[Federal Register: September 30, 2009 (Volume 74, Number 188)]
[Notices]
[Page 50208-50209]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr30se09-55]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2009-N-12]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 60-day notice of submission of information collection for
approval from the Office of Management and Budget.
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SUMMARY: In accordance with the requirements of the Paperwork Reduction
Act of 1995, the Federal Housing Finance Agency (FHFA) is seeking
public comments concerning a currently approved information collection
known as ``Affordable Housing Program (AHP),'' which has been assigned
control number 2590-0007 by the Office of Management and Budget (OMB).
The FHFA intends to submit the information collection to OMB for review
and approval of a three year extension of the control number, which is
due to expire on December 31, 2009.
DATES: Interested persons may submit comments on or before November 30,
2009.
Comments: Submit comments to the FHFA using any of the following
methods:
E-mail: regcomments@fhfa.gov. Please include Proposed
Collection; Comment Request: ``Affordable Housing Program (AHP),'' (No.
2009-N-12) in the subject line of the message.
Mail/Hand Delivery: Federal Housing Finance Agency, Fourth
Floor, 1700 G Street, NW., Washington, DC 20552, Attention: Public
Comments/Proposed Collection; Comment Request: ``Affordable Housing
Program (AHP),'' (No. 2009-N-12).
Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments. If you submit your
comment to the Federal eRulemaking Portal, please also send it by e-
mail to FHFA at regcomments@fhfa.gov to ensure timely receipt by the
agency.
We will post all public comments we receive without change,
including any personal information you provide, such as your name and
address, on the FHFA website at http://www.fhfa.gov. In addition,
copies of all comments received will be available for examination by
the public on business days between the hours of 10 a.m. and 3 p.m., at
the Federal Housing Finance Agency, Fourth Floor, 1700 G Street, NW.,
Washington, DC 20552. To make an appointment to inspect comments,
please call the Office of General Counsel at 202-414-6924.
FOR FURTHER INFORMATION CONTACT: Charles E. McLean, Acting Manager,
Division of Housing Mission and Goals, Charles.Mclean@fhfa.gov, 202-
408-2537 or Deattra D. Perkins, Community Development Specialist,
Division of Housing Mission and Goals, Deattra.Perkins@fhfa.gov, 202-
408-2527 (not toll-free numbers). The telephone number for the
telecommunications device for the deaf is 800-877-8339.
SUPPLEMENTARY INFORMATION:
A. Background
Section 10(j) of the Federal Home Loan Bank Act (Bank Act) requires
each Bank to establish an affordable housing program, the purpose of
which is to enable a Bank's members to finance homeownership by
households with incomes at or below 80% of the area median income (low-
or moderate- income households), and to finance the purchase,
construction, or rehabilitation of rental projects in which at least
20% of the units will be occupied by and affordable for households
earning 50% or less of the area median income (very low-income
households). See 12 U.S.C. 1430(j)(1) and (2). The Bank Act requires
each Bank to contribute 10% of its previous year's net earnings to its
AHP annually, subject to a minimum annual combined contribution by the
12 Banks of $100 million. See 12 U.S.C. 1430(j)(5)(C).
The AHP regulation authorizes a Bank, in its discretion, to set
aside a portion of its annual required AHP contribution to establish
homeownership set-aside programs for the purpose of promoting
homeownership for low- or moderate- income households. See 12 CFR
1291.6. Under the homeownership set-aside programs, a Bank may provide
AHP direct subsidy (grants) to members to pay for down payment
assistance, closing costs, and counseling costs in connection with a
household's purchase of its primary residence, and for rehabilitation
assistance in connection with a household's rehabilitation of an owner-
occupied residence. See 12 CFR 1291.6(c)(4). Currently, a Bank may
allocate up to the greater of $4.5 million or 35% of its annual
required AHP contribution to homeownership set-aside programs in that
year.
