Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 8201-8202 [2017-01547]
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Federal Register / Vol. 82, No. 14 / Tuesday, January 24, 2017 / Notices
parties concerning the collection of
information described in Section A on
the following:
(1) Whether the proposed collection
of information is necessary for the
proper performance of the functions of
the agency, including whether the
information will have practical utility;
(2) The accuracy of the agency’s
estimate of the burden of the proposed
collection of information; (3) Ways to
enhance the quality, utility, and clarity
of the information to be collected; and
(4) Ways to minimize the burden of the
collection of information on those who
are to respond; including through the
use of appropriate automated collection
techniques or other forms of information
technology, e.g., permitting electronic
submission of responses.
HUD encourages interested parties to
submit comment in response to these
questions.
C. Authority
Section 3507 of the Paperwork
Reduction Act of 1995, 44 U.S.C.
Chapter 35.
Dated: January 17, 2017.
Janet M. Golrick,
Associate General Deputy Assistant Secretary
for Housing Associate Deputy Federal
Housing Commissioner.
[FR Doc. 2017–01550 Filed 1–23–17; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–6015–N–01]
Mortgage and Loan Insurance
Programs Under the National Housing
Act—Debenture Interest Rates
Office of the Assistant
Secretary for Housing—Federal Housing
Commissioner, HUD.
ACTION: Notice.
AGENCY:
This Notice announces
changes in the interest rates to be paid
on debentures issued with respect to a
loan or mortgage insured by the Federal
Housing Administration under the
provisions of the National Housing Act
(the Act). The interest rate for
debentures issued under Section
221(g)(4) of the Act during the 6-month
period beginning January 1, 2017, is 21⁄8
percent. The interest rate for debentures
issued under any other provision of the
Act is the rate in effect on the date that
the commitment to insure the loan or
mortgage was issued, or the date that the
loan or mortgage was endorsed (or
initially endorsed if there are two or
more endorsements) for insurance,
whichever rate is higher. The interest
sradovich on DSK3GMQ082PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
19:36 Jan 23, 2017
Jkt 241001
rate for debentures issued under these
other provisions with respect to a loan
or mortgage committed or endorsed
during the 6-month period beginning
January 1, 2017, is 23⁄4 percent.
However, as a result of an amendment
to Section 224 of the Act, if an
insurance claim relating to a mortgage
insured under Sections 203 or 234 of the
Act and endorsed for insurance after
January 23, 2004, is paid in cash, the
debenture interest rate for purposes of
calculating a claim shall be the monthly
average yield, for the month in which
the default on the mortgage occurred, on
United States Treasury Securities
adjusted to a constant maturity of 10
years.
FOR FURTHER INFORMATION CONTACT:
Yong Sun, Department of Housing and
Urban Development, 451 Seventh Street
SW., Room 5148, Washington, DC
20410–8000; telephone (202) 402–4778
(this is not a toll-free number).
Individuals with speech or hearing
impairments may access this number
through TTY by calling the toll-free
Federal Information Relay Service at
(800) 877–8339.
SUPPLEMENTARY INFORMATION: Section
224 of the National Housing Act (12
U.S.C. 1715o) provides that debentures
issued under the Act with respect to an
insured loan or mortgage (except for
debentures issued pursuant to Section
221(g)(4) of the Act) will bear interest at
the rate in effect on the date the
commitment to insure the loan or
mortgage was issued, or the date the
loan or mortgage was endorsed (or
initially endorsed if there are two or
more endorsements) for insurance,
whichever rate is higher. This provision
is implemented in HUD’s regulations at
24 CFR 203.405, 203.479, 207.259(e)(6),
and 220.830. These regulatory
provisions state that the applicable rates
of interest will be published twice each
year as a notice in the Federal Register.
Section 224 further provides that the
interest rate on these debentures will be
set from time to time by the Secretary
of HUD, with the approval of the
Secretary of the Treasury, in an amount
not in excess of the annual interest rate
determined by the Secretary of the
Treasury pursuant to a statutory formula
based on the average yield of all
outstanding marketable Treasury
obligations of maturities of 15 or more
years.
The Secretary of the Treasury (1) has
determined, in accordance with the
provisions of Section 224, that the
statutory maximum interest rate for the
period beginning January 1, 2017, is 23⁄4
percent; and (2) has approved the
establishment of the debenture interest
PO 00000
Frm 00028
Fmt 4703
Sfmt 4703
8201
rate by the Secretary of HUD at 23⁄4
percent for the 6-month period
beginning January 1, 2017. This interest
rate will be the rate borne by debentures
issued with respect to any insured loan
or mortgage (except for debentures
issued pursuant to Section 221(g)(4))
with insurance commitment or
endorsement date (as applicable) within
the first 6 months of 2017.
