[Federal Register Volume 87, Number 225 (Wednesday, November 23, 2022)]
[Notices]
[Pages 71741-71744]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-25552]


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DEPARTMENT OF THE TREASURY


Notice and Request for Information--Opportunities and Challenges 
in Federal Community Investment Programs

AGENCY: Department of the Treasury (Treasury), Small Business 
Administration (SBA), Department of Commerce (Commerce), Department of 
Transportation (DOT), Department of Housing and Urban Development 
(HUD), and Department of Agriculture (USDA), (collectively, the 
Agencies).

ACTION: Request for information; extension of comment period.

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SUMMARY: On October 4, 2022, representatives comprising the Interagency 
Community Investment Committee (ICIC)--the Department of the Treasury 
(Treasury), Small Business Administration (SBA), Department of Commerce 
(Commerce), Department of Transportation (DOT), Department of Housing 
and Urban Development (HUD), and Department of Agriculture (USDA), 
(collectively, the Agencies)--invited the public to comment on how the 
ICIC can promote economic conditions and systems that reduce racial 
disparities and produce stronger economic outcomes for all communities. 
Responses may be used to inform ICIC's future actions to improve the 
operations and delivery of federal community investment programs 
through stronger

[[Page 71742]]

federal collaboration. The purpose of this notice is to extend the 
comment period for a period of two weeks until December 19, 2022 as to 
provide more time for interested parties to submit comments.

DATES: The comment period for the notice published at 87 FR 60236 on 
October 4 2022, is extended by two weeks. Responses must be received by 
December 19, 2022 to be assured of consideration.

ADDRESSES: Please submit comments electronically through the Federal 
eRulemaking Portal: https://www.regulations.gov, specifically at 
https://www.regulations.gov/commenton/TREAS-DO-2022-0020-0001. All 
comments should be captioned with ``Community Investment Request for 
Information Comments.'' Please include your name, organization 
affiliation, address, email address, and telephone number in your 
comment. Where appropriate, a comment should include a short executive 
summary. In general, comments received will be posted on http://www.regulations.gov without change, including any business or personal 
information provided. Comments received, including attachments and 
other supporting materials, will be part of the public record and 
subject to public disclosure. Do not enclose any information in your 
comment or supporting materials that you consider confidential or 
inappropriate for public disclosure.

FOR FURTHER INFORMATION CONTACT: Please contact Viraj Parikh, Phone 
Number: 202-923-5161, or [email protected]. Further 
information may be obtained from the Treasury website detailing the 
initiative.

SUPPLEMENTARY INFORMATION: The Biden-Harris Administration is deploying 
trillions of dollars of public-sector investment authorized through 
programs under the American Rescue Plan Act of 2021 (ARP), Bipartisan 
Infrastructure Law (BIL), Consolidated Appropriations Act, 2021, the 
bipartisan CHIPS and Science Act (CHIPS) and the Inflation Reduction 
Act (IRA). These transformational investments present an opportunity to 
implement federal service delivery solutions that will support 
catalytic growth in historically underserved communities and address 
racial and geographic economic disparities.
    On October 4, 2022, the Agencies published a Notice in the Federal 
Register to request public comment on how to improve the operations and 
delivery of federal community investment programs through stronger 
federal collaboration.\1\ The Notice requested that respondents address 
the Key Questions listed below and stated that comments must be 
received by December 5, 2022 to be assured of consideration. This 
notice announces the extension of the comment period for a period of 
two weeks as to provide more time for interested parties to submit 
comments. Responses must be received by December 19, 2022 to be assured 
of consideration.
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    \1\ Opportunities and Challenges in Federal Community Investment 
Programs, 87 FR 60236 (October 4, 2022), https://www.regulations.gov/commenton/TREAS-DO-2022-0020-0001.
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Key Questions

