15 million must be awarded to a single awardee headquartered in Hawaii. The attached application will be used to solicit applications only from eligible organizations headquartered in the State of Hawaii that provide financial education and counseling services to prospective homebuyers located in the State of Hawaii. The remaining $1 million will be awarded to two to three applicants that applied under the FY 2009 funding round for the national program, but were not successful in the inaugural round.
In order to announce the availability of funds for the FY 2010 program prior to the end of the fiscal year, it is critical that the normal PRA clearance process be waived with respect to the FY 2010 funding round. It is the goal of the CDFI Fund to publish the FY 2010 FEC Pilot Program Notice of Funds Availability and application by May 1, 2010. The application due date is June 3, 2010, and the CDFI Fund anticipates announcing the award recipient by September of 2010.
The pool of applicants submitted applications using this form for the FY 2010 FEC Pilot Program is anticipated to be very small because the program is limited geographically to Hawaii for the $3.15 million available in FY 2010. The CDFI Fund anticipates that approximately ten new FY 2010 FEC Pilot Program applications will be submitted in consideration for the $3.15 million dedicated to applicants from the State of Hawaii, and only one award is permitted to go to an organization serving the prospective homebuyers of Hawaii. The total hour burden of this information collection is estimated to be 40 hours per applicant. Given the low number of expected new applicants, and the fact that a FEC Pilot Program for applicants headquartered in the State of Hawaii may only be administered for this single fiscal year, the CDFI Fund would not expect a full PRA process to yield any revisions to the existing materials.
The FY 2011 PresidentÂs Budget did not include funding for an FY 2011 FEC Pilot Program round. However, in order to remain prepared in the event that funding is appropriated for the FEC Pilot Program in FY 2011 or thereafter, the CDFI Fund is currently seeking approval under the standard PRA clearance process for the FEC Pilot Program application (OMB No. 1559-0034) that was used in the inaugural round. Public comments on that application, solicited under the 60-day PRA public comment period ends April 26, 2010. No comments have been received to date.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Form CDFI Form 0034 FEC Pilot Program FY 2010 Application for Hawaii Applicants
SS_2010_FEC_App_Hawaii.doc
FEC Pilot Program FY 2010 Application for Hawaii Applicants