[Federal Register Volume 74, Number 234 (Tuesday, December 8, 2009)]
[Notices]
[Pages 64691-64692]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-29219]


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

FEDERAL HOUSING FINANCE AGENCY

[No. 2009-N-13]


Proposed Collection; Comment Request

AGENCY: Federal Housing Finance Agency.

ACTION: 30-day Notice of submission of information collection for 
approval from the 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 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). 
FHFA will submit a request to OMB for regular review and approval to 
renew the information collection for a three-year period. The control 
number is due to expire on December 31, 2009.

DATES: Interested persons may submit comments on or before January 7, 
2010.
    Comments: 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 Agency, Washington, DC 
20503, Fax: 202-395-6974, E-mail address: [email protected]. 
Please also submit them to FHFA using any one of the following methods:
     E-mail: [email protected]. Please include Proposed 
Collection; Comment Request: Affordable Housing Program (AHP) (No. 
2009-N-) 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-).
     Federal eRulemaking Portal: http://www.regulations.gov. 
Follow the instructions for submitting comments.
    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. Send requests for 
copies of the Affordable Housing Program information collection and 
supporting documentation to the contact referenced in the For Further 
Information Contact section. There is no charge for copies.

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). 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. 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. 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

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

1. AHP Applications

    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

[[Page 64692]]

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

    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

    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

    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

    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

    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 Plans

    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 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 
as instructed above in the Comments section.

    Dated: December 2, 2009.
Edward J. De Marco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. E9-29219 Filed 12-7-09; 8:45 am]
BILLING CODE P