81_FR_14422 81 FR 14370 - Capital Magnet Fund

81 FR 14370 - Capital Magnet Fund

DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund

Federal Register Volume 81, Issue 52 (March 17, 2016)

Page Range14370-14370
FR Document2016-06030

On February 8, 2016, the Department of the Treasury published an interim rule (hereafter, the interim rule) implementing the Capital Magnet Fund (CMF), administered by the Community Development Financial Institutions Fund (CDFI Fund). The interim rule incorporates updates to the definitions, requirements and parameters for CMF implementation and administration. This document extends the comment period on the interim rule to May 8, 2016.

Federal Register, Volume 81 Issue 52 (Thursday, March 17, 2016)
[Federal Register Volume 81, Number 52 (Thursday, March 17, 2016)]
[Rules and Regulations]
[Page 14370]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-06030]



[[Page 14370]]

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DEPARTMENT OF THE TREASURY

Community Development Financial Institutions Fund

12 CFR Part 1807

RIN 1559-AA00


Capital Magnet Fund

AGENCY: Community Development Financial Institutions Fund, Department 
of the Treasury

ACTION: Interim rule; extension of comment period.

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SUMMARY: On February 8, 2016, the Department of the Treasury published 
an interim rule (hereafter, the interim rule) implementing the Capital 
Magnet Fund (CMF), administered by the Community Development Financial 
Institutions Fund (CDFI Fund). The interim rule incorporates updates to 
the definitions, requirements and parameters for CMF implementation and 
administration. This document extends the comment period on the interim 
rule to May 8, 2016.

DATES: The comment period for the interim rule published February 8, 
2016, at 81 FR 6434, is extended. All comments must be written and must 
be received in the offices of the CDFI Fund on or before May 8, 2016.

ADDRESSES: You may submit comments concerning the interim rule via the 
Federal e-Rulemaking Portal at http://www.regulations.gov (please 
follow the instructions for submitting comments). All submissions must 
include the agency name and Regulatory Information Number (RIN) for 
this rulemaking. Information regarding the CDFI Fund and its programs 
may be obtained through the CDFI Fund's Web site at http://www.cdfifund.gov.

FOR FURTHER INFORMATION CONTACT: Marcia Sigal, CMF program staff by 
email at cmf@cdfi.treas.gov, or by phone at (202) 653-0421.

SUPPLEMENTARY INFORMATION: On February 8, 2016, the Department of the 
Treasury published an interim rule implementing the CMF, administered 
by the CDFI Fund.
    The comment period designated in the interim rule notice will close 
on April 8, 2016. The FY 2016 CMF application round opened on February 
8, 2016 with the publication in the Federal Register of the Notice of 
Funds Availability Inviting Applications for the Fiscal Year (FY) 2016 
Funding Round of the Capital Magnet Fund (FY 2016 NOFA). Per the FY 
2016 NOFA, applications are due by March 30, 2016. The CDFI Fund also 
held a series of application webinars for the FY 2016 CMF application 
round in February and March of 2016. Since the opening of the FY 2016 
CMF application round and during these application webinars, multiple 
interested applicants requested additional time to submit comments 
regarding the interim rule and requested that the comment period be 
extended. In response to these requests, the Department hereby extends 
the comment period for an additional 30 days so that comments are due 
on or before May 8, 2016.
    The interim rule incorporates updates to the definitions, 
requirements and parameters for CMF implementation and administration 
including, among others, Applicant eligibility, application review, 
Recipient selection, Assistance Agreements, eligible uses of CMF 
Awards, and Recipient reporting. In addition, sections of the interim 
rule regarding certain definitions and project level requirements have 
been revised in order to facilitate alignment and ease of 
administration. These revisions are modeled after the requirements of 
the Low Income Housing Tax Credit Program (LIHTC Program) authorized 
under Title I of the U.S. Housing Act of 1937, as amended, 42 U.S.C. 
1437 et seq., and the HOME Investment Partnership Program (HOME 
Program) authorized under Title II of the Cranston-Gonzalez National 
Affordable Housing Act, as amended, 42 U.S.C. 12701 et seq. and the 
HOME Program final rule published on July 24, 2013.
    The interim rule also reflects requirements set forth in a final 
rule, Uniform Administrative Requirements, Cost Principles and Audit 
Requirements for Federal Awards (12 CFR 1000), adopted by the 
Department of the Treasury on December 19, 2014 (hereafter referred to 
as the Uniform Administrative Requirements). The Uniform Administrative 
Requirements constitute a government-wide framework for grants 
management codified by the Office of Management and Budget (OMB), 
combining several OMB grants management circulars aimed at reducing the 
administrative burden for Recipients, and reducing the risk of waste, 
fraud and abuse of Federal financial assistance. The Uniform 
Administrative Requirements establish financial, administrative, 
procurement, and program management standards with which Federal award-
making programs, including those administered by the CDFI Fund, and 
Recipients must comply. Accordingly, the interim rule includes 
revisions necessary to implement the Uniform Administrative 
Requirements, as well as to make certain technical corrections and 
certain programmatic updates, as well as provide clarifying language to 
existing program requirements.
    The CDFI Fund seeks public comment on the entire interim rule. All 
capitalized terms herein are defined in the definitions section of the 
interim rule, as set forth in 12 CFR 1807.104.

