CDFI Fund Seeks Public Comment on Capital Magnet Fund Application

CDFI Fund Seeks Public Comment on Capital Magnet Fund Application

Comments due November 25, 2024

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), 44 U.S.C. 3506(c)(2)(A). 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.

Through the Capital Magnet Fund, the CDFI Fund administers a competitive application process to make financial assistance grants to certified Community Development Financial Institutions (CDFIs) and qualified Nonprofit Organizations that have the development or management of affordable housing as one of their principal purposes. 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 Low-Income Families; and (ii) Economic Development Activities which, in conjunction with Affordable Housing Activities, will implement a Concerted Strategy to stabilize or revitalize a Low-Income Area or an Underserved Rural Area.

Capital Magnet Fund Award Recipients will be competitively selected after a careful review of their Applications for program funding. The Application requires the submission of information about the applicant's track record, proposed pipeline, as well as data and narrative strategies for three main sections: (1) Business Strategy and Leveraging Strategy, (2) Community Impact, and (3) Organizational Capacity.

The CDFI Fund is requesting public comment on the data and information collection for the Application.

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.

Comments must be received by November 25, 2024, and can be submitted electronically via the e-Rulemaking Portal: www.regulations.gov. For questions about the Application, contact Andrew Schlack, Program Manager, Capital Magnet Fund, CDFI Fund, by email at [email protected], and include "CMF Application PRA" in the subject line of the email.

Related Documents

• Federal Register Notice
• Capital Magnet Fund Application (for Review )
• Regulations.gov Comment Submission Portal