Justification

DEPARTMENT OF THE TREASURY

WASHINGTON, D.C. 20220

COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND

August 09, 2023

COVER MEMO

FROM: Heather Hunt

SUBJECT: Non-substantive change request for Performance Progress Report (OMB Control # 1559-0050)

BACKGROUND

The CDFI Fund is requesting a non-substantive change request to the existing Performance Progress Report (PPR) (OMB Control #1559-0050) for CDFI Equitable Recovery Program (CDFI ERP) Recipients. The CDFI ERP is a one-time supplemental award and will not continue after the five-years of reporting by program recipients. The CDFI ERP Performance Goals will be added to the existing PPR data collection form, and CDFI ERP Recipients will be required to respond to the questions by providing numerical figures.

The Treasury PRA Clearance office will upload the attached request for a non-substantive change into the ROCIS system.

Policy Changes

None.

Comment Period Issues

None. See attached memo.

Date: August 09, 2023

To: Spencer W. Clark

PRA Clearance Officer

Records & Information Management

U.S. Department of the Treasury

From: Heather Hunt

Program Manager, Office of Compliance Monitoring and Evaluation

CDFI Fund

U.S. Department of the Treasury

Re: Non-substantive change request for Performance Progress Report (OMB Control # 1559-0050)

As authorized by the Consolidated Appropriations Act, 2021 (Pub. L. 116-260), the Community Development Financial Institutions Fund (CDFI Fund) has launched the CDFI Equitable Recovery Program (CDFI ERP) to respond to the economic impacts of the COVID-19 pandemic. Awards provided to CDFIs are to: (1) expand lending, grant making, and investment activity in low- or moderate-income communities and to borrowers, including minorities, that have significant unmet capital or financial service needs and were disproportionately impacted by the COVID-19 pandemic; and (2) enable CDFIs to build organizational capacity and acquire technology, staff and other tools necessary to accomplish the activities under a CDFI ERP Award. Per Congressional directive, the application process has been completed and awards were announced on April 10, 2023. The CDFI Fund awarded over $1.73 billion in grants to approximately 600 CDFIs across the country through the CDFI ERP.

The CDFI Fund is requesting a non-substantive change request to the existing Performance Progress Report (PPR) (OMB Control #1559-0050) for CDFI ERP Recipients. The CDFI ERP is a one-time supplemental award and will not continue after the five-years of reporting by program recipients. The CDFI ERP Performance Goals will be added to the existing PPR data collection form, and CDFI ERP Recipients will be required to respond to the questions by providing numerical figures (see Table 1 below).

Table 1: CDFI ERP Data Points to be added to PPR

Performance Goal	Data Points
Expenditure of the CDFI ERP Award	Total dollar amount of CDFI ERP assistance expended
CDFI ERP Policy Priorities	Total dollar of financial products closed and/or grants made for CDFI ERP policy priority