Mary Ann Donovan,
Director, Community Development Financial Institutions Fund.
[FR Doc. 2016-06030 Filed 3-16-16; 8:45 am]
 BILLING CODE 4810-70-P



                                                  14370             Federal Register / Vol. 81, No. 52 / Thursday, March 17, 2016 / Rules and Regulations

                                                  DEPARTMENT OF THE TREASURY                              application webinars for the FY 2016                  programmatic updates, as well as
                                                                                                          CMF application round in February and                 provide clarifying language to existing
                                                  Community Development Financial                         March of 2016. Since the opening of the               program requirements.
                                                  Institutions Fund                                       FY 2016 CMF application round and                       The CDFI Fund seeks public comment
                                                                                                          during these application webinars,                    on the entire interim rule. All
                                                  12 CFR Part 1807                                        multiple interested applicants requested              capitalized terms herein are defined in
                                                  RIN 1559–AA00
                                                                                                          additional time to submit comments                    the definitions section of the interim
                                                                                                          regarding the interim rule and requested              rule, as set forth in 12 CFR 1807.104.
                                                  Capital Magnet Fund                                     that the comment period be extended. In
                                                                                                                                                                Mary Ann Donovan,
                                                                                                          response to these requests, the
                                                  AGENCY:  Community Development                          Department hereby extends the                         Director, Community Development Financial
                                                  Financial Institutions Fund, Department                 comment period for an additional 30                   Institutions Fund.
                                                  of the Treasury                                         days so that comments are due on or                   [FR Doc. 2016–06030 Filed 3–16–16; 8:45 am]
                                                  ACTION: Interim rule; extension of                      before May 8, 2016.                                   BILLING CODE 4810–70–P
                                                  comment period.                                            The interim rule incorporates updates
                                                                                                          to the definitions, requirements and
                                                  SUMMARY:    On February 8, 2016, the                    parameters for CMF implementation                     DEPARTMENT OF TRANSPORTATION
                                                  Department of the Treasury published                    and administration including, among
                                                  an interim rule (hereafter, the interim                 others, Applicant eligibility, application            Federal Aviation Administration
                                                  rule) implementing the Capital Magnet                   review, Recipient selection, Assistance
                                                  Fund (CMF), administered by the                         Agreements, eligible uses of CMF                      14 CFR Part 39
                                                  Community Development Financial                         Awards, and Recipient reporting. In
                                                  Institutions Fund (CDFI Fund). The                                                                            [Docket No. FAA–2006–25970; Directorate
                                                                                                          addition, sections of the interim rule
                                                  interim rule incorporates updates to the                                                                      Identifier 99–NE–12–AD; Amendment 39–
                                                                                                          regarding certain definitions and project             18426; AD 2016–05–08]
                                                  definitions, requirements and                           level requirements have been revised in
                                                  parameters for CMF implementation                       order to facilitate alignment and ease of             RIN 2120–AA64
                                                  and administration. This document                       administration. These revisions are
                                                  extends the comment period on the                       modeled after the requirements of the                 Airworthiness Directives; Turbomeca
                                                  interim rule to May 8, 2016.                            Low Income Housing Tax Credit                         S.A. Turboshaft Engines
                                                  DATES: The comment period for the                       Program (LIHTC Program) authorized                    AGENCY:  Federal Aviation
                                                  interim rule published February 8, 2016,                under Title I of the U.S. Housing Act of              Administration (FAA), DOT.
                                                  at 81 FR 6434, is extended. All                         1937, as amended, 42 U.S.C. 1437 et
                                                                                                          seq., and the HOME Investment                         ACTION: Final rule.
                                                  comments must be written and must be
                                                  received in the offices of the CDFI Fund                Partnership Program (HOME Program)                    SUMMARY:    We are superseding
                                                  on or before May 8, 2016.                               authorized under Title II of the                      airworthiness directive (AD) 2006–23–
                                                  ADDRESSES: You may submit comments                      Cranston-Gonzalez National Affordable                 17 for certain Turbomeca S.A. Turmo IV
                                                  concerning the interim rule via the                     Housing Act, as amended, 42 U.S.C.                    A and IV C turboshaft engines. AD
                                                  Federal e-Rulemaking Portal at http://                  12701 et seq. and the HOME Program                    2006–23–17 required repetitive
                                                  www.regulations.gov (please follow the                  final rule published on July 24, 2013.
                                                                                                                                                                inspections of the centrifugal
                                                  instructions for submitting comments).                     The interim rule also reflects
                                                                                                                                                                compressor intake wheel (inducer)
                                                  All submissions must include the                        requirements set forth in a final rule,
                                                                                                          Uniform Administrative Requirements,                  blades for cracks and corrosion,
                                                  agency name and Regulatory                                                                                    replacement of parts that fail inspection,
                                                                                                          Cost Principles and Audit Requirements
                                                  Information Number (RIN) for this                                                                             and replacement of the TU 197 standard
                                                                                                          for Federal Awards (12 CFR 1000),
                                                  rulemaking. Information regarding the                                                                         centrifugal compressor. This AD
                                                                                                          adopted by the Department of the
                                                  CDFI Fund and its programs may be                                                                             requires the same inspections, but at
                                                                                                          Treasury on December 19, 2014
                                                  obtained through the CDFI Fund’s Web                                                                          revised intervals, adds the replacement
                                                                                                          (hereafter referred to as the Uniform
                                                  site at http://www.cdfifund.gov.                                                                              of the TU 215 standard centrifugal
                                                                                                          Administrative Requirements). The
                                                  FOR FURTHER INFORMATION CONTACT:                        Uniform Administrative Requirements                   compressor, and requires replacement of
                                                  Marcia Sigal, CMF program staff by                      constitute a government-wide                          parts that fail inspection. This AD was
                                                  email at cmf@cdfi.treas.gov, or by phone                framework for grants management                       prompted by a centrifugal compressor
                                                  at (202) 653–0421.                                      codified by the Office of Management                  inducer blade loss. This AD was also
                                                  SUPPLEMENTARY INFORMATION: On                           and Budget (OMB), combining several                   prompted by a Turbomeca S.A. review
                                                  February 8, 2016, the Department of the                 OMB grants management circulars                       of the engine service experience and
                                                  Treasury published an interim rule                      aimed at reducing the administrative                  their determination that more frequent
                                                  implementing the CMF, administered by                   burden for Recipients, and reducing the               borescope inspections (BSIs) are
                                                  the CDFI Fund.                                          risk of waste, fraud and abuse of Federal             required on engines not modified to the
                                                     The comment period designated in                     financial assistance. The Uniform                     TU 191, TU 197, or TU 224 standard.
                                                  the interim rule notice will close on                   Administrative Requirements establish                 We are issuing this AD to prevent
                                                  April 8, 2016. The FY 2016 CMF                          financial, administrative, procurement,               failure of the centrifugal compressor
                                                  application round opened on February                    and program management standards                      inducer, which could lead to an
asabaliauskas on DSK3SPTVN1PROD with RULES




