[Federal Register Volume 81, Number 52 (Thursday, March 17, 2016)]
[Rules and Regulations]
[Page 14370]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-06030]
[[Page 14370]]
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DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund
12 CFR Part 1807
RIN 1559-AA00
Capital Magnet Fund
AGENCY: Community Development Financial Institutions Fund, Department
of the Treasury
ACTION: Interim rule; extension of comment period.
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SUMMARY: On February 8, 2016, the Department of the Treasury published
an interim rule (hereafter, the interim rule) implementing the Capital
Magnet Fund (CMF), administered by the Community Development Financial
Institutions Fund (CDFI Fund). The interim rule incorporates updates to
the definitions, requirements and parameters for CMF implementation and
administration. This document extends the comment period on the interim
rule to May 8, 2016.
DATES: The comment period for the interim rule published February 8,
2016, at 81 FR 6434, is extended. All comments must be written and must
be received in the offices of the CDFI Fund on or before May 8, 2016.
ADDRESSES: You may submit comments concerning the interim rule via the
Federal e-Rulemaking Portal at http://www.regulations.gov (please
follow the instructions for submitting comments). All submissions must
include the agency name and Regulatory Information Number (RIN) for
this rulemaking. Information regarding the CDFI Fund and its programs
may be obtained through the CDFI Fund's Web site at http://www.cdfifund.gov.
FOR FURTHER INFORMATION CONTACT: Marcia Sigal, CMF program staff by
email at [email protected], or by phone at (202) 653-0421.
SUPPLEMENTARY INFORMATION: On February 8, 2016, the Department of the
Treasury published an interim rule implementing the CMF, administered
by the CDFI Fund.
The comment period designated in the interim rule notice will close
on April 8, 2016. The FY 2016 CMF application round opened on February
8, 2016 with the publication in the Federal Register of the Notice of
Funds Availability Inviting Applications for the Fiscal Year (FY) 2016
Funding Round of the Capital Magnet Fund (FY 2016 NOFA). Per the FY
2016 NOFA, applications are due by March 30, 2016. The CDFI Fund also
held a series of application webinars for the FY 2016 CMF application
round in February and March of 2016. Since the opening of the FY 2016
CMF application round and during these application webinars, multiple
interested applicants requested additional time to submit comments
regarding the interim rule and requested that the comment period be
extended. In response to these requests, the Department hereby extends
the comment period for an additional 30 days so that comments are due
on or before May 8, 2016.
The interim rule incorporates updates to the definitions,
requirements and parameters for CMF implementation and administration
including, among others, Applicant eligibility, application review,
Recipient selection, Assistance Agreements, eligible uses of CMF
Awards, and Recipient reporting. In addition, sections of the interim
rule regarding certain definitions and project level requirements have
been revised in order to facilitate alignment and ease of
administration. These revisions are modeled after the requirements of
the Low Income Housing Tax Credit Program (LIHTC Program) authorized
under Title I of the U.S. Housing Act of 1937, as amended, 42 U.S.C.
1437 et seq., and the HOME Investment Partnership Program (HOME
Program) authorized under Title II of the Cranston-Gonzalez National
Affordable Housing Act, as amended, 42 U.S.C. 12701 et seq. and the
HOME Program final rule published on July 24, 2013.
The interim rule also reflects requirements set forth in a final
rule, Uniform Administrative Requirements, Cost Principles and Audit
Requirements for Federal Awards (12 CFR 1000), adopted by the
Department of the Treasury on December 19, 2014 (hereafter referred to
as the Uniform Administrative Requirements). The Uniform Administrative
Requirements constitute a government-wide framework for grants
management codified by the Office of Management and Budget (OMB),
combining several OMB grants management circulars aimed at reducing the
administrative burden for Recipients, and reducing the risk of waste,
fraud and abuse of Federal financial assistance. The Uniform
Administrative Requirements establish financial, administrative,
procurement, and program management standards with which Federal award-
making programs, including those administered by the CDFI Fund, and
Recipients must comply. Accordingly, the interim rule includes
revisions necessary to implement the Uniform Administrative
Requirements, as well as to make certain technical corrections and
certain programmatic updates, as well as provide clarifying language to
existing program requirements.
The CDFI Fund seeks public comment on the entire interim rule. All
capitalized terms herein are defined in the definitions section of the
interim rule, as set forth in 12 CFR 1807.104.
Mary Ann Donovan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2016-06030 Filed 3-16-16; 8:45 am]
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