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OMB Control No: 1559-0036	ICR Reference No: 201002-1559-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/CDFIF	Agency Tracking No:
Title: Capital Magnet Fund Application
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 02/19/2010
OIRA Conclusion Action: Approved without change	Conclusion Date: 03/01/2010
	Date Received in OIRA: 02/17/2010
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	09/30/2010	6 Months From Approved
Responses	250	0	0
Time Burden (Hours)	12,500	0	0
Cost Burden (Dollars)	0	0	0

Abstract: Under the Capital Magnet Fund (CMF) the Community Development Financial Institutions (CDFI) Fund will provide competitively awarded grants to CDFIs and qualified nonprofit housing organizations to finance affordable housing and related community development projects.

Emergency Justfication: The Community Development Financial Institutions (CDFI) Fund is requesting emergency Paperwork Reduction Act (PRA) clearance of the FY 2010 Capital Magnet Fund Application. The attached clearance package includes the application and supporting tables and instructions. Under the CMF, the CDFI Fund will provide competitively awarded grants to CDFIs and qualified nonprofit housing organizations to finance affordable housing and related community development projects. The CMF was authorized in July of 2008 under Section 1339 of the Housing and Economic Recovery Act of 2008 (Pub. L. 110-289): $80 million has been appropriated for this program through the Omnibus Appropriations Act of 2010. In order to expeditiously announce and distribute funds for this program, which is an important component in the housing and economic recovery and has been identified as a high priority by OMB, the CDFI Fund is requesting consideration under an emergency clearance at this time. The CDFI Fund shall provide for a public comment period under the normal PRA clearance process prior to the expiration date assigned by OMB. The CDFI Fund plans to award CMF grants within six months of application receipt. It is the goal of the CDFI Fund to publish the FY 2010 Notice of Funds Availability and Application by February 25, 2010. The Application deadline will be April 8, 2010, and the CDFI Fund hopes to announce the award recipients by September 2010. The pool of CMF applicants is anticipated to be broad. The CDFI Fund anticipates that approximately 250 CMF applications will be submitted, and that approximately 10-20 awards will be made totaling approximately $80 million. The total hour burden of this information collection is estimated 50 hours per applicant. Given the public comments and outreach that helped inform the application, including consultation with other Federal agencies, the CDFI Fund does not expect a full PRA process to yield any revisions to the existing materials. This clearance package includes a draft of the Capital Magnet Fund Application. The CDFI Fund published a Request for Public Comments in the Federal Register on March 6, 2009, on the design, implementation, and administration of the CMF, with comments due on May 5, 2009. It received 36 responses, of which 22 were unique. Input was also solicited from the Department of Agricultures Rural Development office and Housing and Urban Developments Community Planning and Development office. Those comments are reflected in the final application. There were no specific comments provided on the potential burden.

Authorizing Statute(s): PL: Pub.L. 110 - 289 1339 Name of Law: Housing & Economic Recovery Act of 2008

Citations for New Statutory Requirements: None

Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

Federal Register Notices & Comments
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Capital Magnet Fund Application	CDFI Form 0003, CDFI Form 0003	,

ICR Summary of Burden

	Total Approved	Change Due to Agency Discretion
Annual Number of Responses	250	250
Annual Time Burden (Hours)	12,500	12,500
Annual Cost Burden (Dollars)	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: This is the first year of the program and a new collection.

Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? Uncollected

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Uncollected

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? Yes

Is this ICR related to the Pandemic Response? Uncollected

Agency Contact: Matt Josephs 202 622-9254 josephsm@cdfi.treas.gov

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