For convenience of reference, HUD is
publishing the following chart of
debenture interest rates applicable to
mortgages committed or endorsed since
January 1, 1980:
Effective
interest rate
91⁄2 ...............
97⁄8 ...............
113⁄4 .............
127⁄8 .............
123⁄4 .............
101⁄4 .............
103⁄8 .............
111⁄2 .............
133⁄8 .............
115⁄8 .............
111⁄8 .............
101⁄4 .............
81⁄4 ...............
8 ...................
9 ...................
91⁄8 ...............
93⁄8 ...............
91⁄4 ...............
9 ...................
81⁄8 ...............
9 ...................
83⁄4 ...............
81⁄2 ...............
8 ...................
8 ...................
73⁄4 ...............
7 ...................
65⁄8 ...............
73⁄4 ...............
83⁄8 ...............
71⁄4 ...............
61⁄2 ...............
71⁄4 ...............
63⁄4 ...............
71⁄8 ...............
63⁄8 ...............
61⁄8 ...............
51⁄2 ...............
61⁄8 ...............
61⁄2 ...............
61⁄2 ...............
6 ...................
57⁄8 ...............
51⁄4 ...............
53⁄4 ...............
5 ...................
41⁄2 ...............
51⁄8 ...............
51⁄2 ...............
47⁄8 ...............
41⁄2 ...............
47⁄8 ...............
53⁄8 ...............
43⁄4 ...............
5 ...................
41⁄2 ...............
E:\FR\FM\24JAN1.SGM
24JAN1
On or after
Jan. 1, 1980
July 1, 1980
Jan. 1, 1981
July 1, 1981
Jan. 1, 1982
Jan. 1, 1983
July 1, 1983
Jan. 1, 1984
July 1, 1984
Jan. 1, 1985
July 1, 1985
Jan. 1, 1986
July 1, 1986
Jan. 1, 1987
July 1, 1987
Jan. 1, 1988
July 1, 1988
Jan. 1, 1989
July 1, 1989
Jan. 1, 1990
July 1, 1990
Jan. 1, 1991
July 1, 1991
Jan. 1, 1992
July 1, 1992
Jan. 1, 1993
July 1, 1993
Jan. 1, 1994
July 1, 1994
Jan. 1, 1995
July 1, 1995
Jan. 1, 1996
July 1, 1996
Jan. 1, 1997
July 1, 1997
Jan. 1, 1998
July 1, 1998
Jan. 1, 1999
July 1, 1999
Jan. 1, 2000
July 1, 2000
Jan. 1, 2001
July 1, 2001
Jan. 1, 2002
July 1, 2002
Jan. 1, 2003
July 1, 2003
Jan. 1, 2004
July 1, 2004
Jan. 1, 2005
July 1, 2005
Jan. 1, 2006
July 1, 2006
Jan. 1, 2007
July 1, 2007
Jan. 1, 2008
Prior to
July 1, 1980.
Jan. 1, 1981.
July 1, 1981.
Jan. 1, 1982.
Jan. 1, 1983.
July 1, 1983.
Jan. 1, 1984.
July 1, 1984.
Jan. 1, 1985.
July 1, 1985.
Jan. 1, 1986.
July 1, 1986.
Jan. 1. 1987.
July 1, 1987.
Jan. 1, 1988.
July 1, 1988.
Jan. 1, 1989.
July 1, 1989.
Jan. 1, 1990.
July 1, 1990.
Jan. 1, 1991.
July 1, 1991.
Jan. 1, 1992.
July 1, 1992.
Jan. 1, 1993.
July 1, 1993.
Jan. 1, 1994.
July 1, 1994.
Jan. 1, 1995.
July 1, 1995.
Jan. 1, 1996.
July 1, 1996.
Jan. 1, 1997.
July 1, 1997.
Jan. 1, 1998.
July 1, 1998.
Jan. 1, 1999.
July 1, 1999.
Jan. 1, 2000.
July 1, 2000.
Jan. 1, 2001.
July 1, 2001.
Jan. 1, 2002.
July 1, 2002.
Jan. 1, 2003.
July 1, 2003.
Jan. 1, 2004.
July 1, 2004.
Jan. 1, 2005.
July 1, 2005.
Jan. 1, 2006.
July 1, 2006.
Jan. 1, 2007.
July 1, 2007.
Jan. 1, 2008.
July 1, 2008.
8202
Effective
interest rate
sradovich on DSK3GMQ082PROD with NOTICES
45⁄8 ...............
41⁄8 ...............
41⁄8 ...............
41⁄4 ...............
41⁄8 ...............
37⁄8 ...............
41⁄8 ...............
27⁄8 ...............
23⁄4 ...............
21⁄2 ...............
27⁄8 ...............
35⁄8 ...............
31⁄4 ...............
3 ...................
27⁄8 ...............
27⁄8 ...............
21⁄2 ...............
23⁄4 ...............
