Capital Magnet Fund Performance Report and Environmental Review Form

Forms and Documents

Document Name	Status
Capital Magnet Fund Environmental Review Form Form	New
Capital Magnet Fund Performance Report Form	New
CMF Performance Report and Environmental Review Supporting Statement_241018.docx Supporting Statement A	2024-11-04
CMF Performance Report Public Comments Table_241018.xlsx Supplementary Document	2024-11-04

IC Document Collections

IC ID	Document Title	Status
272126	Capital Magnet Fund Environmental Review Form Form	New
272125	Capital Magnet Fund Performance Report Form	New

ICR Details

OMB Control No:	ICR Reference No: 202411-1559-001
Status: Received in OIRA	Previous ICR Reference No:
Agency/Subagency: TREAS/CDFIF	Agency Tracking No:
Title: Capital Magnet Fund Performance Report and Environmental Review Form
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Regular	Date Submitted to OIRA: 11/04/2024

	Requested	Previously Approved
Expiration Date	36 Months From Approved
Responses	391	0
Time Burden (Hours)	7,723	0
Cost Burden (Dollars)	0	0

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Abstract: The Capital Magnet Fund (CMF) was established through the Housing and Economic Recovery Act of 2008 (HERA; Pub. L. 110-289), as a competitive grant program administered by the Community Development Financial Institutions Fund (CDFI Fund). Through CMF, the CDFI Fund provides federal financial assistance to Certified Community Development Financial Institutions (CDFIs) and qualified Nonprofit Organizations that have the development or management of Affordable Housing, as defined in 12 CFR 1807, as amended (effective June 25, 2024), as one of their principal purposes. CMF Awards must be used to attract private financing for and increase investment in: (i) the Development, Preservation, Rehabilitation, and Purchase of Affordable Housing for primarily Extremely Low-, Very Low-, and Low-Income Families; and (ii) Economic Development Activities which, in conjunction with Affordable Housing Activities, will implement a Concerted Strategy to stabilize or revitalize a Low-Income Area or an Underserved Rural Area. CMF Award Recipients enter into Assistance Agreements with the CDFI Fund that set forth required terms and conditions of the Award, including reporting and data collection requirements. The Assistance Agreement requires the submission of an annual CMF Performance Report, and if applicable, the submission of an Environmental Review Form 180 days prior to issuing a Commitment for a project.

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Authorizing Statute(s): PL: Pub.L. 110 - 289 1339 Name of Law: Housing and 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
60-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 54644	07/01/2024
30-day Notice:	Federal Register Citation:	Citation Date:
	89 FR 86915	10/31/2024
Did the Agency receive public comments on this ICR? Yes

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Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
Capital Magnet Fund Environmental Review Form	N/A	Capital Magnet Fund Environmental Review Form
Capital Magnet Fund Performance Report	N/A	Capital Magnet Fund Performance Reporting Data Points

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ICR Summary of Burden

	Total Request	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	391	0	0	391	0	0
Annual Time Burden (Hours)	7,723	0	0	7,723	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: No

Burden Reduction Due to:

Short Statement: As a result of the CDFI Fund publishing an updated Interim Rule for CMF on June 25, 2024 it was necessary for the CDFI Fund to make updates to the CMF Performance Report and Environmental Review Form. Generally, this proposed data collection form is sufficient to gather information necessary to satisfy reporting requirements applicable to the Interim Rule published on June 25, 2024, and any reporting requirements that may remain subject to the Interim Rule published on February 8, 2016. The CMF Application, Performance Report, and Environmental Review Form have been combined under the same OMB control number (1559-0036) for several years, however the CDFI Fund has determined that it is more effective to manage the schedule for these requirements under two separate Information Collection Requests (ICRs) in order to more easily schedule updates to these forms going forward. The proposed changes to the CMF Performance Report will provide clarification and consistency in instructions, and eliminate certain requests for information that are no longer needed due to changes in the program. No changes are being made to the content of the Environmental Review Form. It is simply being removed from the CMF Application ICR and being included with the CMF Performance Report ICR since it’s used for a post-award monitoring data collection. CMF Program Award Recipients are required to submit the CMF Performance Report once annually, and must submit the Environmental Review Form 180 days prior to issuing a commitment for a project, if applicable.

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Annual Cost to Federal Government: $196,000

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     No

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     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)? No

Is this ICR related to the Pandemic Response? No

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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: 11/04/2024

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