No material or nonsubstantive change to a currently approved collection
No
Regular
Approved without change
12/20/2024
12/19/2024
table that charts list comparision
Inventory as of this Action
Requested
Previously Approved
12/31/2026
12/31/2026
12/31/2026
990
0
990
77,944
0
77,944
0
0
0
Pursuant to the Riegle Community Development Banking and Financial Institutions Act of 1994, as amended (the Act, 12 USC 4701 et seq.), the Community Development Financial Institutions (CDFI) Program provides financial and technical assistance to selected Applicants and Community Development Financial Institutions (CDFIs) in order to enhance their ability to make loans and investments and provide services for the benefit of designated Investment Areas and Targeted Populations.
US Code:
12 USC 4701
Name of Law: Community Development Banking and Financial Institutions Act of 1994
US Code:
12 USC 4703
Name of Law: Establishment of National Fund for Community Development Banking
The CDFI TA Program has not materially changed and the TA Application is substantially similar to what was approved in 2020, for FY 2020-22. The CDFI Fund refined narrative questions in the TA Application to align more closely with the recent changes to the CDFI Certification requirements. The FA Program has not materially changed, and the FA Program Applications are substantially similar to what was approved in 2020, for FY 2020-22. The CDFI Fund made the following changes to the proposed FY 2023-25 Base-FA Program Application: 1) eliminated one narrative question, several financial input fields and statewide portfolio data fields, 2) refined narrative questions for clarity, and 3) simplified the selection of FA Objectives. No changes were made to the supplemental FA Applications. It is not anticipated that these changes will increase nor decrease the total burden hours per Application from the FY 2022 funding round. Total burden hours requested for this submission is 77,944 (55,759 for FA, plus 22,185 hours for TA). The estimate for FY 2023-25 is higher than the previous total Application burden hours cleared in FY 2020 for the FY 2020-22 Applications (50,000 hours), due to an additional 161 TA Applicants and an additional 19 FA Applications (including supplemental FA Applications), based on the actual number of Applications received by the CDFI Fund in FY 2022.The estimated average amount of time to complete the Applications also increased. The CDFI Fund updated the estimated hours to complete an Application to more accurately reflect recent self-reported time estimates provided by Applicants. In addition, since the last PRA approval, there have been many new Applicants to the CDFI/NACA Program. It is reasonable to assume that first-time Applicants may take longer to complete an Application, thus, contributing to the increase in the reported time by Applicants to complete an Application.
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.
CDFI Program and NACA Program Application