This section of the FEDERAL REGISTER

contains regulatory documents having general

applicability and legal effect, most of which

are keyed to and codified in the Code of

Federal Regulations, which is published under

50 titles pursuant to 44 U.S.C. 1510.

The Code of Federal Regulations is sold by

the Superintendent of Documents.

Rules and Regulations Federal Register

32965 

Vol. 87, No. 105 

Wednesday, June 1, 2022 

FEDERAL HOUSING FINANCE 

AGENCY 

12 CFR Parts 1290 and 1291 

RIN 2590–AB08 

Affordable Housing Program— 

Technical Revisions 

AGENCY: Federal Housing Finance 

Agency. 

ACTION: Final rule; technical revisions. 

SUMMARY: The Federal Housing Finance 

Agency (FHFA) is making technical 

revisions to its regulation governing the 

Federal Home Loan Banks’ (Banks) 

Affordable Housing Program (AHP) and 

to related provisions in the Community 

Support Requirements regulation, 

which were both amended by a final 

rule published on November 28, 2018. 

These technical revisions are consistent 

with FHFA’s policy intent, as reflected 

in the preamble discussions of the 2018 

final rule, and do not involve any policy 

changes. 

DATES: This rule is effective July 1, 

2022. 

FOR FURTHER INFORMATION CONTACT: Ted 

Wartell, Manager, Office of Housing and 

Community Investment, 202–649–3157, 

ted.wartell@fhfa.gov; Tiffani Moore, 

Supervisory Policy Analyst, Office of 

Housing and Community Investment, 

202–649–3304, tiffani.moore@fhfa.gov; 

or Marshall Adam Pecsek, Assistant 

General Counsel, Office of General 

Counsel, 202–649–3380, 

marshall.pecsek@fhfa.gov (these are not 

toll-free numbers); Federal Housing 

Finance Agency, 400 7th Street SW, 

Washington, DC 20219. For TTY/TRS 

users with hearing and speech 

disabilities, dial 711 and ask to be 

connected to any of the contact numbers 

above. 

SUPPLEMENTARY INFORMATION: 

I. Summary of Revisions 

On November 28, 2018, FHFA 

published a final rule (2018 final rule) 

(83 FR 61186) that amended its 

regulation governing requirements for 

the Banks’ AHP (12 CFR part 1291). 

Since publication of the 2018 final rule, 

FHFA has identified inadvertent 

omissions in the regulatory text, and 

opportunities for clarification and 

streamlining of the regulatory text and 

preamble language. This rule makes 

these technical revisions, which are 

summarized below and further 

described in Sections II. and III. below. 

• Clarifies that the equation in the 

2018 final rule preamble illustrating the 

pro rata AHP subsidy repayment 

calculation more accurately describes 

the calculation if the word ‘‘occupied’’ 

were replaced with the word ‘‘owned’’; 

• Clarifies in the regulatory text that 

amendments to Bank’s annual Targeted 

Community Lending Plan (TCLP) that 

relate to its AHP must be published no 

later than the publication date of its 

AHP Implementation Plan, regardless of 

whether a Bank plans to establish any 

Targeted Funds, which was 

inadvertently omitted from the 

regulatory text; 

• Reinserts the word ‘‘construction’’ 

inadvertently omitted from various 

places in the regulatory text related to 

owner-occupied units constructed with 

AHP subsidy, as they continue to be 

subject to the AHP retention agreement 

requirement; 

• Clarifies in the regulatory text that 

the criteria in a Bank’s scoring tiebreaker methodology for its General 

Fund and any Targeted Funds must be 

selected from the applicable Fund’s 

scoring criteria, as in identical to the 

scoring criteria and not modified 

versions of them; 

• Reinserts inadvertently omitted 

regulatory text exempting the Banks 

from the requirement to review annual 

certifications from owners or sponsors 

of Low-Income Housing Tax Credit 

(LIHTC) projects during the AHP longterm monitoring period; 

• Clarifies in the regulatory text that 

a Bank must review all annual 

certifications from AHP project sponsors 

or owners during the AHP long-term 

monitoring period (subject to certain 

exceptions), i.e., a Bank may not use a 

risk-based sampling plan to select the 

certifications it will review; 

• Clarifies the regulatory text 

governing a Bank’s authority to establish 

various maximum AHP subsidy limits 

for its General Fund and any Targeted 

Funds; and 

• Streamlines the regulatory text by 

eliminating a superfluous regulatory 

provision on non-delegation regarding 

adoption of Bank policies on re-use of 

repaid AHP direct subsidies. 

