Capital Magnet Fund Application

Forms and Documents

Document Name	Status
Form 201511 Capital Magnet Fund Application Form and Instruction	New
Form CDFI Form 0003 Capital Magnet Fund Application Form	Removed
1559-0036 - Supporting Statement (20151116)_rev.doc Supporting Statement A	2015-11-17
CapitalMagnetFund.pdf Supplementary Document	2010-02-04

IC Document Collections

IC ID	Document Title	Status
218994	Capital Magnet Fund Application Form and Instruction	New
191977	Capital Magnet Fund Application Form	Removed

ICR Details

OMB Control No: 1559-0036	ICR Reference No: 201511-1559-002
Status: Historical Active	Previous ICR Reference No: 201002-1559-001
Agency/Subagency: TREAS/CDFIF	Agency Tracking No:
Title: Capital Magnet Fund Application
Type of Information Collection: Reinstatement with change of a previously approved collection	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 11/18/2015
OIRA Conclusion Action: Approved without change	Conclusion Date: 12/01/2015
	Date Received in OIRA: 11/17/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	06/30/2016	6 Months From Approved	11/30/2010
Responses	250	0	250
Time Burden (Hours)	12,500	0	12,500
Cost Burden (Dollars)	0	0	0

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Abstract: Under the Capital Magnet Fund (CMF) the Community Development Financial Institutions (CDFI) Fund will provide competitively awarded grants to CDFIs and qualified nonprofit housing organizations to finance affordable housing and related community development projects.

Emergency Justfication: Subject The Community Development Financial Institutions Fund (CDFI Fund) is requesting emergency approval for the reinstatement and revision of a currently discontinued information collection, OMB #1559-0036, “Capital Magnet Fund Application.” The application is revised in order to incorporate updates to the definitions, as well as requirements and parameters for CMF implementation and administration. Additionally, it is updated to reflect requirements set forth in the Department of Treasury’s Uniform Administrative Requirements (UAR) final rule published on December 19, 2014. Background The Capital Magnet Fund (CMF) was established through the Housing and Economic Recovery Act of 2008 (the Act), Pub. L. No. 110-289, section 1131, as a trust fund, the inaugural appropriation of which was used to carry out a competitive grant program administered by the CDFI Fund. The Act requires Fannie Mae and Freddie Mac to set aside an amount equal to 4.2 basis points for each dollar of their unpaid principal balances of total new business purchases to be allocated to the Housing Trust Fund (administered by the Department of Housing and Urban Development) and the Capital Magnet Fund. The Act also provides the Federal Housing Finance Agency (FHFA) with the authority to temporarily suspend these allocations upon certain findings. On November 13, 2008, the Director of the FHFA temporarily suspended the allocation of funds. On December 11, 2014, the Director of the FHFA terminated the temporary suspension of those allocations, directing Fannie Mae and Freddie Mac to begin setting aside and allocating funds to the Housing Trust Fund and the Capital Magnet Fund. Justification Per policy priorities, the Department of the Treasury is requiring the CDFI Fund to make awards under the CMF Program as soon as the funding is made available from Fannie Mae and Freddie Mac via the Housing Trust Fund. Funding may be available as soon as April 2016. In order to make awards the CDFI Fund must have a CMF Application for applicants to complete and be evaluated. The CMF Application is critical to having the necessary data to make informed decisions regarding which applicants should receive Federal award funds. The data from the CMF Application enables the CDFI Fund to reduce potential fraud, waste, and abuse of Federal award funds should unqualified applicants receive awards.

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Authorizing Statute(s): PL: Pub.L. 110 - 289 1339 Name of Law: Housing & Economic Recovery Act of 2008
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Capital Magnet Fund Application	CDFI Form 0003, CDFI Form 0003	Capital Magnet Fund Tables ,   FY 2010 Capital Magnet Fund Application
Capital Magnet Fund Application	201511	Capital Magnet Fund Application

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	250	250	0	0	0	0
Annual Time Burden (Hours)	12,500	12,500	0	0	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: Yes

Burden Reduction Due to: Cutting Redundancy

Short Statement: This is a reinstatement of an ICR that was discontinued during the suspension and must now be reinstated in order for applicants to apply to the program in December 2015 and allocations to be awarded by April 2016. There is no change to the burden previously approved under this OMB control number; but the collection instrument was streamlined, reduces redundancy, and incorporates updates based on recommendations from the public.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Yes

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 11/17/2015

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