[Federal Register Volume 74, Number 188 (Wednesday, September 30, 2009)]
[Notices]
[Pages 50208-50209]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-23575]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2009-N-12]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: 60-day notice of submission of information collection for 
approval from the Office of Management and Budget.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction 
Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking 
public comments concerning a currently approved information collection 
known as ``Affordable Housing Program (AHP),'' which has been assigned 
control number 2590-0007 by the Office of Management and Budget (OMB). 
The FHFA intends to submit the information collection to OMB for review 
and approval of a three year extension of the control number, which is 
due to expire on December 31, 2009.

DATES: Interested persons may submit comments on or before November 30, 
2009.
    Comments: Submit comments to the FHFA using any of the following 
methods:
     E-mail: [email protected]. Please include Proposed 
Collection; Comment Request: ``Affordable Housing Program (AHP),'' (No. 
2009-N-12) in the subject line of the message.
     Mail/Hand Delivery: Federal Housing Finance Agency, Fourth 
Floor, 1700 G Street, NW., Washington, DC 20552, Attention: Public 
Comments/Proposed Collection; Comment Request: ``Affordable Housing 
Program (AHP),'' (No. 2009-N-12).
     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 FHFA at [email protected] to ensure timely receipt by the 
agency.
    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 website at http://www.fhfa.gov. In addition, 
copies of all comments received will be available for examination by 
the public on business days between the hours of 10 a.m. and 3 p.m., at 
the Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW., 
Washington, DC 20552. To make an appointment to inspect comments, 
please call the Office of General Counsel at 202-414-6924.

FOR FURTHER INFORMATION CONTACT: Charles E. McLean, Acting Manager, 
Division of Housing Mission and Goals, [email protected], 202-
408-2537 or Deattra D. Perkins, Community Development Specialist, 
Division of Housing Mission and Goals, [email protected], 202-
408-2527 (not toll-free numbers). The telephone number for the 
telecommunications device for the deaf is 800-877-8339.

SUPPLEMENTARY INFORMATION:

A. Background

    Section 10(j) of the Federal Home Loan Bank Act (Bank Act) requires 
each Bank to establish an affordable housing program, the purpose of 
which is to enable a Bank's members to finance homeownership by 
households with incomes at or below 80% of the area median income (low- 
or moderate- income households), and to finance the purchase, 
construction, or rehabilitation of rental projects in which at least 
20% of the units will be occupied by and affordable for households 
earning 50% or less of the area median income (very low-income 
households). See 12 U.S.C. 1430(j)(1) and (2). The Bank Act requires 
each Bank to contribute 10% of its previous year's net earnings to its 
AHP annually, subject to a minimum annual combined contribution by the 
12 Banks of $100 million. See 12 U.S.C. 1430(j)(5)(C).
    The AHP regulation authorizes a Bank, in its discretion, to set 
aside a portion of its annual required AHP contribution to establish 
homeownership set-aside programs for the purpose of promoting 
homeownership for low- or moderate- income households. See 12 CFR 
1291.6. Under the homeownership set-aside programs, a Bank may provide 
AHP direct subsidy (grants) to members to pay for down payment 
assistance, closing costs, and counseling costs in connection with a 
household's purchase of its primary residence, and for rehabilitation 
assistance in connection with a household's rehabilitation of an owner-
occupied residence. See 12 CFR 1291.6(c)(4). Currently, a Bank may 
allocate up to the greater of $4.5 million or 35% of its annual 
required AHP contribution to homeownership set-aside programs in that 
year.

B. Need for and Use of the Information Collection

    The Banks use AHP data collection to determine whether an AHP 
applicant satisfies the statutory and regulatory requirements to 
receive AHP subsidies. FHFA's use of the information is necessary to 
enable and to ensure that Bank funding decisions, and the use of the 
funds awarded, are consistent with statutory and regulatory 
requirements. The AHP information collection is found in the Data 
Reporting Manual (DRM). See Resolution Number 2006-13 (available 
electronically in the FOIA Reading Room: http://www.fhfa.gov/Default.aspx?Page=256&ListYear=2006&ListCategory=9#9|2006).
    The OMB number for the information collection is 2590-0007. The OMB 
clearance for the information collection expires on December 31, 2009. 
The likely respondents are institutions that are Bank members.

C. Burden Estimate

    The FHFA analyzed the cost and hour burden for the seven facets of 
the AHP information collection--AHP applications, AHP modification 
requests, AHP monitoring agreements, AHP recapture agreements, 
homeownership set-aside 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 for all seven

[[Page 50209]]

facets of the AHP information collection is 76,214 hours.

1. AHP Applications

    The FHFA estimates a total annual average of 2,050 applications 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 FHFA 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 FHFA 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 4.75 hours. The 
estimate for the total annual hour burden for AHP monitoring agreements 
is 3,919 hours (825 respondents x 1 agreement x 4.75 hours).

4. AHP Recapture Agreements

    The FHFA estimates a total annual average of 360 AHP recapture 
agreements, with 1 agreement per respondent. The estimate for the 
average hours to prepare and implement an AHP recapture agreement is 2 
hours. The estimate for the total annual hour burden for AHP recapture 
agreements is 720 hours (360 respondents x 1 agreement x 2 hours).

5. Homeownership Set-Aside Program Applications

    The FHFA estimates a total annual average of 10,000 homeownership 
set-aside program applications, with 1 application per respondent, and 
a 2 hour average processing time for each application. The estimate for 
the total annual hour burden for homeownership set-aside program 
applications is 20,000 hours (10,000 respondents x 1 application x 2 
hours).

6. Verification of Statutory and Regulatory Compliance Submissions

    The FHFA 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 FHFA review Advisory 
Council reports and recommendations.

D. Comment Request

    Written comments are requested on: (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'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 applicants and housing associates, 
including through the use of automated collection techniques or other 
forms of information technology. Comments may be submitted in writing 
at the address listed above.

    Dated: September 24, 2009.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. E9-23575 Filed 9-29-09; 8:45 am]
BILLING CODE 8070-01-P