DEPARTMENT OF THE TREASURY
Submission for OMB Review; Comment Request
Community Development Financial Institutions (CDFI) Fund
Type of Review:New collection.
Title:Capital Magnet Fund Reporting.
Abstract:The purpose of the Capital Magnet Fund (CMF) program is to competitively award grants to certified Community Development Financial Institutions (CDFIs) and qualified nonprofit housing organizations to attract and leverage other finance resources towards the support of 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), and $80 million was appropriated for this initiative under the Consolidated Appropriations Act of 2010 (Pub. L. 111-117). Twenty-three Awardees were competitively selected after a careful review of their program applications. These Awardees entered into Assistance Agreements with the CDFI Fund that set forth certain required terms and conditions of the award, including reporting and data collection requirements. The Assistance Agreement requires the collection of annual reports that are used to collect information for compliance monitoring and program evaluation purposes. This information is reviewed to ensure the Awardee's compliance with its performance goals and contractual obligations and the overall performance of the program.
Affected Public:Private Sector: Businesses or other for-profits; Not-for-profit institutions.
Estimated Total Burden Hours:920.
Treasury PRA Clearance Officer.