Federal Register / Vol. 89, No. 185 / Tuesday, September 24, 2024 / Notices 77969 

DEPARTMENT OF THE TREASURY 

Community Development Financial 

Institutions Fund 

Agency Information Collection 

Activities: Capital Magnet Fund 

Application 

AGENCY: Community Development 

Financial Institutions Fund, Department 

of the Treasury 

ACTION: Notice and Request for Public 

Comment 

SUMMARY: The U.S. Department of the 

Treasury, as part of a continuing effort 

to reduce paperwork and respondent 

burden, invites the general public and 

other Federal agencies to take this 

opportunity to comment on proposed 

and/or continuing information 

collections, as required by the 

Paperwork Reduction Act of 1995 

(PRA). Currently, the Community 

Development Financial Institutions 

Fund (CDFI Fund), U.S. Department of 

the Treasury, is soliciting comments 

concerning the Capital Magnet Fund 

(CMF) Application for the fiscal year 

funding rounds 2025–2027 (hereafter 

the Application). The CDFI Fund is 

required by law to make the Application 

publicly available for comment prior to 

submission for a new PRA number. 

DATES: Written comments must be 

received on or before November 25, 

2024 to be assured of consideration. 

Comments can be submitted 

electronically via the e-Rulemaking 

Portal: www.regulations.gov. 

ADDRESSES: You may submit comments 

concerning the CMF Application via the 

Federal e-Rulemaking Portal at 

www.regulations.gov. Follow the 

instructions on the website for the 

submission of comments. In general, all 

comments will be available for 

inspection at www.regulations.gov. 

Comments, including attachments and 

other supporting materials, are part of 

the public record. Do not submit any 

information in your comments or 

supporting materials that you consider 

confidential or inappropriate for public 

disclosure. Information regarding the 

CDFI Fund and its programs may be 

obtained through the CDFI Fund’s 

website at http://www.cdfifund.gov. 

FOR FURTHER INFORMATION CONTACT: 

Requests for additional information 

should be directed to Andrew Schlack, 

CMF Program Manager, CDFI Fund, U.S. 

Department of the Treasury, 1500 

Pennsylvania Avenue NW, Washington, 

DC 20220, or by email to cmf@

cdfi.treas.gov. 

SUPPLEMENTARY INFORMATION: 

Title: Capital Magnet Fund 

Application. 

OMB Number: 1559–NEW (previously 

covered under OMB Number 1559– 

0036). 

Type of Review: Regular Review. 

Abstract: The Capital Magnet Fund 

(CMF) was established through the 

Housing and Economic Recovery Act of 

2008 (HERA) (Pub. L. 110–289), as a 

competitive Federal financial assistance 

program administered by the CDFI 

Fund. Through CMF, the CDFI Fund 

provides Federal financial assistance to 

Certified Community Development 

Financial Institutions (CDFIs) and 

qualified Nonprofit Organizations that 

have the development or management of 

Affordable Housing, as defined in 12 

CFR 1807, as one of their principal 

purposes. Capitalized terms not defined 

in this Notice (other than titles) have the 

meaning set forth in the CMF Interim 

Rule (12 CFR 1807). CMF Awards must 

be used to attract private financing for 

and increase investment in: (i) the 

Development, Preservation, 

Rehabilitation, and Purchase of 

Affordable Housing for primarily 

Extremely Low-, Very Low-, and LowIncome Families; and (ii) Economic 

Development Activities which, in 

conjunction with Affordable Housing 

Activities, will implement a Concerted 

Strategy to stabilize or revitalize a LowIncome Area or an Underserved Rural 

Area. 

CMF Award Recipients are selected 

through a competitive process involving 

a careful review of their Application for 

program funding. The Application 

requires the submission of quantitative 

data and narrative responses for three 

parts: (1) Business and Leveraging 

Strategy, (2) Community Impact, and (3) 

Organizational Capacity. The Award 

selection process is defined in the 

Notice of Funding Availability (NOFA) 

for each funding round. 

Current Actions: Extension with 

significant changes from currently 

approved collection which was under 

OMB Number 1559–0036. 

Estimated Number of Respondents: 

130 Applications. 

Estimated Annual Time per 

Respondent: 100 hours. 

Estimated Annual Burden Hours: 

13,000 hours. 

Request for Comments: Comments 

submitted in response to this Notice 

will be summarized and/or included in 

the request for Office of Management 

and Budget approval. All comments will 

become a matter of public record and 

may be published on the CDFI Fund 

website at https://www.reginfo.gov. The 

CDFI Fund is seeking input on the CMF 

Application. The Application may be 

obtained on the CMF web page of the 

CDFI Fund’s website at http://

www.cdfifund.gov/requests-forcomments. 

Revisions to the CMF Program 

Application are highlighted in yellow. 

Comments concerning the 

Application are invited on: (a) whether 

the collection of information is 

necessary for the proper performance of 

the functions of the agency, including 

whether the information shall have 

practical utility; (b) the accuracy of the 

agency’s estimate of the burden of the 

collection of information; (c) ways to 

enhance the quality, utility and clarity 

of the information to be collected; (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of technology; (e) estimates of capital or 

start-up costs and costs of operation, 

maintenance and purchase of services 

required to provide information; and (f) 

whether any additional questions or 

factors should be considered as part of 

the CMF Application and/or review 

process. 

To date, the CDFI Fund has solicited 

public comment related to many 

changes incorporated in the proposed 

Application. On July 7, 2023, the CDFI 

Fund published a Request for 

Information (RFI) (88 FR 43414) 

requesting public input related to 

income definitions, the commitment 

process for CMF Award funds, and 

secondary market activity, among other 

issues. Over forty comments were 

received and considered as part of the 

update and revision of the CMF Interim 

Rule. Further, many modifications and 

changes in the proposed Application 

reflect the revised Interim Rule 

published on June 25, 2024 (89 FR 

53004). Comments on the revised 

Interim Rule were solicited and 

submitted by August 26, 2024. 

Therefore, comments on changes, 

modifications, updates, and other 

revisions to the proposed Application 

reflective of the revised Interim Rule are 

welcome but are generally not 

specifically solicited as part of this 

Notice. 

Authority: Public Law 110–289, 12 

CFR 1807. 

Pravina Raghavan, 

Director, Community Development Financial 

Institutions Fund. 

[FR Doc. 2024–21809 Filed 9–23–24; 8:45 am] 

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