B. Need for and Use of the Information Collection
The Banks use AHP data collection to determine whether an AHP
applicant satisfies the statutory and regulatory requirements to
receive AHP subsidies. FHFA's use of the information is necessary to
enable and to ensure that Bank funding decisions, and the use of the
funds awarded, are consistent with statutory and regulatory
requirements. The AHP information collection is found in the Data
Reporting Manual (DRM). See Resolution Number 2006-13 (available
electronically in the FOIA Reading Room: http://www.fhfa.gov/
Default.aspx?Page=256&ListYear=2006&ListCategory=9#92006).
The OMB number for the information collection is 2590-0007. The OMB
clearance for the information collection expires on December 31, 2009.
The likely respondents are institutions that are Bank members.
C. Burden Estimate
The FHFA analyzed the cost and hour burden for the seven facets of
the AHP information collection--AHP applications, AHP modification
requests, AHP monitoring agreements, AHP recapture agreements,
homeownership set-aside program applications, verifications of
statutory and regulatory compliance at the time of subsidy
disbursement, and Bank Advisory Council reports and recommendations on
AHP implementation plans. As explained in more detail below, the
estimate for the total annual hour burden for applicant and member
respondents for all seven
[[Page 50209]]
facets of the AHP information collection is 76,214 hours.
1. AHP Applications
The FHFA estimates a total annual average of 2,050 applications for
AHP funding, with 1 response per applicant, and a 24 hour average
processing time for each application. The estimate for the total annual
hour burden for AHP applications is 49,200 hours (2,050 applicants x 1
application x 24 hours).
2. AHP Modification Requests
The FHFA estimates a total annual average of 150 modification
requests, with 1 response per requestor, and a 2.5 hour average
processing time for each request. The estimate for the total annual
hour burden for AHP modification requests is 375 hours (150 requestors
x 1 request x 2.5 hours).
3. AHP Monitoring Agreements
The FHFA estimates a total annual average of 825 AHP monitoring
agreements, with 1 agreement per respondent. The estimate for the
average hours to implement each AHP monitoring agreement and prepare
and review required reports and certifications is 4.75 hours. The
estimate for the total annual hour burden for AHP monitoring agreements
is 3,919 hours (825 respondents x 1 agreement x 4.75 hours).
4. AHP Recapture Agreements
The FHFA estimates a total annual average of 360 AHP recapture
agreements, with 1 agreement per respondent. The estimate for the
average hours to prepare and implement an AHP recapture agreement is 2
hours. The estimate for the total annual hour burden for AHP recapture
agreements is 720 hours (360 respondents x 1 agreement x 2 hours).
5. Homeownership Set-Aside Program Applications
The FHFA estimates a total annual average of 10,000 homeownership
set-aside program applications, with 1 application per respondent, and
a 2 hour average processing time for each application. The estimate for
the total annual hour burden for homeownership set-aside program
applications is 20,000 hours (10,000 respondents x 1 application x 2
hours).
6. Verification of Statutory and Regulatory Compliance Submissions
The FHFA estimates a total annual average of 2,000 submissions to
verify compliance with statutory and regulatory requirements with 1
submission per respondent. The estimate for the average hours to review
database records for completeness and accuracy prior to submission and
validation is 1 hour. The estimate for the total annual hour burden for
verification of compliance submissions is 2,000 hours (2,000
respondents x 1 submission x 1 hour).
7. Bank Advisory Council Reports and Recommendations on AHP
Implementation Plan
Member and applicant respondents incur no costs because the Bank
Advisory Councils prepare and the Banks and FHFA review Advisory
Council reports and recommendations.
D. Comment Request
Written comments are requested on: (1) Whether the collection of
information is necessary for the proper performance of FHFA functions,
including whether the information has practical utility; (2) The
accuracy of the FHFA's estimates of the burdens of the collection of
information; (3) Ways to enhance the quality, utility and clarity of
the information collected; and (4) Ways to minimize the burden of the
collection of information on applicants and housing associates,
including through the use of automated collection techniques or other
forms of information technology. Comments may be submitted in writing
at the address listed above.
Dated: September 24, 2009.
Edward J. DeMarco,
Acting Director, Federal Housing Finance Agency.
[FR Doc. E9-23575 Filed 9-29-09; 8:45 am]
BILLING CODE 8070-01-P