[Federal Register Volume 71, Number 194 (Friday, October 6, 2006)]
[Notices]
[Pages 59113-59114]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-8493]


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FEDERAL HOUSING FINANCE BOARD

[No. 2006-N-06]


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) is 
submitting the information collection entitled ``Affordable Housing 
Program (AHP)'' to the Office of Management and Budget (OMB) for review 
and approval of a 3 year extension of the OMB control number, 3069-
0006, which is due to expire on July 31, 2007.

DATES: Interested persons may submit comments on or before November 6, 
2006.

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 CONTACT: For further information or copies of 
the information collection contact: Charles E. McLean, Associate 
Director, [email protected], 202-408-2537, or Deattra D. Perkins, 
Community Development Specialist, [email protected], 202-408-2527, both 
of the Supervisory and Regulatory Policy Division of the Office of 
Supervision. You also can contact staff by regular mail to the Federal 
Housing Finance Board, 1625 Eye Street, NW., Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of the 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 each of the 12 Federal Home Loan Banks (Banks) must 
establish an Affordable Housing Program 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. See 12 U.S.C. 1430(j). Section 10(j) also establishes the 
standards and requirements for making subsidized AHP advances to Bank 
members. Part 951 of the Finance Board regulations implements the 
statutory requirements and authorizes the Banks to make AHP funding 
decisions. See 12 CFR part 951.
    On August 9, 2006, the Board of Directors of the Finance Board 
moved the AHP data requirements from part 951 into its Data Reporting 
Manual (DRM). See Resolution Number 2006-13 (available electronically 
in the Finance Board's FOIA Reading Room: http://www.fhfb.gov/Default.aspx?Page=59&ListCategory=9#9). The Banks 
use AHP data collection contained in the DRM 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 to ensure that Bank 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 July 31, 
2007. The likely respondents include Bank members and applicants for 
AHP funding.

B. Burden Estimate

    In April 2005, the Finance Board provided notice in the Federal 
Register concerning the burden for the seven different facets of the 
AHP information collection--AHP applications, AHP modification 
requests, AHP monitoring agreements, AHP 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. See 70 FR 21411 (April 26, 2005). The 60-day 
comment period closed on June 27, 2005. The Finance Board received one 
comment, which supported establishment of consistent data reporting 
requirements for the AHP.
    Following publication of the notice, the Finance Board moved the 
AHP data requirements from part 951 into its DRM and adopted a final 
rule amending the AHP regulation by removing prescriptive requirements, 
clarifying certain operational requirements, providing additional 
discretionary authority in certain areas, removing certain authorities, 
and otherwise streamlining and reorganizing the regulation. That final 
rule is published elsewhere in this issue of the Federal Register. 
These actions have affected the burden estimates for the information 
collection. The estimate for the total hour burden for applicant and 
member respondents for all 7 facets of the AHP information collection 
is 72,113 hours, reflecting an increase of 9,075 hours. The revised 
burden estimates are discussed below:

1. AHP Applications

    The Finance Board estimates a total annual average of 2,050 
applicants for AHP funding, with 1 response per applicant, and a 24 
hour average processing time for each application. The estimate for the 
total annual hour burden for AHP applications is 49,200 hours (2,050 
applicants x 1 application x 24 hours).

2. AHP Modification Requests

    The Finance Board estimates a total annual average of 150 
modification requests, with 1 response per requestor, and a 2.5 hour 
average processing time for each request. The estimate for the total 
annual hour burden for AHP modification requests is 375 hours (150 
requestors x 1 request x 2.5 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

[[Page 59114]]

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 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 8,000 
homeownership assistance program applications, with 1 application per 
respondent, and a 2 hour average processing time for each application. 
The number of homeownership applications has increased from 2,400 to 
8,000 due to demand for downpayment/closing cost assistance by 
households residing in the United States. The estimate for the total 
annual hour burden for homeownership assistance program applications is 
16,000 hours (8,000 respondents x 1 application x 2 hours).

6. Verification of Statutory and Regulatory Compliance Submissions

    The Finance Board estimates a total annual average of 2,000 
submissions to verify compliance with statutory and regulatory 
requirements with 1 submission per respondent. The estimate for the 
average hours to review database records for completeness and accuracy 
prior to submission and validation 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 hour).

7. Bank Advisory Council Reports and Recommendations on AHP 
Implementation Plan

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

C. Comment Request

    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 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 applicants and housing 
associates, 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: September 29, 2006.

    By the Federal Housing Finance Board.
Neil R. Crowley,
Deputy General Counsel.
[FR Doc. 06-8493 Filed 10-5-06; 8:45 am]
BILLING CODE 6725-01-P