Submission for OMB Review; Comment Request

FEDERAL HOUSING FINANCE BOARD

[No. 99-N-15]

Submission for OMB Review; Comment Request

AGENCY: Federal Housing Finance Board.

ACTION: Notice.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction

Act of 1995, the Federal Housing Finance Board (Finance Board) hereby

gives notice that it has submitted the information collection entitled

``Affordable Housing Program'' to the Office of Management and Budget

(OMB) for review and approval of a three-year extension of the OMB

control number, which is due to expire on December 31, 1999.

DATES: Interested persons may submit comments on or before November 29,

1999.

ADDRESSES: Submit comments to the Office of Information and Regulatory

Affairs of OMB, Attention: Desk Officer for the Federal Housing Finance

Board, Washington, DC 20503. Address requests for copies of the

information collection and supporting documentation to Elaine L. Baker,

Secretary to the Board, by telephone at 202/408-2837, by electronic

mail at [email protected], or by regular mail at the Federal Housing

Finance Board,

[[Page 58064]]

1777 F Street, NW, Washington, DC 20006.

FOR FURTHER INFORMATION CONTACT: Janet M. Fronckowiak, Acting Deputy

Director, Program Assistance Division, Office of Policy, Research and

Analysis, by telephone at 202/408-2575 or by electronic mail at

[email protected], or Melissa L. Allen, Program Analyst, Program

Assistance Division, Office of Policy, Research and Analysis, by

telephone at 202/408-2524 or by electronic mail at [email protected], or

by regular mail at the Federal Housing Finance Board, 1777 F Street,

NW, Washington, DC 20006.

SUPPLEMENTARY INFORMATION:

A. Need For and Use of Information Collection

Section 10(j) of the Federal Home Loan Bank Act (Bank Act) requires

the Federal Housing Finance Board (Finance Board) to promulgate

regulations under which the 12 Federal Home Loan Banks (FHLBanks) must

establish an Affordable Housing Program (AHP) to make subsidized

advances to members engaged in lending for long term, low- and

moderate-income, owner-occupied and affordable rental housing at

subsidized interest rates. See 12 U.S.C. 1430(j). Section 10(j) also

establishes the standards and requirements for making subsidized AHP

advances to FHLBank members. Id. Part 960 of the Finance Board's

regulations implements the statutory requirements and authorizes the

FHLBanks to make AHP funding decisions. See 12 CFR part 960.

The information collection contained in part 960 is necessary to

enable and is used by the FHLBanks to determine whether an AHP

applicant satisfies the statutory and regulatory requirements to

receive subsidized advances or direct subsidies under the AHP. The

Finance Board requires and uses the information collection, through

examination of the FHLBanks, to ensure that a FHLBank's funding

decisions, and the use of the funds awarded, are consistent with

statutory and regulatory requirements.

The OMB number for the information collection is 3069-006. The OMB

clearance for the information collection expires on December 31, 1999.

The likely respondents include applicants for AHP funding.

B. Burden Estimate

The Finance Board estimates the total annual average number of

respondents at 7,462, with 1.33 responses per respondent. The estimate

for the average hours per response is 6.5 hours. The estimate for the

total annual hour burden is 64,509 hours (7,462 respondents x 1.33

responses per respondent x approximately 6.5 hours per response).

C. Comment Request

In accordance with the requirements of 5 CFR 1320.8(d), the Finance

Board published a request for public comments regarding this

information collection in the Federal Register on June 30, 1999. See 64

FR 35158 (June 30, 1999). The 60-day comment period closed on August

30, 1999. The Finance Board received no public comments. Written

comments are requested on: (1) Whether the collection of information is

necessary for the proper performance of Finance Board functions,

including whether the information has practical utility; (2) the

accuracy of the Finance Board's estimates of the burdens of the

collection of information; (3) ways to enhance the quality, utility,

and clarity of the information collected; and (4) ways to minimize the

burden of the collection of information on respondents, including

through the use of automated collection techniques or other forms of

information technology. Comments may be submitted to OMB in writing at

the address listed above.

By the Federal Housing Finance Board.

Dated: October 19, 1999.

William W Ginsberg,

Managing Director.

[FR Doc. 99-28107 Filed 10-27-99; 8:45 am]

BILLING CODE 6725-01-P