Justification for Non-substantive Change

Justification for Non-Substantive Change

Annual Compliance Reports

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 approval to use the existing data collection tool, the Performance Progress Report Form (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.

This change is viewed as non-substantive because all award recipients under the Equitable Recovery Program are existing certified CDFIs who would already use this form in conjunction with awards received under other programs and there are no additional data elements being collected. There will be one additional response for each of the 600 awardees per year in connection with reporting for ERP awards, resulting in an increase of 450 hours of burden.