CDFI Fund: Public Comments Sought on Capital Magnet Fund Application and Reporting

The U.S. Department of the Treasury, as part of its 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, 44 U.S.C. 3506(c)(2)(A). Currently, the Community Development Financial Institutions Fund (CDFI Fund), U.S. Department of the Treasury, is soliciting comments concerning the Capital Magnet Fund Application (hereafter, the Application) and comments concerning reporting and record retention requirements of the Capital Magnet Fund Annual Report (hereafter, Annual Report).

Through the Capital Magnet Fund, the CDFI Fund administers a competitive application process to make financial assistance grants to certified Community Development Financial Institutions (CDFIs) and qualified Nonprofit Organizations that have the development or management of affordable housing as one of their principal purposes. Capital Magnet Fund awards must be used to attract private financing for and increase investment in affordable housing and economic development activities in underserved and low-income areas.

Capital Magnet Fund award recipients will be competitively selected after a careful review of their Applications for program funding. The Application requires the submission of information about the applicant’s track record, proposed pipeline, as well as data and narrative strategies for four main sections: Business Strategy, Leveraging Strategy, Community Impact, and Organizational Capacity.

In addition, the Capital Magnet Fund award recipients will enter into Assistance Agreements with the CDFI Fund that set forth certain required terms and conditions of the award, including reporting and data collection requirements. The Assistance Agreement requires the collection of Annual Reports that are used to collect information for compliance monitoring and program evaluation purposes. This information is reviewed to ensure the award recipient’s compliance with its performance goals and contractual obligations as well as the overall performance of the program.

The CDFI Fund is requesting public comment on the data and information collection for both the Application and the Annual Report. The CDFI Fund has outlined detailed questions for public response in the Federal Register notice.

All comments must be received by 60 days after the date of publication of the Federal Register notice, and must be submitted in writing to Marcia Sigal, CMF Program Manager, Community Development Financial Institutions Fund, U.S. Department of the Treasury, 1500 Pennsylvania Avenue, NW, Washington, DC. 20220; by e-mail to cmf@cdfi.treas.gov; or by facsimile to (202) 508-0084. Please note that this is not a toll free number.

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