[Federal Register Volume 73, Number 249 (Monday, December 29, 2008)]
[Notices]
[Pages 79483-79484]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E8-30814]


=======================================================================
-----------------------------------------------------------------------

FEDERAL HOUSING FINANCE AGENCY


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

[[Page 79484]]


ACTION: 60-day Notice of Submission of Information Collection for 
Approval from Office of Management and Budget.

-----------------------------------------------------------------------

SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking 
public comments concerning the information collection known as 
``Advances to Housing Associates,'' which has been assigned control 
number 2590-0001 by the Office of Management and Budget (OMB). Pending 
OMB approval of an emergency extension request, a regular clearance 
request for OMB review and approval of a three-year extension of the 
control number is also beginning. OMB approval has been requested by 
December 31, 2008, the date of expiration.

DATES: Interested persons may submit comments on or before February 27, 
2009.

ADDRESSES: Submit comments to the FHFA using any one of the following 
methods:
    E-mail: [email protected].
    Fax: (202) 408-2580.
    Mail/Hand Delivery: Federal Housing Finance Agency, Fourth Floor, 
1700 G Street, NW., Washington DC 20552, ATTENTION: Public Comments/
Proposed Collection; Comment Request: Advances to Housing Associates.
    Federal eRulemaking Portal: http://www.regulations.gov. Follow the 
instructions for submitting comments. If you submit your comment to the 
Federal eRulemaking Portal, please also send it by e-mail to the FHFA 
at [email protected] to ensure timely receipt by the agency. Include 
the following information in the subject line of your submission: 
Federal Housing Finance Agency. Proposed Collection; Comment Request: 
Advances to Housing Associates.
    We will post all public comments we receive without change, 
including any personal information you provide, such as your name and 
address, on the FHFA Web site at http://www.fhfa.gov/Default.aspx?Page=89.

FOR FURTHER INFORMATION CONTACT: Jonathan F. Curtis, Senior Financial 
Analyst, by e-mail at [email protected], by telephone at (202) 
408-2866, or by regular mail at the Federal Housing Finance Agency, 
1625 Eye Street, NW., Washington DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need for and Use of the Information Collection

    Section 10b of the Federal Home Loan Bank Act (Bank Act) (12 U.S.C. 
1430b) authorizes the Federal Home Loan Banks (Banks) to make advances 
under certain circumstances to certified nonmember mortgagees. The FHFA 
refers to nonmember mortgagees as housing associates. In order to be 
certified as a housing associate, an applicant must meet the 
eligibility requirements set forth in section 10b of the Bank Act. Part 
926 of the former Federal Housing Finance Board regulations \1\ (12 CFR 
part 926) implements the statutory eligibility requirements and 
establishes uniform review criteria an applicant must meet in order to 
be certified as a housing associate by a Bank. More specifically, 
Sec. Sec.  926.3 and 926.4 (12 CFR 926.3-926.4) implement the statutory 
eligibility requirements and provide guidance to an applicant on how it 
may satisfy such requirements. Section 926.5 (12 CFR 926.5) authorizes 
the Banks to approve or deny all applications for certification as a 
housing associate, subject to the statutory and regulatory 
requirements. Section 926.6 (12 CFR 926.6) permits an applicant to 
appeal a Bank decision to deny certification to the FHFA.
---------------------------------------------------------------------------

    \1\ Effective July 30, 2008, Division A of the Housing and 
Economic Recovery Act of 2008, Public Law 110-289, 122 Stat. 2654 
(2008), titled the Federal Housing Finance Regulatory Reform Act of 
2008 (Reform Act), created the FHFA as an independent agency of the 
federal government. The Reform Act transferred supervisory and 
oversight responsibilities over Fannie Mae, Freddie Mac, the Banks, 
and the Bank's Office of Finance from the Office of Federal Housing 
Enterprise Oversight (OFHEO) and the Federal Housing Finance Board 
to the FHFA. Fannie Mae, Freddie Mac, and the Banks continue to 
operate under rules, regulations, orders, resolutions, and 
determinations promulgated by OFHEO and the Finance Board until they 
are modified, terminated, set aside, or superseded by the FHFA. See 
Pub. L. 110-289, 122 Stat. 2795 and 2798 (codified at 12 U.S.C. 4511 
note).
---------------------------------------------------------------------------

    Section 950.17 of the former Finance Board regulations (12 CFR 
950.17) establishes the terms and conditions under which a Bank may 
make advances to a certified housing associate. Section 950.17 also 
imposes a continuing obligation on a housing associate to provide 
information necessary to determine if it remains in compliance with 
applicable statutory and regulatory requirements.
    The information collection contained in 12 CFR 926.1 through 926.6 
and 950.17 is necessary to enable the Banks to determine whether an 
applicant satisfies the statutory and regulatory requirements to be 
certified initially and maintain its status as a housing associate 
eligible to receive Bank advances. The FHFA requires and uses the 
information collection to determine whether to uphold or overrule a 
Bank decision to deny housing associate certification to an applicant.
    The OMB control number for the information collection, which 
expires on December 31, 2008, is 2590-0001. The likely respondents 
include applicants for housing associate certification and current 
housing associates.

B. Burden Estimate

    The FHFA estimates the total annual average number of applicants at 
one, with one response per applicant. The estimate for the average 
hours per application is 10 hours. The estimate for the annual hour 
burden for applicants is 10 hours (1 applicant x 1 response per 
applicant x 10 hours).
    The Finance Board estimates the total annual average number of 
maintenance respondents, that is, certified housing associates, at 64, 
with 1 response per housing associate. The estimate for the average 
hours per maintenance response is 0.5 hours. The estimate for the 
annual hour burden for certified housing associates is 32 hours (64 
certified housing associates x 1 response per associate x 0.5 hours).
    The estimate for the total annual hour burden is 42 hours (64 
housing associates x 1 response per associate x 0.5 hours + 1 applicant 
x 1 response per applicant x 10 hours).

C. Comment Request

    The FHFA requests written comments on the following: (1) Whether 
the collection of information is necessary for the proper performance 
of FHFA functions, including whether the information has practical 
utility; (2) the accuracy of the FHFA 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.

    Dated: December 19, 2008.
James B. Lockhart,
Director, Federal Housing Finance Agency.
 [FR Doc. E8-30814 Filed 12-24-08; 8:45 am]
BILLING CODE 8070-01-P