[Federal Register Volume 78, Number 40 (Thursday, February 28, 2013)]
[Notices]
[Pages 13671-13673]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2013-04694]
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FEDERAL HOUSING FINANCE AGENCY
[No. 2013-N-02]
Proposed Collection; Comment Request
AGENCY: Federal Housing Finance Agency.
ACTION: 30-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 will submit a request to OMB for regular review and approval to
renew the information collection for a three-year period. The control
number is due to expire on February 28, 2013.
DATES: Interested persons may submit comments on or before April 1,
2013.
Comments: Submit written comments to the Office of Information and
Regulatory Affairs of the Office of Management and Budget, Attention:
Desk Officer for the Federal Housing Finance Agency, Washington, DC
20503, Fax: (202) 395-6974, Email address: [email protected]. Please also submit them to FHFA using any of
the following methods:
Email: [email protected]. Please include Proposed
Collection; Comment Request: Affordable Housing Program (AHP) (No.
2013-N-02) 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. 2013-N-02).
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
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telecommunications device for the hearing impaired 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).\1\ 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.\2\
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\1\ See 12 U.S.C. 1430(j)(1) and (2).
\2\ See 12 U.S.C. 1430(j)(5)(C).
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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).\3\
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.\4\ 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.\5\
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.
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\3\ See 12 CFR 1291.5.
\4\ See 12 CFR 1291.6.
\5\ See 12 CFR 1291.6(c)(4).
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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 requirements are found in FHFA's Data Reporting
Manual (DRM).\6\
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\6\ 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).
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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 and non-
member entities that receive or apply for AHP subsidies or grants
through a Bank member.
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
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
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
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
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 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
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
FHFA published a notice requesting comments on renewal of this
information collection on December 26, 2012. See 78 FR 76037. No
comments were received. This notice requests written comments 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 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 Bank members
and AHP applicants and recipients, including through the use of
automated collection techniques or
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other forms of information technology. Comments may be submitted in
writing as instructed above in the Comments section.
Dated: February 25, 2013.
Kevin Winkler,
Chief Information Officer, Federal Housing Finance Agency.
[FR Doc. 2013-04694 Filed 2-27-13; 8:45 am]
BILLING CODE 8070-01-P