II. Clarification of Equation in 2018 

Final Rule Preamble Illustrating Pro 

Rata AHP Subsidy Repayment 

Calculation—§ 1291.15(a)(7)(v)(A) 

Section 1291.15(a)(7)(v)(A) of the 

2018 final rule revised the methodology 

for calculating the amount of AHP 

subsidy to be repaid by an AHP-assisted 

household in the event that the 

household’s owner-occupied unit is 

sold or refinanced during the AHP fiveyear retention period. One component 

of this calculation, retained but 

modified from the predecessor AHP 

regulation, is a requirement that the 

amount of AHP subsidy to be repaid be 

‘‘reduced on a pro rata basis per month 

until the unit is sold, transferred, or its 

title or deed transferred, or is 

refinanced, during the AHP five-year 

retention period.’’ Consistent with this 

requirement, the preamble of the 2018 

final rule stated that the AHP subsidy 

amount is to be ‘‘reduced on a pro rata 

basis for the time that the household 

owned the unit until its sale or 

refinancing.’’ 83 FR 61203 (emphasis 

added). An equation in the preamble 

illustrating this pro rata calculation 

used the word ‘‘occupied’’ rather than 

‘‘owned.’’ Id. While ownership and 

occupancy are typically coextensive for 

AHP-assisted households, this may not 

always be the case. Accordingly, the 

equation reads more accurately if the 

word ‘‘occupied’’ is replaced with the 

word ‘‘owned’’, as follows: 


jspears on DSK121TN23PROD with RULES1
32966 Federal Register / Vol. 87, No. 105 / Wednesday, June 1, 2022 / Rules and Regulations 

1 See Questions and Answers on the November 

28, 2018 Final Rule—Part I (July 2019), available at 

https://www.fhfa.gov/PolicyProgramsResearch/

Programs/AffordableHousing/Documents/ 

OHCI%20-%20QA.pdf. 

III. Revisions to Regulatory Text 

A. Requirement To Publish Targeted 

Community Lending Plan No Later Than 

Publication of AHP Implementation 

Plan—§§ 1290.6(c), 1291.13(a)(2) 

The 2018 final rule requires that a 

Bank publish its current TCLP on its 

publicly available website, and publish 

any amendments to its TCLP on the 

website within 30 days after the date of 

their adoption by the Bank’s board of 

directors. The final rule further states 

that if a Bank plans to establish any 

Targeted Funds under its AHP, the Bank 

must publish its TCLP (as amended) on 

its website on or before the date of 

publication of its annual AHP 

Implementation Plan, and at least 90 

days before the first day that 

applications may be submitted to the 

Targeted Fund, unless the Targeted 

Fund is specifically targeted to address 

a Federal- or state-declared disaster. 12 

CFR 1290.6(c), 1291.13(a)(2). 

The preamble to the 2018 final rule 

stated that ‘‘. . . the final rule requires 

the Banks to publish their TCLPs no 

later than the publication date of their 

AHP Implementation Plans.’’ 83 FR 

61197. The 2018 final rule’s regulatory 

text inadvertently omitted this TCLP 

publication timing requirement when a 

Bank does not plan to establish any 

Targeted Funds. Accordingly, to align 

the regulatory text with FHFA’s stated 

intent, FHFA is amending § 1290.6(c) of 

the Community Support Requirements 

regulation and § 1291.13(a)(2) of the 

AHP regulation to require that a Bank’s 

TCLP (as amended) must be published 

no later than the date of publication of 

the Bank’s AHP Implementation Plan 

(as amended), regardless of whether a 

Bank plans to establish any Targeted 

Funds. Because a Bank’s TCLP also 

addresses Bank activity and plans not 

related to its AHP (e.g., establishment of 

quantitative targeted community 

lending performance goals under 

§ 1290.6(a)(5)(iv)), these amendments to 

the rule text specify that only those 

TCLP amendments related to the Bank’s 

AHP must be published on or before 

publication of the annual AHP 

Implementation Plan. 

