[Federal Register Volume 69, Number 86 (Tuesday, May 4, 2004)]
[Notices]
[Pages 24600-24601]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-10076]


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FEDERAL HOUSING FINANCE BOARD

[No. 2004-N-08]


Submission for OMB Review; Comment Request

AGENCY: Federal Housing Finance Board.

ACTION: Notice.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995, the Federal Housing Finance Board (Finance Board) has 
submitted the information collection entitled ``Affordable Housing 
Program'' to the Office of Management and Budget (OMB) for review and 
approval of a three-year extension of the OMB control number, which is 
due to expire on June 30, 2004.

DATES: Interested persons may submit comments on or before June 3, 
2004.

ADDRESSES: Submit comments to the Office of Information and Regulatory 
Affairs of the Office of Management and Budget, Attention: Desk Officer 
for the Federal Housing Finance Board, Washington, DC 20503.

FOR FURTHER INFORMATION OR COPIES OF THE INFORMATION COLLECTION 
CONTACT: Charles E. McLean, Jr., Associate Director, Community 
Investment and Affordable Housing Division, Office of Supervision, by 
telephone at 202/408-2537 or by electronic mail at [email protected], or 
Melissa L. Allen, Program Analyst, Community Investment and Affordable 
Housing Division, Office of Supervision, by telephone at 202/408-2524 
or by electronic mail at [email protected], or by regular mail at the 
Federal Housing Finance Board, 1777 F Street, NW., Washington, DC 
20006.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of Information Collection

    Section 10(j) of the Federal Home Loan Bank Act (Bank Act) (12 
U.S.C. 1430(j)), requires the Finance Board to promulgate regulations 
under which the 12 Federal Home Loan Banks (FHLBanks) must establish an 
Affordable Housing Program (AHP) to make subsidized advances to members 
engaged in lending for long term, low- and moderate-income, owner-
occupied and affordable rental housing at subsidized interest rates. 
Section 10(j) also establishes the standards and requirements for 
making subsidized AHP advances to FHLBank members. Part 951 of the 
Finance Board regulations (12 CFR part 951), implements the statutory 
requirements and authorizes the FHLBanks to make AHP funding decisions.
    The information collection contained in part 951 is necessary to 
enable and is used by the FHLBanks to determine whether an AHP 
applicant satisfies the statutory and regulatory requirements to 
receive subsidized advances or direct subsidies under the AHP. The 
Finance Board uses the information collection to ensure that FHLBank 
funding decisions, and the use of the funds awarded, are consistent 
with statutory and regulatory requirements.
    The OMB control number for the information collection is 3069-0006. 
The OMB clearance for the information collection expires on June 30, 
2004.
    The likely respondents include applicants for AHP funding.

B. Burden Estimate

    The Finance Board has analyzed the cost and hour burden for the 
seven facets of the information collection--AHP applications, AHP 
modification requests, monitoring agreements, recapture agreements, 
homeownership assistance program applications, verifications of 
statutory and regulatory compliance at the time of subsidy 
disbursement, and Bank Advisory Council reports and recommendations on 
AHP Implementation Plans. As explained in more detail below, the 
estimate for the total annual hour burden for applicant and member 
respondents is 63,038 hours.

1. AHP Applications

    The Finance Board estimates a total annual average of 2,050 
applicants for AHP funding, with 1 response per applicant. The estimate 
for the average hours per application is 25 hours. The estimate for the 
total annual hour burden for AHP applications is 51,250 hours (2050 
applicants x 1 application x 25 hours).

2. AHP Modification Requests

    The Finance Board estimates a total annual average of 150 AHP 
modification requests, with 1 request per respondent. The estimate for 
the average hours per modification request is 3 hours. The estimate for 
the total annual hour burden for AHP modification requests is 450 hours 
(150 respondents x 1 request x 3 hours).

3. AHP Monitoring Agreements

    The Finance Board estimates a total annual average of 825 AHP 
monitoring agreements, with 1 agreement per respondent. The estimate 
for the average hours to implement each AHP monitoring agreement and 
prepare and review required reports and certifications is 4.5 hours. 
The estimate for the total annual hour burden for AHP monitoring 
agreements is 3,713 hours (825 respondents x 1 agreement x 4.5 hours).

4. AHP Recapture Agreements

    The Finance Board estimates a total annual average of 825 AHP 
recapture

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agreements, with 1 agreement per respondent. The estimate for the 
average hours to prepare and implement an AHP recapture agreement is 1 
hour. The estimate for the total annual hour burden for AHP recapture 
agreements is 825 hours (825 respondents x 1 agreement x 1 hour).

5. Homeownership Assistance Program Applications

    The Finance Board estimates a total annual average of 2,400 
homeownership assistance program applications, with 1 application per 
respondent. The estimate for the average hours to prepare each 
homeownership assistance program application and certify compliance 
upon disbursement of funds is 2 hours. The estimate for the total 
annual hour burden for homeownership assistance program applications is 
4,800 hours (2,400 respondents x 1 application x 2 hours).

6. Verification of Compliance Submissions

    The Finance Board estimates a total annual average of 2,000 
submissions to verify compliance with statutory and regulatory 
requirements at the time of AHP subsidy disbursement, with 1 submission 
per respondent. The estimate for the average hours to prepare and 
submit a verification of compliance submission is 1 hour. The estimate 
for the total annual hour burden for verification of compliance 
submissions is 2,000 hours (2,000 respondents x 1 submission x 1 
hours).

7. FHLBank Advisory Council Report and Recommendations on AHP 
Implementation Plans.

    Member and applicant respondents incur no costs because the FHLBank 
Advisory Councils prepare and the FHLBanks and Finance Board review 
Advisory Council reports and recommendations.

C. Comment Request

    In accordance with the requirements of 5 CFR 1320.8(d), the Finance 
Board published a request for public comments regarding this 
information collection in the Federal Register on February 18, 2004. 
See 69 FR 7639 (Feb. 18, 2004). The 60-day comment period closed on 
April 19, 2004. The Finance Board received no public comments.
    Written comments are requested on: (1) Whether the collection of 
information is necessary for the proper performance of Finance Board 
functions, including whether the information has practical utility; (2) 
the accuracy of the Finance Board's estimates of the burdens of the 
collection of information; (3) ways to enhance the quality, utility and 
clarity of the information collected; and (4) ways to minimize the 
burden of the collection of information on respondents, including 
through the use of automated collection techniques or other forms of 
information technology. Comments may be submitted to OMB in writing at 
the address listed above.

    Dated: April 28, 2004.
    By the Federal Housing Finance Board.
Donald Demitros,
Chief Information Officer.
[FR Doc. 04-10076 Filed 5-3-04; 8:45 am]
BILLING CODE 6725-01-P