    Note: To assist with responding to these questions, a brief but 
non-exhaustive list of ICIC-relevant programs are listed at the end of 
this RFI.
    1. Please describe examples of best practices and lessons learned 
from community investment projects that have layered a mix of public, 
private, and/or philanthropic capital. How could these projects have 
been more impactful or more cost effective to implement? In responding 
to this question, examples may address any of the four substantive 
areas of focus described in this RFI: (1) strengthening the capacity of 
community financial institutions; (2) supporting small businesses and 
entrepreneurship; (3) improving financial health and inclusion; and (4) 
investing in community facilities and infrastructure. In addition, a 
non-exhaustive list of example programs is provided in the appendix of 
this RFI as a reference.
    2. From the examples provided in response to question 1, what 
specific changes could agencies consider to facilitate the layering of 
federal funds to attract greater private follow-on funding, as they 
implement new community investment programs and contemplate 
modifications to others?
    3. As agencies are implementing new programs under recent CHIPS and 
IRA legislation, how can they best incorporate these lessons to 
streamline design and delivery, as well as ensure historically 
underserved communities benefit from federal funds?
    4. Community financial institutions play a critical role in 
providing safe, affordable capital and financial services to 
historically underserved communities. How can federal agency 
coordination help build the capacity of these organizations to serve 
their communities?
    5. What specific changes to federal credit or securitization 
programs could facilitate additional private investment in community 
financial institutions, and what are the most important existing 
limitations of these programs that may prohibit additional scale that 
could be achieved?
    6. How can the Agencies incentivize or structure data collection 
and reporting to promote increased private sector and philanthropic 
investment in community financial institutions?
    7. How can further alignment of and coordination between federal 
agencies in the four areas of substantive focus result in stronger 
outcomes with regards to reducing racial economic disparities, 
improving financial security and economic mobility, and generating 
broadly shared economic opportunity?
    8. What data should the Agencies consider collecting to better 
understand and report the impact of community investments in reducing 
racial, gender, and geographic, or other economic disparities?
    9. How can the Agencies collaborate on providing technical 
assistance, opportunities for peer-to-peer learning, and other non-
financial resources to support the deployment of capital or 
implementation of community-serving projects in historically 
underserved communities?
    10. Please describe best-in-class examples of how federal technical 
assistance has been best implemented through public-private 
partnerships.

Jessica Milano,
Chief Program Officer, Office of Recovery Programs.

Appendix

I. Strengthen Community Financial Institutions

    Programs that support CDFIs, MDIs, credit unions, and community 
banks with assets less than $1 billion:

------------------------------------------------------------------------
 
------------------------------------------------------------------------
Commerce..........................  EDA Build to Scale, EDA Revolving
                                     Loan Funds.
DOT...............................  Thriving Communities,* Reconnecting
                                     Communities.
HUD...............................  Federal Housing Administration,
                                     Ginnie Mae, Section 108, HOME
                                     Investment Partnership, Housing
                                     Trust Fund.

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Treasury..........................  Emergency Capital Investment Fund
                                     (ECIP), CDFI Fund, State Small
                                     Business Credit Initiative (SSBCI).
SBA...............................  Community Advantage, Microloan
                                     programs, 7(a) Loan Program, 504
                                     Loan Program, Program for
                                     Investment in Micro-Entrepreneurs
                                     (PRIME) grants.
USDA..............................  RD B&I loan program, RD Community
                                     Facilities Program, Intermediary
                                     Relending Program, Rural Business
                                     Development Grants, Rural
                                     Microentrepreneur Assistance
                                     Program.
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II. Increase Small Business Creation, Growth, and Profitability

    Programs that support small business access to capital (debt & 
equity), technical assistance for entrepreneurs, contracting:

------------------------------------------------------------------------
 
------------------------------------------------------------------------
Commerce..........................  Minority Business Development Agency
                                     (MBDA) programs:
                                     SSBCI Technical Assistance
                                     Program.
                                     National Business Center
                                     Network Program.
                                     Specialty Centers.
                                     American Indian, Alaska
                                     Native, and Native Hawaiian
                                     Projects.
                                     Enterprising Women of Color
                                     Program.
                                     Entrepreneurship Education
                                     for Formerly Incarcerated Persons
                                     Pilot.
                                     Minority Colleges and
                                     University Pilot.
                                     MBE Equity Multiplier
                                     Project.
                                     Inner City Innovation Hub
                                     Pilot.
                                    EDA Build to Scale, EDA Revolving
                                     Loan Funds.
DOT...............................  Railroad Rehabilitation and
                                     Improvement Financing (RRIF),
                                     Transportation Infrastructure
                                     Finance and Innovation Act (TIFIA),
                                     Small Business Transportation
                                     Resource Centers *.
HUD...............................  Community Development Block Grant,
                                     Section 3.
Treasury..........................  ECIP, CDFI Fund, SSBCI.
SBA...............................  All programs.
USDA..............................  Rural Microentrepreneur Assistance
                                     Program, Rural Business Development
                                     Grant* RD B&I loan program, RD
                                     Community Facilities Program,
                                     Intermediary Relending Program.
------------------------------------------------------------------------

