[Federal Register Volume 77, Number 247 (Wednesday, December 26, 2012)]
[Notices]
[Pages 76037-76039]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31009]


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FEDERAL HOUSING FINANCE AGENCY

[No. 2012-N-19]


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). 
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 February 28, 2013.

DATES: Interested persons may submit comments on or before February 25, 
2013.
    Comments: Submit comments to FHFA using any of the following 
methods:
     Email: [email protected]. Please include Proposed 
Collection;

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Comment Request: ``Affordable Housing Program (AHP),'' (No. 2012-N-19) 
in the subject line of the message.
     Mail/Hand Delivery: Federal Housing Finance Agency, Eighth 
Floor, 400 Seventh Street SW., Washington, DC 20024, ATTENTION: Public 
Comments/Proposed Collection; Comment Request: ``Affordable Housing 
Program (AHP),'' (No. 2012-N-19).
     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 email 
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 Web site 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, Eighth Floor, 400 Seventh Street 
SW., Washington, DC 20024. To make an appointment to inspect comments, 
please call the Office of General Counsel at (202) 649-3804.

FOR FURTHER INFORMATION CONTACT: Sylvia C. Martinez, Principal Advisor/
Manager, Office of the Deputy Director, Division of Bank Regulation 
(DBR), [email protected], (202) 649-3301; or Deattra D. Perkins, 
Senior Policy Analyst, DBR, [email protected], (202) 649-3133 
(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 requires each Bank to establish a competitive 
application program under which each Bank accepts applications from its 
members for AHP subsidized advances or direct subsidies (grants). See 
12 CFR 1291.5. The Bank evaluates the applications pursuant to AHP 
regulatory eligibility requirements and AHP regulatory and Bank scoring 
guidelines, and awards funds to the highest scoring applications. In 
addition, 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 subsidies 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 
verify 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 February 28, 2013. 
The likely respondents are institutions that are Bank members.

C. Burden Estimate

    FHFA analyzed the cost and hour burden for the six facets of the 
AHP information collection: AHP competitive applications; verifications 
of statutory and regulatory compliance of AHP competitive applications 
at the time of subsidy disbursement; AHP modification requests; AHP 
monitoring agreements; AHP recapture agreements; and homeownership set-
aside program applications. 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 
60,140 hours.

1. AHP Competitive Applications

    FHFA estimates a total annual average of 1,500 competitive 
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 competitive applications is 36,000 
hours (1,500 applicants x 1 application x 24 hours).

2. Verification of Statutory and Regulatory Compliance of AHP 
Competitive Applications at Time of AHP Subsidy Disbursement

    The FHFA estimates a total annual average of 600 submissions by 
members/applicants that the Banks review to verify compliance with 
statutory and regulatory requirements at the time of AHP subsidy 
disbursement, with a 1 hour average preparation time for each 
submission. The estimate for the total annual hour burden for 
preparation of compliance submissions is 600 hours (600 subsidy 
disbursements x 1 submission per disbursement x 1 hour).

3. AHP Modification Requests

    The FHFA estimates a total annual average of 180 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 450 hours (180 requestors 
x 1 request x 2.5 hours).

4. AHP Monitoring Agreements

    The FHFA estimates a total annual average of 600 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 7.75 hours. The 
estimate for the total annual hour burden for AHP monitoring agreements 
is 4,650 hours (600 respondents x 1 agreement x 7.75 hours).

5. 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

[[Page 76039]]

hours to prepare and implement an AHP recapture agreement is 4 hours. 
The estimate for the total annual hour burden for AHP recapture 
agreements is 1,440 hours (360 respondents x 1 agreement x 4 hours).

6. Homeownership Set-aside Program Applications

    The FHFA estimates a total annual average of 8,500 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 17,000 hours (8,500 respondents x 1 application x 2 
hours).

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 members and applicants, 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 in the Comments section.

    Dated: December 20, 2012.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2012-31009 Filed 12-21-12; 4:15 pm]
BILLING CODE 8070-01-P