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HFA Initiative Reporting. Webinar June 30, 2010. Agenda. Reporting Description Overview/Rationale Types of Reporting Upcoming Steps Initial Comment Period Paperwork Reduction Act Key dates Submission/Logistics Q&A. Reporting Description.
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HFA Initiative Reporting Webinar June 30, 2010
Agenda • Reporting Description • Overview/Rationale • Types of Reporting • Upcoming Steps • Initial Comment Period • Paperwork Reduction Act • Key dates • Submission/Logistics • Q&A
Reporting Description • Single, comprehensive reporting package for HFAs participating in the New Issue Bond Program (NIBP) and the Temporary Credit and Liquidity Program (TCLP) • Categories of reporting focus on: • HFA Business • Indenture Detail • Policy Success Metrics • Compliance • Frequency of reporting may be: quarterly, monthly, annually, or at occurrence. • Some elements of the reporting package may involve non-public information
Purpose For Reporting • Manage the Initiative effectively • Monitor the risks to Treasury, the GSEs, and Taxpayers • Determine overall effectiveness of the Initiative in achieving its policy goals • Promote transparency in the financial system • Enable us to articulate the strongest case possible for the Initiative success
Agenda • Reporting Description • Overview/Rationale • Types of Reporting • Upcoming Steps • Initial Comment Period • Paperwork Reduction Act • Key dates • Submission/Logistics • Q&A
HFA Business Reporting Information Includes Financial Reports and other Submissions and Notices & Certifications • Provides Treasury the ability to manage the NIBP and TCLP on a day-to-day basis • Helps Treasury monitor its overall exposure
Indenture Detail Information • Provides Treasury with relevant detail on precisely how its risk position is changing over time • Allows Treasury to compare any actual losses versus expected losses, project cash flows and re-calibrate loss and gain expectation • Enables Treasury & GSEs to update cost and benefit estimates for the program and remain consistent with government-wide accounting standards • Provides the Treasury & GSEs with transparency necessary to keep senior officials appropriately informed of the status of taxpayer investment • Includes Single-family Indenture Reporting, Multi-loan MF Indenture Reporting and Single-loan MF indenture Reporting
Policy Success Metrics Information • Enables Treasury to measure the impact of the Initiative as a policy response • Helps Treasury articulate the strongest case possible for the Initiative’s success • Includes Policy Outcome Metric: Single-family NIBP and Policy Outcome Metric: Multifamily NIBP
Compliance Checklist Information • Allows each HFA to certify in a single document its compliance with the Initiative’s key provisions • The Compliance Certification contains a consolidation of provisions derived from Program documents
Agenda • Reporting Description • Overview/Rationale • Types of Reporting • Upcoming Steps • Initial Comment Period • Paperwork Reduction Act • Key dates • Submission/Logistics • Q&A
Feedback and Questions • Primary comment period runs through Friday, July 9. • All comments should be communicated through NCSHA/NALHFA as appropriate • Trade associations will deliver feedback after 7/9 • Requirements will be finalized based on feedback from Associations • HFA-specific questions after 7/9 should be directed to the appropriate GSE POC.
Paperwork Reduction Act • Under PWA, federal agencies must have OIRA/OMB approval for information collections • Currently approved on an emergency basis expiring in 6 months • OMB Control number is 1505-0224 • Long-term approval requires publication in Federal Register and public comment period • Renewal request will lead to publication in July • Comments are accepted, but will not have the same weight as initial comment period
Submission Please submit all required reports to HFAReporting@SSgA.com Include HFA Name in Subject of all e-mails