81 FR 14370 - Capital Magnet Fund

DEPARTMENT OF THE TREASURY
Community Development Financial Institutions Fund

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

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, 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 [email protected], 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