III. Improve Financial Health and Inclusion

    Programs that support the creation of high-quality jobs and 
access to consumer credit, payments, and savings products:

------------------------------------------------------------------------
 
------------------------------------------------------------------------
Commerce..........................  EDA Good Jobs Challenge, EDA Build
                                     Back Better Regional Challenge,
                                     MBDA Access to Capital: Innovative
                                     Finance Pilot.
DOT...............................  N/A.
HUD...............................  Housing Counseling, Community
                                     Development Block Grant, Section 3,
                                     Asset Building Programs (e.g.,
                                     Family Self-Sufficient, Resident
                                     Opportunities and Self-
                                     Sufficiency).
Treasury..........................  State and Local Fiscal Recovery
                                     Fund, Emergency Rental Assistance
                                     Program, ECIP, CDFI Fund.
SBA...............................  All programs.
USDA..............................  Rural Innovation Stronger Economy,
                                     Rural Economic Development Loan and
                                     Grant.
------------------------------------------------------------------------

IV. Expand Community Infrastructure

    Programs that support the preservation or development of 
affordable housing, community facilities, public transportation, and 
high-quality broadband:

------------------------------------------------------------------------
 
------------------------------------------------------------------------
Commerce..........................  EDA Build Back Better Regional
                                     Challenge.
                                    NTIA Technical Assistance and
                                     Infrastructure programs, including:
                                     Connecting Minority
                                     Communities Program.
                                     Broadband Infrastructure
                                     Program.
                                     Tribal Broadband
                                     Connectivity Program.
                                     Broadband Equity, Access,
                                     and Deployment Program (BEAD).
                                     Middle Mile Broadband
                                     Infrastructure Grant Program.
                                     State Digital Equity
                                     Planning Grant Program.
                                     Digital Equity Competitive
                                     Grant Program.
DOT...............................  TIFIA, RRIF, Private Activity Bonds,
                                     Thriving Communities *,
                                     Reconnecting Communities, Regional
                                     Infrastructure Accelerators *, Safe
                                     Streets for All, Asset Concession-
                                     Innovative Financing Grant *, Rural-
                                     Tribal Technical Assistance Grant
                                     *, Capital Investment Grants (other
                                     public transport programs), FTA
                                     Pilot Program.
HUD...............................  Section 108, Community Development
                                     Block Grant, HOME Investment
                                     Partnership, Project-Based Rental
                                     Assistance, Project Based Vouchers,
                                     FHA Mortgage Insurance, Housing
                                     Trust Fund, Choice Neighborhoods.
Treasury..........................  State and Local Fiscal Recovery
                                     Fund, Capital Projects Fund,
                                     Homeowners Assistance Fund, Low-
                                     Income Housing Tax Credit.
SBA...............................  504 Loan Program, Contracting
                                     Assistance Programs.

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USDA..............................  RD Community Facilities Programs,
                                     Rural Community Development
                                     Initiative Grants, Section 502
                                     loans, Section 504 loans and
                                     grants, Mutual Self Help Grants,
                                     Housing Preservation Grants, Rural
                                     Rental Housing and Farm Labor
                                     Housing Loans and Grants, Rental
                                     Assistance, Rural Development
                                     ReConnect and Community Connect
                                     Programs. Rural Development Water
                                     Emergency Community Water
                                     Assistance Grants, Water
                                     Infrastructure Grants for Rural and
                                     Native Alaskan Villages, Rural
                                     Decentralized Water Systems Grant
                                     Program, Individual Water &
                                     Wastewater Grants in Colonia Areas,
                                     Water & Waste Disposal Grants to
                                     Alleviate Health Risks on Tribal
                                     Lands and Colonias, Water & Waste
                                     Disposal Loans & Grants, Solid
                                     Waste Management Grants.
------------------------------------------------------------------------
* Technical Assistance Program.

[FR Doc. 2022-25552 Filed 11-22-22; 8:45 am]
BILLING CODE 4810-AK-P