Authorized under section 304(g) of the Federal National Mortgage Association Charter Act (12 U.S.C. 1719(g)) and Section 306(l) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1455(l), as amended by the Housing and Economic Recovery Act (HERA) of 2008 (Public Law 110-289; approved July 30, 2008) the Department of the Treasury (Treasury) implemented two programs under the HFA (Housing Finance Agency) Initiative. The statute provides the Secretary authority to purchase securities and obligations of Fannie Mae and Freddie Mac (the GSEs) as he determines necessary to stabilize the financial markets, prevent disruptions in the availability of mortgage finance, and to protect the taxpayer.
On December 4, 2009, the Secretary made the appropriate determination to authorize the two programs of the HFA Initiative: the New Issue Bond Program (NIBP) and the Temporary Credit and Liquidity Program (TCLP). Under the NIBP, Treasury has purchased securities from the GSEs backed by mortgage revenue bonds issued by participating state and local HFAs. Under the TCLP, Treasury has purchased a participation interest from the GSEs in temporary credit and liquidity facilities provided to participating HFAs as a liquidity backstop on their variable-rate debt.
In order to properly manage the two programs of the initiative, continue to protect the taxpayer, and assure compliance with the Programs' provisions, Treasury is instituting a series of data collection requirements to be completed by participating HFAs and furnished to Treasury through the GSEs.
US Code:
12 USC 1455(l)
Name of Law: Federal Home Loan Mortgage Corporation Act
US Code:
12 USC 1719(g)
Name of Law: Federal National Mortgage Association Charter Act
PL:
Pub.L. 110 - 289 ---
Name of Law: Housing and Economic Recovery Act
The reduction of 20,860 burden hours is attributed to an adjustment in Agency estimates and is comprised of two parts: 1) The number of participants decreased from 92 to 66 and (2) More accurate accounting of time â While the 2011 estimates were prepared based on what Treasury expected to occur, we now have the past three years of experience to inform our revised estimates of the burden hours.
The Compliance Checklist that was included in the previous submission is no longer required and has been removed. This reduction of 736 burden hours is attributed to a program change due to Agency discretion. A total of 4,574 burden hours is requested.
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.
HFA_Initiative_Supporting_Statement_REV_29 May 2014 final-REV.docx
New Issue Bond Program and Temporary Credit and Liquidity Program Reporting