Federal Register / Vol. 82, No. 14 / Tuesday, January 24, 2017 / Notices
On or after
July 1, 2008
Jan. 1, 2009
July 1, 2009
Jan. 1, 2010
July 1, 2010
Jan. 1, 2011
July 1, 2011
Jan. 1, 2012
July 1, 2012
Jan. 1, 2013
July 1, 2013
Jan. 1, 2014
July 1, 2014
Jan. 1, 2015
July 1, 2015
Jan. 1, 2016
July 1, 2016
Jan. 1, 2017
Prior to
Jan. 1, 2009.
July 1, 2009.
Jan. 1, 2010.
July 1, 2010.
Jan. 1, 2011.
July 1, 2011.
Jan. 1, 2012.
July 1, 2012.
Jan. 1, 2013.
July 1, 2013.
Jan. 1, 2014.
July 1, 2014.
Jan. 1, 2015.
July 1, 2015.
Jan. 1, 2016.
July 1, 2016.
Jan. 1, 2017.
July 1, 2017.
Section 215 of Division G, Title II of
Public Law 108–199, enacted January
23, 2004 (HUD’s 2004 Appropriations
Act) amended Section 224 of the Act, to
change the debenture interest rate for
purposes of calculating certain
insurance claim payments made in cash.
Therefore, for all claims paid in cash on
mortgages insured under Section 203 or
234 of the National Housing Act and
endorsed for insurance after January 23,
2004, the debenture interest rate will be
the monthly average yield, for the
month in which the default on the
mortgage occurred, on United States
Treasury Securities adjusted to a
constant maturity of 10 years, as found
in Federal Reserve Statistical Release H–
15. The Federal Housing Administration
has codified this provision in HUD
regulations at 24 CFR 203.405(b) and 24
CFR 203.479(b).
Section 221(g)(4) of the Act provides
that debentures issued pursuant to that
paragraph (with respect to the
assignment of an insured mortgage to
the Secretary) will bear interest at the
‘‘going Federal rate’’ in effect at the time
the debentures are issued. The term
‘‘going Federal rate’’ is defined to mean
the interest rate that the Secretary of the
Treasury determines, pursuant to a
statutory formula based on the average
yield on all outstanding marketable
Treasury obligations of 8 to 12 year
maturities, for the 6-month periods of
January through June and July through
December of each year. Section 221(g)(4)
is implemented in the HUD regulations
at 24 CFR 221.255 and 24 CFR 221.790.
The Secretary of the Treasury has
determined that the interest rate to be
borne by debentures issued pursuant to
Section 221(g)(4) during the 6-month
period beginning January 1, 2017, is 21⁄8
percent.
The subject matter of this Notice falls
within the categorical exemption from
VerDate Sep<11>2014
19:36 Jan 23, 2017
Jkt 241001
HUD’s environmental clearance
procedures set forth in 24 CFR
50.19(c)(6). For that reason, no
environmental finding has been
prepared for this notice.
(Authority: Sections 211, 221, 224, National
Housing Act, 12 U.S.C. 1715b, 1715l, 1715o;
Section 7(d), Department of HUD Act, 42
U.S.C. 3535(d).)
Dated: January 17, 2017.
Edward L. Golding,
Principal Deputy Assistant Secretary for Housing.
[FR Doc. 2017–01547 Filed 1–23–17; 8:45 am]
BILLING CODE 4210–67–P
A. Overview of Information Collection
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–6003–N–01]
60-Day Notice of Proposed Information
Collection: Survey of Market
Absorption of New Multifamily Units
Office of the Assistant
Secretary for Policy Development and
Research, HUD.
ACTION: Notice.
AGENCY:
The U.S. Department of
Housing and Urban Development (HUD)
is seeking approval from the Office of
Management and Budget (OMB) for the
information collection described below.
In accordance with the Paperwork
Reduction Act, HUD is requesting
comment from all interested parties on
the proposed collection of information.
The purpose of this notice is to allow for
60 days of public comment.
DATES: Comments Due Date: March 27,
2017.
ADDRESSES: Interested persons are
invited to submit comments regarding
this proposal. Comments should refer to
the proposal by name and/or OMB
Control Number and should be sent to:
Anna P. Guido, Reports Management
Officer, QDAM, Department of Housing
and Urban Development, 451 7th Street
SW., Room 4176, Washington, DC
20410–5000; telephone 202–402–5534
(this is not a toll-free number) or email
at Anna.P.Guido@hud.gov for a copy of
the proposed forms or other available
information. Persons with hearing or
speech impairments may access this
number through TTY by calling the tollfree Federal Relay Service at (800) 877–
8339.
FOR FURTHER INFORMATION CONTACT:
Anna P. Guido, Reports Management
Officer, QDAM, Department of Housing
and Urban Development, 451 7th Street
SW., Washington, DC 20410; email
Anna P. Guido at Anna.P.Guido@
SUMMARY:
PO 00000
Frm 00029
Fmt 4703
hud.gov or telephone 202–402–5535.