B. Retention Agreements on OwnerOccupied Units Constructed With AHP 

Subsidy—§§ 1291.1 (Definition of 

‘‘Retention Period’’), 1291.15(a)(7), 

1291.23(d)(1) 

In several places in the 2018 final 

rule’s regulatory text, the rule requires 

or references a requirement that an 

AHP-assisted owner-occupied unit be 

subject to an AHP retention agreement 

if the AHP subsidy is used for the 

purchase, or purchase in conjunction 

with rehabilitation, of the unit, but 

inadvertently omits the word 

‘‘construction’’ in these provisions. This 

omission would suggest that AHP 

retention agreements are not required 

where AHP subsidy is used for 

construction of the unit. Omission of the 

word ‘‘construction’’ is correct with 

respect to households that receive AHP 

subsidy under the Bank’s 

homeownership set-aside programs, as 

AHP subsidy may not be used for 

construction under those programs. 

However, the omission is not correct 

where AHP subsidy is used for 

construction under the Banks’ 

competitive application programs (i.e., 

the General Fund and any Targeted 

Funds), a permissible use under those 

programs. As further discussed below, 

FHFA did not intend to eliminate this 

requirement for AHP retention 

agreements for the competitive 

application programs. In a July 2019 

‘‘Questions and Answers’’ document 

posted on FHFA’s website and sent to 

the Banks, FHFA acknowledged this 

inadvertent omission and stated its 

intent to correct the error in a future 

rule.1

The predecessor AHP regulation 

required retention agreements for all 

owner-occupied units for which AHP 

subsidy use was authorized—i.e., 

purchase, rehabilitation, or construction 

of units in projects awarded subsidies 

under a Bank’s competitive application 

program, and purchase or rehabilitation 

of units by households funded under a 

Bank’s homeownership set-aside 

program(s). 12 CFR 1291.9(a)(7) (Jan. 1, 

2018 edition). In its proposed rule to 

amend the AHP regulation, FHFA 

proposed eliminating the requirement 

for retention agreements for all AHPassisted owner-occupied units, 

regardless of how the AHP subsidy was 

used. 83 FR 11351. However, in the 

2018 final rule, FHFA decided to 

eliminate the requirement for retention 

agreements only where the AHP subsidy 

is used solely for rehabilitation without 

an accompanying purchase. In 

reinserting the retention agreement 

language in the final rule, FHFA 

inadvertently omitted the existing 

regulatory references to ‘‘construction.’’ 

FHFA’s intent in this regard is clear 

in the preamble discussion in the 2018 

final rule. Where the preamble first 

summarizes the effect of the final rule, 

it states that the rule’s effect is to 

‘‘remove the requirement for retention 

agreements for owner-occupied units 

where the AHP subsidy is used solely 

for rehabilitation,’’ and includes no 

indication of an intent to remove the 

requirement under any other 

circumstances. Id. at 61186. The 

preamble further states that ‘‘[i]n a 

change from the proposed rule, the final 

rule eliminates the current requirement 

for owner-occupied retention 

agreements where households use the 

AHP subsidy solely for rehabilitation of 

a unit, but retains it in other 

circumstances.’’ Id. at 61192 (emphases 

added). This is further indicated by the 

subsequent analysis in the preamble, 

which acknowledges commenters’ 

claims about the benefits of owneroccupied retention agreements, but only 

includes a justification for eliminating 

the requirement where the subsidy is 

used solely for rehabilitation without an 

accompanying purchase. See id. at 

61193 (concluding that abuse, in the 

form of ‘‘flipping,’’ is unlikely ‘‘where 

the AHP subsidy is used solely for 

rehabilitation of homes, with no 

accompanying purchase.’’) Had FHFA 

intended to eliminate the requirement 

for retention agreements for owneroccupied units where the AHP subsidy 

is used for construction, the preamble 

would have included an 

acknowledgment of this change as well 

as a rationale, neither of which appears 

in the preamble. 

Accordingly, to align the regulatory 

text with FHFA’s intent, FHFA is 

amending § 1291.23(d)(1) to reinsert 

construction as a use of AHP subsidy in 

owner-occupied projects for which AHP 

retention agreements are required, and 


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Federal Register / Vol. 87, No. 105 / Wednesday, June 1, 2022 / Rules and Regulations 32967 

2 See Questions and Answers on the November 

28, 2018 Final Rule—Part I (July 2019), available at 

https://www.fhfa.gov/PolicyProgramsResearch/ 

Programs/AffordableHousing/Documents/ 

OHCI%20-%20QA.pdf. 

also making conforming revisions to 

§§ 1291.1 (definition of ‘‘retention 

period’’) and 1291.15(a)(7) (introductory 

text). 

