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OMB Control No: 1559-0036	ICR Reference No: 201606-1559-002
Status: Historical Active	Previous ICR Reference No: 201511-1559-002
Agency/Subagency: TREAS/CDFIF	Agency Tracking No:
Title: Capital Magnet Fund Forms
Type of Information Collection: Revision of a currently approved collection	Common Form ICR: No
Type of Review Request: Emergency	Approval Requested By: 06/30/2016
OIRA Conclusion Action: Approved without change	Conclusion Date: 02/17/2017
	Date Received in OIRA: 06/29/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	08/31/2017	6 Months From Approved	02/28/2017
Responses	255	0	250
Time Burden (Hours)	22,200	0	12,500
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 CDFI Fund requests an Emergency PRA Review for OMB Control Number 1559-0036, Capital Magnet Fund Application, in our effort to update the application to be responsive to public comments in light of the recent application round and publication of an updated Interim Rule. The CDFI Fund published the Notice of Funds Availability (NOFA) inviting applications for the FY 2016 Capital Magnet Fund funding round on February 8, 2016 as well as the revised Interim Rule. Although the NOFA required Applications to be submitted by March 30, 2016, there was public demand to extend the comment period for the Interim Rule. In response to public demand, the CDFI Fund published a Federal Register Notice on March 17, 2016 announcing the extension of the comment period on the Interim Rule until May 8, 2016. As a result, the CDFI Fund did not receive a comprehensive understanding of public needs for Capital Magnet Fund Information Collections until early May. This delayed the CDFI Fund’s ability to publish the 60 day notice for public comment in timely fashion and to meet the deadline for publishing the 30 day notice for the OMB comment period. Additionally, in December 2015, the CDFI Fund intentionally discontinued OMB #1559-0043, the Annual Report, with the intention for the Annual Report to be updated to be in alignment with the Application associated with NOFA and Interim Rule that implements the Capital Magnet Fund. Due to the extension for public comments on the Interim Rule, it was not possible for the CDFI Fund to submit the 60-day notice for public comment in enough time to meet the deadline to submit the 30-day notice for OMB. For these reasons, the CDFI Fund seeks an Emergency PRA Review to renew OMB #1559-0036, the Application, and reinstate the #1559-0043, Annual Report, under OMB #1559-0036, to prevent further lapses in data collections that are necessary to reduce potential fraud, waste, and abuse of Federal award funds.

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
60-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 35815	06/03/2016
Did the Agency receive public comments on this ICR? No

Number of Information Collection (IC) in this ICR: 2

IC Title	Form No.	Form Name
CMF Annual Report	CMF 002
Capital Magnet Fund Application	201511

ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to Agency Discretion
Annual Number of Responses	255	250	5
Annual Time Burden (Hours)	22,200	12,500	9,700
Annual Cost Burden (Dollars)	0	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: The burden for completing CMF-related forms increased for two reasons: 1) more realistic estimates related to completing the Application; and 2) the addition of the Annual Report to the ICR. Although the number of applicants decreased to 200 from 250, the number of hours to complete the ICR increased from 50 to 100 for a total of 20000 hours. Of the 150 applicants, approximately 55 receive awards and must complete the Annual Report. The Annual Report takes each Recipient Approximately 40 hours to complete for a total of 2200 hours. Therefore, the total for both ICRs is 22000.

Annual Cost to Federal Government: $0

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]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

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: Dan Aiello 202 653-0401 aiellod@cdfi.treas.gov

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