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 – 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