C. Scoring Tie-Breaker Methodology— 

§ 1291.25(c)(3) 

The 2018 final rule requires a Bank to 

establish and implement a scoring tiebreaker policy for selecting between or 

among project applications receiving 

identical scores under its General Fund 

and any Targeted Funds in the same 

funding round when there is 

insufficient AHP subsidy to approve all 

of the tied applications but sufficient 

subsidy to approve one of them. The 

Bank is required to meet certain 

requirements specified in the final rule 

in establishing its scoring tie-breaker 

policy, including that the methodology 

used to break a scoring tie, which may 

differ for each Fund, must be ‘‘drawn 

from’’ the particular Fund’s scoring 

criteria adopted in the Bank’s AHP 

Implementation Plan. 12 CFR 

1291.25(c)(3). The preamble to the 2018 

final rule states that, with one limited 

exception, the scoring tie-breaker 

requirements are ‘‘consistent with 

guidance FHFA has provided to the 

Banks and with the proposed rule.’’ 83 

FR 61212. That guidance, Advisory 

Bulletin 2013–06, provided examples of 

permitted scoring tie-breaker 

methodologies that a hypothetical Bank 

could adopt, each of which incorporated 

scoring criteria identical to those 

included in the hypothetical Bank’s 

AHP Implementation Plan. 

A question has arisen as to whether 

the scoring tie-breaker provision in the 

2018 final rule permits a Bank to adopt 

a scoring tie-breaker methodology that 

incorporates scoring criteria similar, but 

not identical, to specific scoring criteria 

for the applicable Fund in the Bank’s 

AHP Implementation Plan. As indicated 

in the preamble to the 2018 final rule, 

in light of the relevant guidance in 

Advisory Bulletin 2013–06, FHFA 

intended that a Bank’s scoring tiebreaker methodology for a particular 

Fund be identical to one or more scoring 

criteria for that Fund in the Bank’s AHP 

Implementation Plan. The phrase 

‘‘drawn from’’ was intended to indicate 

that a Bank would select, from all of the 

existing scoring criteria in its AHP 

Implementation Plan, one or more of 

those scoring criteria to serve as the 

scoring tie-breaker(s). It was not 

intended that a Bank could use 

modified versions of its existing scoring 

criteria. 

Accordingly, to more closely align the 

regulatory text with FHFA’s intent, 

FHFA is amending § 1291.25(c)(3) by 

replacing the phrase ‘‘drawn from’’ with 

the phrase ‘‘selected from.’’ 

D. Exception to Annual Certification 

Requirement for LIHTC Projects During 

Long-Term Monitoring; Clarification 

That a Bank May Not Conduct RiskBased Sampling of Annual Project 

Sponsor or Owner Certifications During 

the Long-Term Monitoring Period— 

§ 1291.50(c)(1)(i), (c)(2)(ii); Exception to 

Annual Certification Requirement for 

LIHTC Projects 

Section 1291.50(c)(1) of the 2018 final 

rule requires generally that each Bank 

conduct long-term monitoring of AHPassisted rental projects for the duration 

of the AHP 15-year retention period. 

This monitoring includes Bank review 

of annual certifications by project 

sponsors or owners of compliance with 

the AHP household income and rent 

requirements and ongoing project 

financial viability (paragraph (c)(1)(i)). 

The predecessor AHP regulation 

provided for an exception to this annual 

certification requirement where the 

project received LIHTCs under 

paragraph (a)(2), or where the project 

received funds from a Federal, state or 

local government entity under 

paragraph (a)(3). 12 CFR 1291.7(a)(2), (3) 

(Jan. 1, 2018 edition). The 2018 final 

rule retained the exception for projects 

receiving funds from such government 

entities in § 1291.50(b), but in 

reorganizing the various monitoring 

provisions, inadvertently omitted the 

exception for LIHTC projects from 

§ 1291.50(c)(1)(i). FHFA’s intent to 

retain this exception for LIHTC projects 

is clearly indicated in the preamble of 

the 2018 final rule, which states that: 

‘‘[c]onsistent with the current regulation 

and proposed rule, the final rule does 

not require the Banks to conduct longterm monitoring of AHP projects that 

received LIHTCs during the AHP 15- 

year retention period.’’ 83 FR 61201. In 

the above-referenced ‘‘Questions and 

Answers’’ guidance document, FHFA 

acknowledged this inadvertent omission 

and stated its intent to correct it in a 

future rule.2

Accordingly, to align the regulatory 

text with FHFA’s stated intent, FHFA is 

amending § 1291.50(c)(1)(i) to provide 

that during long-term monitoring of 

AHP-assisted rental projects, a Bank is 

not required to review annual 

certifications by sponsors or owners of 

LIHTC projects. 