                                                  8, 2016 with the publication in the                     with which Federal award-making                       uncontained blade release, damage to
                                                  Federal Register of the Notice of Funds                 programs, including those administered                the engine, and damage to the airplane.
                                                  Availability Inviting Applications for                  by the CDFI Fund, and Recipients must                 DATES: This AD is effective April 21,
                                                  the Fiscal Year (FY) 2016 Funding                       comply. Accordingly, the interim rule                 2016.
                                                  Round of the Capital Magnet Fund (FY                    includes revisions necessary to                         The Director of the Federal Register
                                                  2016 NOFA). Per the FY 2016 NOFA,                       implement the Uniform Administrative                  approved the incorporation by reference
                                                  applications are due by March 30, 2016.                 Requirements, as well as to make certain              of a certain publication listed in this AD
                                                  The CDFI Fund also held a series of                     technical corrections and certain                     as of April 21, 2016.


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Document Created: 2016-03-17 00:58:32
Document Modified: 2016-03-17 00:58:32
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionInterim rule; extension of comment period.
DatesThe comment period for the interim rule published February 8, 2016, at 81 FR 6434, is extended. All comments must be written and must be received in the offices of the CDFI Fund on or before May 8, 2016.
ContactMarcia Sigal, CMF program staff by email at [email protected], or by phone at (202) 653-0421.
FR Citation81 FR 14370 
RIN Number1559-AA00

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