[Federal Register Volume 77, Number 247 (Wednesday, December 26, 2012)]
[Notices]
[Pages 76037-76039]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-31009]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2012-N-19]
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).
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 February 28, 2013.
DATES: Interested persons may submit comments on or before February 25,
2013.
Comments: Submit comments to FHFA using any of the following
methods:
Email: [email protected]. Please include Proposed
Collection;
[[Page 76038]]
Comment Request: ``Affordable Housing Program (AHP),'' (No. 2012-N-19)
in the subject line of the message.
Mail/Hand Delivery: Federal Housing Finance Agency, Eighth
Floor, 400 Seventh Street SW., Washington, DC 20024, ATTENTION: Public
Comments/Proposed Collection; Comment Request: ``Affordable Housing
Program (AHP),'' (No. 2012-N-19).
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 email
to FHFA at [email protected] 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 Web site 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, Eighth Floor, 400 Seventh Street
SW., Washington, DC 20024. To make an appointment to inspect comments,
please call the Office of General Counsel at (202) 649-3804.
FOR FURTHER INFORMATION CONTACT: Sylvia C. Martinez, Principal Advisor/
Manager, Office of the Deputy Director, Division of Bank Regulation
(DBR), [email protected], (202) 649-3301; or Deattra D. Perkins,
Senior Policy Analyst, DBR, [email protected], (202) 649-3133
(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 requires each Bank to establish a competitive
application program under which each Bank accepts applications from its
members for AHP subsidized advances or direct subsidies (grants). See
12 CFR 1291.5. The Bank evaluates the applications pursuant to AHP
regulatory eligibility requirements and AHP regulatory and Bank scoring
guidelines, and awards funds to the highest scoring applications. In
addition, 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 subsidies 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
verify 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#9|2006).
The OMB number for the information collection is 2590-0007. The OMB
clearance for the information collection expires on February 28, 2013.
The likely respondents are institutions that are Bank members.
C. Burden Estimate
FHFA analyzed the cost and hour burden for the six facets of the
AHP information collection: AHP competitive applications; verifications
of statutory and regulatory compliance of AHP competitive applications
at the time of subsidy disbursement; AHP modification requests; AHP
monitoring agreements; AHP recapture agreements; and homeownership set-
aside program applications. As explained in more detail below, the
estimate for the total annual hour burden for applicant and member
respondents for all seven facets of the AHP information collection is
60,140 hours.
1. AHP Competitive Applications
FHFA estimates a total annual average of 1,500 competitive
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 competitive applications is 36,000
hours (1,500 applicants x 1 application x 24 hours).
2. Verification of Statutory and Regulatory Compliance of AHP
Competitive Applications at Time of AHP Subsidy Disbursement
The FHFA estimates a total annual average of 600 submissions by
members/applicants that the Banks review to verify compliance with
statutory and regulatory requirements at the time of AHP subsidy
disbursement, with a 1 hour average preparation time for each
submission. The estimate for the total annual hour burden for
preparation of compliance submissions is 600 hours (600 subsidy
disbursements x 1 submission per disbursement x 1 hour).
3. AHP Modification Requests
The FHFA estimates a total annual average of 180 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 450 hours (180 requestors
x 1 request x 2.5 hours).
4. AHP Monitoring Agreements
The FHFA estimates a total annual average of 600 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 7.75 hours. The
estimate for the total annual hour burden for AHP monitoring agreements
is 4,650 hours (600 respondents x 1 agreement x 7.75 hours).
5. 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
[[Page 76039]]
hours to prepare and implement an AHP recapture agreement is 4 hours.
The estimate for the total annual hour burden for AHP recapture
agreements is 1,440 hours (360 respondents x 1 agreement x 4 hours).
6. Homeownership Set-aside Program Applications
The FHFA estimates a total annual average of 8,500 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 17,000 hours (8,500 respondents x 1 application x 2
hours).
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 members and applicants, 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 in the Comments section.
Dated: December 20, 2012.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2012-31009 Filed 12-21-12; 4:15 pm]
BILLING CODE 8070-01-P