Scope of risk-based sampling. Section 

1291.50(c)(1)(ii) of the 2018 final rule 

requires that a Bank’s written 

monitoring policies also include 

requirements for Bank review of backup project documentation regarding 

household incomes and rents 

maintained by the project sponsor or 

owner, except for LIHTC projects and 

projects that received funds from a 

Federal, state or local government entity 

under § 1291.50(b)(1) and (2) as 

specified in separate FHFA guidance. 

Section 1291.50(c)(2)(ii) provides that a 

Bank may use a reasonable, risk-based 

sampling plan to select the rental 

projects ‘‘to be monitored under this 

paragraph (c),’’ and to review the backup project documentation and any other 

project documentation. The 

corresponding provision in the 

predecessor AHP regulation included 

annual project sponsor or owner 

certifications as eligible for risk-based 

sampling, but this option was removed 

by the 2018 final rule because, in 

practice, as noted in the preamble to the 

2018 AHP proposed rule, the Banks 

review all annual project sponsor or 

owner certifications (subject to the 

exceptions discussed above), consistent 

with FHFA’s expectation. 83 FR 11364. 

However, the phrase ‘‘to be monitored 

under this paragraph (c)’’ in 

§ 1291.50(c)(2)(ii) might be misread to 

suggest that a Bank may use a risk-based 

sampling plan to select the annual 

project sponsor or owner certifications it 

will review. 

Accordingly, to better align the 

regulatory text with FHFA’s intent, 

FHFA is amending § 1291.50(c)(1)(i) to 

provide that during AHP long-term 

monitoring, a Bank must review all 

annual project sponsor or owner 

certifications (subject to the exceptions 

discussed above), i.e., a Bank may not 

use a risk-based sampling plan under 

§ 1291.50(c)(2)(ii) to select the annual 

project sponsor or owner certifications it 

will review. 

E. Maximum Subsidy Limits— 

§ 1291.24(c)(1) 

Section 1291.24(c)(1) of the 2018 final 

rule authorizes a Bank to establish, in its 

discretion, a limit on the maximum 

amount of AHP subsidy available per 

member, per project sponsor, per 

project, or per project unit in a single 

AHP funding round under its General 

Fund and any Targeted Funds. The 

provision further states that a Bank may 

establish only one maximum subsidy 

limit per such entity for the General 

Fund and for each Targeted Fund, 

which must apply to all applicants to 

the specific Fund, but the maximum 

subsidy limit per project or per project 

unit may differ among the Funds. 


jspears on DSK121TN23PROD with RULES1
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3 FHFA provided clarifying guidance in an April 

2020 ‘‘Questions and Answers’’ document posted 

on its website and sent to the Banks. See Questions 

and Answers on the November 28, 2018 Final 

Rule—Part II (April 2020), available at https:// 

www.fhfa.gov/PolicyProgramsResearch/Programs/ 

AffordableHousing/Documents/AHP-FAQs-4-6- 

2020.pdf. 

The text of § 1291.24(c)(1) accurately 

reflects FHFA’s intent, but prompted a 

request for clarification of the language, 

specifically, how many different AHP 

subsidy limits may a Bank establish 

within each General Fund and Targeted 

Fund, or across multiple Funds. FHFA’s 

intent was not to prohibit a Bank from 

establishing more than one type of limit 

per Fund, but to require that for each 

type established, the quantitative 

subsidy limit be applied uniformly 

across such Fund.3 Nor did the 

predecessor AHP regulatory text, which 

was located at § 1291.5(c)(15)(i), 

prohibit a Bank from applying more 

than one type of subsidy limit to its 

competitive application program, and 

FHFA did not propose such a 

prohibition in the 2018 proposed rule. 

