Agency Information Collection Activities: Capital Magnet Fund Application, 77969 [2024-21809]

Agencies

• Community Development Financial Institutions Fund
• DEPARTMENT OF THE TREASURY

[Federal Register Volume 89, Number 185 (Tuesday, September 24, 2024)]
[Notices]
[Page 77969]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-21809]



[[Page 77969]]

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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund


Agency Information Collection Activities: Capital Magnet Fund 
Application

AGENCY: Community Development Financial Institutions Fund, Department 
of the Treasury

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 of 1995 (PRA). Currently, the Community 
Development Financial Institutions Fund (CDFI Fund), U.S. Department of 
the Treasury, is soliciting comments concerning the Capital Magnet Fund 
(CMF) Application for the fiscal year funding rounds 2025-2027 
(hereafter the Application). The CDFI Fund is required by law to make 
the Application publicly available for comment prior to submission for 
a new PRA number.

DATES: Written comments must be received on or before November 25, 2024 
to be assured of consideration. Comments can be submitted 
electronically via the e-Rulemaking Portal: www.regulations.gov.

ADDRESSES: You may submit comments concerning the CMF Application 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 https://www.cdfifund.gov.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Andrew Schlack, CMF Program Manager, CDFI Fund, 
U.S. Department of the Treasury, 1500 Pennsylvania Avenue NW, 
Washington, DC 20220, or by email to [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: Capital Magnet Fund Application.
    OMB Number: 1559-NEW (previously covered under OMB Number 1559-
0036).
    Type of Review: Regular Review.
    Abstract: The Capital Magnet Fund (CMF) was established through the 
Housing and Economic Recovery Act of 2008 (HERA) (Pub. L. 110-289), as 
a competitive Federal financial assistance program administered by the 
CDFI Fund. Through CMF, the CDFI Fund provides Federal financial 
assistance 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 are selected through a competitive process 
involving a careful review of their Application for program funding. 
The Application requires the submission of quantitative data and 
narrative responses for three parts: (1) Business and Leveraging 
Strategy, (2) Community Impact, and (3) Organizational Capacity. The 
Award selection process is defined in the Notice of Funding 
Availability (NOFA) for each funding round.
    Current Actions: Extension with significant changes from currently 
approved collection which was under OMB Number 1559-0036.
    Estimated Number of Respondents: 130 Applications.
    Estimated Annual Time per Respondent: 100 hours.
    Estimated Annual Burden Hours: 13,000 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.reginfo.gov. The CDFI Fund is seeking input on the CMF Application. 
The Application may be obtained on the CMF web page of the CDFI Fund's 
website at https://www.cdfifund.gov/requests-for-comments.
    Revisions to the CMF Program Application are highlighted in yellow.
    Comments concerning the Application are invited on: (a) whether the 
collection of information is necessary for the proper performance of 
the functions of the agency, including whether the information shall 
have practical utility; (b) the accuracy of the agency's estimate of 
the burden of the collection of 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; (e) estimates of 
capital or start-up costs and costs of operation, maintenance and 
purchase of services required to provide information; and (f) whether 
any additional questions or factors should be considered as part of the 
CMF Application and/or review process.
    To date, the CDFI Fund has solicited public comment related to many 
changes incorporated in the proposed Application. On July 7, 2023, the 
CDFI Fund published a Request for Information (RFI) (88 FR 43414) 
requesting public input related to income definitions, the commitment 
process for CMF Award funds, and secondary market activity, among other 
issues. Over forty comments were received and considered as part of the 
update and revision of the CMF Interim Rule. Further, many 
modifications and changes in the proposed Application reflect the 
revised Interim Rule published on June 25, 2024 (89 FR 53004). Comments 
on the revised Interim Rule were solicited and submitted by August 26, 
2024. Therefore, comments on changes, modifications, updates, and other 
revisions to the proposed Application reflective of the revised Interim 
Rule are welcome but are generally not specifically solicited as part 
of this Notice.
    Authority: Public Law 110-289, 12 CFR 1807.

Pravina Raghavan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2024-21809 Filed 9-23-24; 8:45 am]
BILLING CODE 4810-05-P