[Federal Register Volume 89, Number 126 (Monday, July 1, 2024)]
[Notices]
[Pages 54644-54645]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-14440]


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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Notice of Information Collection and Request for Public Comment

ACTION: Notice and request for public comment.

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SUMMARY: The U.S. Department of the Treasury, as part of a continuing 
effort to reduce paperwork and respondent burden, invites the general 
public and other Federal agencies to take this opportunity to comment 
on proposed and/or continuing information collections, as required by 
the Paperwork Reduction Act (PRA) of 1995. Currently, the Community 
Development Financial Institutions Fund (CDFI Fund), Department of the 
Treasury, is soliciting comments concerning the Capital Magnet Fund 
(CMF) reporting and record retention requirements of the CMF Annual 
Performance Report (CMF Performance Report). The CMF Performance Report 
is an online form submitted through the CDFI Fund's Awards Management 
Information System (AMIS).

DATES: Written comments must be received on or before August 30, 2024. 
Comments can be submitted electronically via the e-Rulemaking Portal: 
www.regulations.gov.

ADDRESSES: You may submit comments concerning the CMF Performance 
Report via the Federal e-Rulemaking Portal at www.regulations.gov. 
Follow the instructions on the website for the submission of comments. 
In general, all comments will be available for inspection at 
www.regulations.gov. Comments, including attachments and other 
supporting materials, are part of the public record. Do not submit any 
information in your comments or supporting materials that you consider 
confidential or inappropriate for public disclosure. Information 
regarding the CDFI Fund and its programs may be obtained through the 
CDFI Fund's website at http://www.cdfifund.gov.

FOR FURTHER INFORMATION CONTACT: Heather Hunt, OCME Program Manager, 
CDFI Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue 
NW, Washington DC 20220, (202) 453-2044 (not a toll-free number). Other 
information regarding the CDFI Fund and its programs may be obtained on 
the CDFI Fund website at https://www.cdfifund.gov. The CMF Performance 
Report Data Points are provided to aid the public in providing comments 
requested by this notice, and presents the information proposed to be 
collected in the online CMF Performance Report. Changes being made to 
the CMF Performance Report are identified in the second column of the 
data point guidance, including proposed deletions, additions, and 
updates. The CMF Performance Report Data Points may be obtained from 
the CMF compliance page of the CDFI Fund website at https://www.cdfifund.gov/programs-training/programs/cmf/compliance-step.

SUPPLEMENTARY INFORMATION: 
    Title: Capital Magnet Fund Performance Report.
    OMB Number: 1559-NEW.
    Type of Review: Regular Review.
    Abstract: The Capital Magnet Fund was established through the 
Housing and Economic Recovery Act of 2008 (HERA) (Pub. L. 110-289), as 
a competitive grant program administered by the CDFI Fund. Through CMF, 
the CDFI Fund provides financial assistance grants to Certified 
Community Development Financial Institutions (CDFIs) and qualified 
Nonprofit Organizations that have the development or management of 
Affordable Housing, as defined in 12 CFR 1807, as one of their 
principal purposes. Capitalized terms not defined in this Notice (other 
than titles) have the meaning set forth in the CMF Interim Rule (12 CFR 
1807). CMF Awards must be used to attract private financing for and 
increase investment in: (i) the Development, Preservation, 
Rehabilitation, and Purchase of Affordable Housing for primarily 
Extremely Low-, Very Low-, and Low-Income Families; and (ii) Economic 
Development Activities which, in conjunction with Affordable Housing 
Activities, will implement a Concerted Strategy to stabilize or 
revitalize a Low-Income Area or an Underserved Rural Area. CMF Award 
Recipients enter into Assistance Agreements with the CDFI Fund that set 
forth required terms and conditions of the Award, including reporting 
and data collection requirements. The Assistance Agreement requires the 
submission of an annual CMF Performance Report. The information 
collected in the CMF Performance Report is reviewed to ensure the 
Recipient's compliance with its Performance Goals and contractual 
obligations, as well as the overall performance of the program. Data 
collected through the CMF Performance Report consists of three 
categories of data: (1) mandatory data points, (2) conditionally 
required data points based on project characteristics, financing type 
or other condition, and (3) optional data points. For most compliance 
measures, AMIS calculates whether the Recipient is compliant or 
noncompliant based on the data reported into the system. When the 
system determines that a noncompliance has occurred, the Recipient is 
required to complete an explanation of noncompliance prior to 
submitting the report to the CDFI Fund. This notice requests PRA 
approval for the CMF Performance Report. This report is a modified 
version of the previous CMF Performance Report, which was under OMB 
Number 1559-0036.
    Estimated Number of Respondents: 330.
    Estimated Annual Time per Respondent: 20 hours.
    Estimated Annual Burden Hours: 6,600 hours.
    Request for Comments: Comments submitted in response to this Notice 
will be summarized and/or included in the request for Office of 
Management and Budget approval. All comments will become a matter of 
public record and may be published on the CDFI Fund website at https://www.cdfifund.gov. The CDFI Fund is seeking input on the

[[Page 54645]]

content of the proposed CMF Performance Report with regard to the 
following: (a) Whether the collection of information is necessary for 
the proper performance of the functions of the CDFI Fund, including 
whether the information shall have practical utility; (b) the accuracy 
of the CDFI Fund's estimate of the burden of collecting the 
information; (c) ways to enhance the quality, utility, and clarity of 
the information to be collected; (d) ways to minimize the burden of the 
collection of information on respondents, including through the use of 
technology; and (e) estimates of capital or start-up costs and costs of 
operation, maintenance, and purchase of services required to provide 
the information.
    An agency may not conduct or sponsor, and a person is not required 
to respond to, a collection of information unless the collection of 
information displays a valid OMB control number.
    Authority: Pub. L. 110-289, 12 CFR 1807.

Pravina Raghavan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2024-14440 Filed 6-28-24; 8:45 am]
BILLING CODE 4810-70-P