Accordingly, to provide greater 

clarity, FHFA is adding explanatory 

language in § 1291.24(c)(1) stating that 

each General Fund or Targeted Fund 

may contain up to all four of these 

optional AHP subsidy limits, each of 

which must apply to all applicants to 

the specific Fund. A Bank’s AHP 

subsidy limit per member must be the 

same for each of its Funds and its AHP 

subsidy limit per project sponsor must 

be the same for each of its Funds, but 

a Bank’s AHP subsidy limit per project 

and per project unit may differ among 

the Funds. 

F. Removal of Superfluous Provision on 

Non-Delegation of Authority To Adopt 

AHP Subsidy Re-Use Policies— 

§ 1291.64(b)(2) 

Section 1291.64(b)(2) of the 2018 final 

rule, which was retained from the 

predecessor AHP regulation (12 CFR 

1291.8(f)(2)(ii) (Jan. 1, 2018 edition)), 

prohibits a Bank’s board of directors 

from delegating to Bank officers or other 

Bank employees the responsibility to 

adopt any Bank policies on re-use of 

repaid AHP direct subsidies in the same 

project. Sections 1291.13(b)(12) and 

1291.64(b)(1) of the 2018 final rule, also 

retained from the predecessor AHP 

regulation (12 CFR 1291.3(a)(7); 

1291.8(f)(2)(i) (Jan. 1, 2018 edition)), 

require that these AHP subsidy re-use 

policies be included in the Bank’s AHP 

Implementation Plan. Section 

1291.13(b) of the 2018 final rule 

(introductory text) prohibits a Bank’s 

board of directors from delegating to a 

committee of the board, Bank officers, or 

other Bank employees the responsibility 

for adopting or amending the Bank’s 

AHP Implementation Plan, which, thus, 

includes adopting any AHP subsidy reuse policies in the Plan. The nondelegation provision for AHP subsidy 

re-use policies in § 1291.64(b)(2) is, 

therefore, superfluous. 

Accordingly, to streamline the 

regulatory text, FHFA is removing the 

non-delegation provision in 

§ 1291.64(b)(2), and making technical 

changes to the paragraph numbering in 

§ 1291.64(b) to reflect this removal. 

IV. Public Notice and Comment 

The Administrative Procedures Act 

provides that when an agency for good 

cause finds that public notice and 

comment on a rule are impracticable, 

unnecessary, or contrary to the public 

interest, the agency may publish the 

rule in final form without prior public 

notice and comment. 5 U.S.C. 553(b)(B). 

Because this rule makes technical 

revisions that do not reflect any changes 

in the policy intent of the 2018 final 

rule, publication of proposed 

amendments with an opportunity for 

public comment would serve no useful 

public purpose. Accordingly, FHFA 

finds that public notice and comment 

on this rule is unnecessary and is 

proceeding directly to a final rule. 

V. Consideration of Differences 

Between the Banks and Enterprises 

Section 1313(f) of the Federal Housing 

Enterprises Financial Safety and 

Soundness Act of 1992 requires the 

FHFA Director, when promulgating 

regulations ‘‘of general applicability and 

future effect’’ relating to the Banks, to 

consider the differences between the 

Banks and Fannie Mae and Freddie Mac 

(the Enterprises) as they may relate to 

the Banks’ cooperative ownership 

structure, mission of providing liquidity 

to members, affordable housing and 

community development mission, 

capital structure, and joint and several 

liability. 12 U.S.C. 4513(f). This rule 

applies only to the Banks. It makes 

technical revisions to align the 2018 

final rule with FHFA’s policy intent in 

that rule. In preparing the 2018 final 

rule, the Director considered the 

differences between the Banks and the 

Enterprises as they relate to the above 

factors, and determined that the 

amendments in the 2018 final rule were 

positive for the affordable housing 

mission of the Banks and neutral 

regarding the other statutory factors. 

Because this rule makes only technical 

revisions, none of which involves policy 

changes, no further analysis is needed 

under section 1313(f). 

VI. Regulatory Determinations 

A. Paperwork Reduction Act 

This rule does not contain any 

information collection requirement that 

would require the approval of the Office 

of Management and Budget (OMB) 

under the Paperwork Reduction Act 

(PRA) (44 U.S.C. 3501 et seq.). 

Therefore, FHFA has not submitted any 

information to OMB for review for PRA 

purposes. 

