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 of 1995, Pub. L. No. 104-13 (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 Secondary Loan Commitment Form and Certification Form for the CDFI Bond Guarantee Program. The request for comment was published today in the Federal Register.
The purpose of the CDFI Bond Guarantee Program is to support Community Development Financial Institution (CDFI) lending by providing Guarantees for Bonds issued by Qualified Issuers as part of a Bond Issue for Eligible Community or Economic Development Purposes. The CDFI Bond Guarantee Program provides CDFIs with a new source of long-term capital and furthers the mission of the CDFI Fund to increase economic opportunity and promote community development investments for underserved populations and distressed communities in the United States.
In compliance with OMB Circular A–129 and the CDFI Bond Guarantee Program’s interim rule (12 CFR 1808), the CDFI Bond Guarantee Program will collect all necessary information to monitor compliance, manage the portfolio effectively, and track progress towards policy goals and statutory and regulatory requirements. The proposed Secondary Loan Commitment Form and Certification Form will add significantly to the U.S. Department of the Treasury’s review and impact analysis on the current and proposed use of Bond Proceeds in underserved communities and support the CDFI Fund in proactively managing regulatory compliance.
Comments are invited on all aspects of the information collections, but the CDFI Fund specifically requests comments concerning the following questions:
- Does the proposed Secondary Loan Commitment Form and Certification Form provide clarity on the expectations for meeting the requirements contained in 12 CFR Part 1808.307(b)?
- Is there additional information or guidance that the CDFI Fund can provide to clarify the commitment test review process?
- Does the proposed Secondary Loan Commitment Form and Certification Form contain the appropriate data points to ensure that Eligible CDFIs have executed Secondary Loan documents (in the form of promissory notes) with Secondary Borrowers as follows: (1) not later than 12 months after the Bond Issue Date, Secondary Loan documents representing at least 50 percent of such Eligible CDFI’s Bond Loan proceeds allocated for Secondary Loans; and 2) not later than 24 months after the Bond Issue Date, Secondary Loan documents representing 100 percent of such Eligible CDFI’s Bond Loan proceeds allocated for Secondary Loans?
All comments must be received by no later than 60 days after the date of publication of the Federal Register notice and must be submitted in writing to Lisa Jones, CDFI Bond Guarantee Program Manager, by e-mail at bgp@cdfi.treas.gov.
For more information about the CDFI Bond Guarantee Program, please visit www.cdfifund.gov/bond.
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