Data / Federal rules / 2024-13797
Capital Magnet Fund
The Community Development Financial Institutions Fund published this final rule in the Federal Register on June 25, 2024. It took effect on June 25, 2024. Comments closed on August 26, 2024.
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What the agency says
The Department of the Treasury is issuing a revised interim rule implementing the Capital Magnet Fund (CMF), administered by the Community Development Financial Institutions Fund (CDFI Fund). This revised interim rule incorporates, among other things: revisions to certain definitions and CMF program requirements to improve the public's understanding and streamline the administration of CMF program requirements; revisions to project level requirements to better align CMF with other Federal housing programs; programmatic updates to address current business practices in the affordable housing industry; and consolidation of Economic Development Activities under a new section for a more comprehensive articulation of the criteria. This revised interim rule also reflects requirements set forth in a final rule, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, adopted by the Department of the Treasury on December 19, 2014 (hereafter referred to as the Uniform Administrative Requirements).
Key facts
- Document number
- 2024-13797
- Type
- Final rule
- Action
- Interim rule with request for public comment
- Agency
- Treasury Department; Community Development Financial Institutions Fund
- Published
- June 25, 2024
- Takes effect
- June 25, 2024
- Comments due
- August 26, 2024
- Dates
- Effective date: June 25, 2024. All comments must be submitted on or before August 26, 2024. Comments can be submitted electronically via the e-Rulemaking Portal: www.regulations.gov. The compliance date requirements for the collection of information in Sec. 1807.902 is stayed indefinitely, pending Office of Management and Budget approval and assignment of an OMB control number.
- Regulation ID (RIN)
- 1559-AA03
- Code of Federal Regulations
- 12 CFR 1807
- Topics
- Community development; Grant programs-housing and community development; Reporting and recordkeeping requirements
- Pages
- 22
Everything from the Treasury Department · Rules on community development · Rules on grant programs-housing and community development · Rules on reporting and recordkeeping requirements · Published in June 2024
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