B. Regulatory Flexibility Act 

The Regulatory Flexibility Act (5 

U.S.C. 601 et seq.) requires that a 

regulation that has a significant 

economic impact on a substantial 

number of small entities, small 

businesses, or small organizations must 

include an initial regulatory flexibility 

analysis describing the regulation’s 

impact on small entities. Such an 

analysis need not be undertaken if the 

agency has certified that the regulation 

will not have a significant economic 

impact on a substantial number of small 

entities. 5 U.S.C. 605(b). FHFA certified 

that the 2018 final rule was not likely 

to have a significant economic impact 

on a substantial number of small entities 

because it applied to the Banks, which 

are not small entities for purposes of the 

Regulatory Flexibility Act. 83 FR 61231. 

For these same reasons, and also 

because this rule makes only technical 

revisions to align the 2018 final rule 

with FHFA’s policy intent in that rule, 

FHFA certifies that this rule is unlikely 

to have a significant economic impact 

on a substantial number of small 

entities. 

C. Congressional Review Act 

In accordance with the Congressional 

Review Act (5 U.S.C. 801 et seq.), FHFA 

has determined that this rule is not a 

major rule and has verified this 

determination with the Office of 

Information and Regulatory Affairs of 

the OMB. 

List of Subjects 

12 CFR Part 1290 

Banks and banking, Credit, Federal 

home loan banks, Housing, Mortgages, 

Reporting and recordkeeping 

requirements. 

12 CFR Part 1291 

Community development, Credit, 

Federal home loan banks, Housing, 

Low- and moderate-income housing, 

Mortgages, Reporting and recordkeeping 

requirements. 

For the reasons stated in the 

preamble, FHFA amends parts 1290 and 

1291 of title 12 of the Code of Federal 

Regulations as follows: 


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PART 1290–COMMUNITY SUPPORT 

REQUIREMENTS 

■ 1. The authority citation for part 1290 

continues to read as follows: 

Authority: 12 U.S.C. 1430(g). 

■ 2. Amend § 1290.6 by revising 

paragraph (c) to read as follows: 

§ 1290.6 Bank community support 

programs. 

* * * * * 

(c) Public access. A Bank shall 

publish its current Targeted Community 

Lending Plan on its publicly available 

website, and shall publish any 

amendments to its Targeted Community 

Lending Plan on the website within 30 

days after the date of their adoption by 

the Bank’s board of directors and no 

later than the date of publication on the 

website of its annual Affordable 

Housing Program Implementation Plan 

(as amended). If such amendments 

relate to the Bank’s Affordable Housing 

Program, the Bank shall publish them 

no later than the date of publication on 

its website of its annual Affordable 

Housing Program Implementation Plan 

(as amended). If a Bank plans to 

establish any Targeted Funds under its 

Affordable Housing Program, the Bank 

must publish its Targeted Community 

Lending Plan (as amended) on the 

website at least 90 days before the first 

day that applications may be submitted 

to the Targeted Fund, unless the 

Targeted Fund is specifically targeted to 

address a Federal- or State-declared 

disaster. 

PART 1291—FEDERAL HOME LOAN 

BANKS’ AFFORDABLE HOUSING 

PROGRAM 

■ 3. The authority citation for part 1291 

continues to read as follows: 

Authority: 12 U.S.C. 1430(j). 

§ 1291.1 [Amended] 

■ 4. Amend § 1291.1 in paragraph (1) of 

the definition of ‘‘Retention period’’ by: 

■ a. Removing ‘‘unit or’’ and adding in 

its place ‘‘unit,’’; and 

■ b. Adding ‘‘, or for construction of the 

unit’’ before ‘‘; and’’. 

■ 5. Amend § 1291.13 by revising 

paragraph (a)(2) to read as follows: 

§ 1291.13 Targeted Community Lending 

Plan; AHP Implementation Plan. 

(a) * * * 

(2) Public access. A Bank shall 

publish its current Targeted Community 

Lending Plan on its publicly available 

website, and shall publish any 

amendments to its Targeted Community 

Lending Plan on the website within 30 

days after the date of their adoption by 

the Bank’s board of directors and no 

later than the date of publication on the 

website of its annual AHP 

Implementation Plan (as amended). If 

such amendments relate to the Bank’s 

AHP, the Bank shall publish them no 

later than the date of publication on its 

website of its annual AHP 

Implementation Plan (as amended). If a 

Bank plans to establish any Targeted 

Funds under its AHP, the Bank must 

publish its Targeted Community 

Lending Plan (as amended) on the 

website at least 90 days before the first 

day that applications may be submitted 

to the Targeted Fund, unless the 

Targeted Fund is specifically targeted to 

address a Federal- or State-declared 

disaster. 

* * * * * 

§ 1291.15 [Amended] 

■ 6. Amend § 1291.15 in paragraph 

(a)(7) introductory text by: 

■ a. Removing ‘‘or purchase’’ and 

adding in its place ‘‘for purchase’’; and 

■ b. Adding ‘‘or for construction’’ after 

‘‘rehabilitation,’’. 

§ 1291.23 [Amended] 

■ 7. Amend § 1291.23 in paragraph 

(d)(1) by: 

■ a. Removing ‘‘or for purchase’’ and 

adding in its place ‘‘for purchase’’; and 

■ b. Adding ‘‘or for construction’’ after 

‘‘rehabilitation,’’. 

■ 8. Amend § 1291.24 in paragraph 

(c)(1) by revising the second sentence 

and adding a third sentence to read as 

follows: 

§ 1291.24 Eligible uses. 

* * * * * 

(c) * * * 

(1) * * * Each General Fund or 

Targeted Fund may contain up to all 

four of these optional AHP subsidy 

limits, each of which must apply to all 

applicants to the specific Fund. A 

Bank’s AHP subsidy limit per member 

must be the same for each of its Funds 

and its AHP subsidy limit per project 

sponsor must be the same for each of its 

Funds, but a Bank’s AHP subsidy limit 

per project and per project unit may 

differ among the Funds * * * 

* * * * * 

§ 1291.25 [Amended] 

■ 9. Amend § 1291.25 in paragraph 

(c)(3) by removing the word ‘‘drawn’’ 

and adding in its place the word 

‘‘selected’’. 

§ 1291.50 [Amended] 

■ 10. Amend § 1291.50 in paragraph 

(c)(1)(i) by removing the words ‘‘Bank 

review of annual certifications by 

project sponsors or owners to the Bank’’ 

and adding in their place the words 

‘‘Bank review of all annual certifications 

to the Bank by project sponsors or 

owners, other than sponsors or owners 

of projects that have been allocated 

LIHTCs,’’. 

§ 1291.64 [Amended] 

■ 11. Amend § 1291.64 by: 

■ a. Removing paragraph (b)(2) and the 

heading for paragraph (b)(1). 

■ b. Redesignating paragraphs (b)(1) 

introductory text and (b)(1)(i), (ii), and 

(iii) as paragraphs (b) introductory text 

and (b)(1), (2), and (3), respectively. 

Sandra L. Thompson, 

Acting Director, Federal Housing Finance 

Agency. 

[FR Doc. 2022–11543 Filed 5–31–22; 8:45 am] 

BILLING CODE 8070–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

14 CFR Part 39 

[Docket No. FAA–2022–0517; Project 

Identifier MCAI–2021–00356–R; Amendment 

39–22047; AD 2022–10–09] 

RIN 2120–AA64 

Airworthiness Directives; Airbus 

Helicopters 

AGENCY: Federal Aviation 

Administration (FAA), DOT. 

ACTION: Final rule; request for 

comments. 

SUMMARY: The FAA is adopting a new 

airworthiness directive (AD) for Airbus 

Helicopters Model SA–365C1 and SA– 

365C2 helicopters. This AD was 

prompted by a Model EC225 helicopter 

accident and subsequent investigation 

that determined that the level of 

particles in certain main gearboxes 

(MGB) could lead to a planet gear 

seizure. This AD requires inspecting the 

MGB magnetic plugs and oil filter for 

particles and, depending on the 

outcome of the inspections, further 

inspections and replacing certain parts, 

as specified in a European Union 

Aviation Safety Agency (EASA) AD, 

which is incorporated by reference. The 

FAA is issuing this AD to address the 

unsafe condition on these products. 

DATES: This AD becomes effective June 

16, 2022. 

The Director of the Federal Register 

approved the incorporation by reference 

of a certain publication listed in this AD 

as of June 16, 2022. 

The FAA must receive comments on 

this AD by July 18, 2022. 


jspears on DSK121TN23PROD with RULES1