This is not a toll-free number. Persons
with hearing or speech impairments
may access this number through TTY by
calling the toll-free Federal Relay
Service at (800) 877–8339.
Copies of available documents
submitted to OMB may be obtained
from Ms. Guido.
SUPPLEMENTARY INFORMATION: This
notice informs the public that HUD is
seeking approval from OMB for the
information collection described in
Section A.
Sfmt 4703
Title of Information Collection:
Survey of Market Absorption of New
Multifamily Units.
OMB Approval Number: 2528–0013
(Expires March 31, 2017).
Type of Request: Extension of
currently approved collection.
Form Number: N/A.
Description of the need for the
information and proposed use: The
Survey of Market Absorption (SOMA)
provides the data necessary to measure
the rate at which new rental apartments
and new condominium apartments are
absorbed; that is, taken off the market,
usually by being rented or sold, over the
course of the first twelve months
following completion of a building. The
data are collected at quarterly intervals
until the twelve months conclude, or
until the units in a building are
completely absorbed. The survey also
provides estimates of certain
characteristics, including asking rent/
price, number of units, and number of
bedrooms. The survey provides a basis
for analyzing the degree to which new
apartment construction is meeting the
present and future needs of the public.
Members of affected public: Rental
Agents/Builders.
Estimated Number of Respondents:
12,000 yearly (maximum).
Estimated Time per Response: 15
minutes/initial interview and 5 minutes
for any subsequent interviews (up to
three additional, if necessary).
Frequency of Response: Four times
(maximum).
Estimated Total Annual Burden
Hours: 6,000 (12,000 buildings × 30
minutes).
Estimated Total Annual Cost: The
only cost to respondents is that of their
time. The total estimated cost to HUD in
FY 2017 is $1,120,000.
Respondent’s Obligation: Voluntary.
Legal Authority: The survey is
conducted under Title 12, United States
Code, Section 1701Z.
E:\FR\FM\24JAN1.SGM
24JAN1
]]>Agencies
[Federal Register Volume 82, Number 14 (Tuesday, January 24, 2017)]
[Notices]
[Pages 8201-8202]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-01547]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-6015-N-01]
Mortgage and Loan Insurance Programs Under the National Housing
Act--Debenture Interest Rates
AGENCY: Office of the Assistant Secretary for Housing--Federal Housing
Commissioner, HUD.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: This Notice announces changes in the interest rates to be paid
on debentures issued with respect to a loan or mortgage insured by the
Federal Housing Administration under the provisions of the National
Housing Act (the Act). The interest rate for debentures issued under
Section 221(g)(4) of the Act during the 6-month period beginning
January 1, 2017, is 2\1/8\ percent. The interest rate for debentures
issued under any other provision of the Act is the rate in effect on
the date that the commitment to insure the loan or mortgage was issued,
or the date that the loan or mortgage was endorsed (or initially
endorsed if there are two or more endorsements) for insurance,
whichever rate is higher. The interest rate for debentures issued under
these other provisions with respect to a loan or mortgage committed or
endorsed during the 6-month period beginning January 1, 2017, is 2\3/4\
percent. However, as a result of an amendment to Section 224 of the
Act, if an insurance claim relating to a mortgage insured under
Sections 203 or 234 of the Act and endorsed for insurance after January
23, 2004, is paid in cash, the debenture interest rate for purposes of
calculating a claim shall be the monthly average yield, for the month
in which the default on the mortgage occurred, on United States
Treasury Securities adjusted to a constant maturity of 10 years.
FOR FURTHER INFORMATION CONTACT: Yong Sun, Department of Housing and
Urban Development, 451 Seventh Street SW., Room 5148, Washington, DC
20410-8000; telephone (202) 402-4778 (this is not a toll-free number).
Individuals with speech or hearing impairments may access this number
through TTY by calling the toll-free Federal Information Relay Service
at (800) 877-8339.
SUPPLEMENTARY INFORMATION: Section 224 of the National Housing Act (12
U.S.C. 1715o) provides that debentures issued under the Act with
respect to an insured loan or mortgage (except for debentures issued
pursuant to Section 221(g)(4) of the Act) will bear interest at the
rate in effect on the date the commitment to insure the loan or
mortgage was issued, or the date the loan or mortgage was endorsed (or
initially endorsed if there are two or more endorsements) for
insurance, whichever rate is higher. This provision is implemented in
HUD's regulations at 24 CFR 203.405, 203.479, 207.259(e)(6), and
220.830. These regulatory provisions state that the applicable rates of
interest will be published twice each year as a notice in the Federal
Register.
Section 224 further provides that the interest rate on these
debentures will be set from time to time by the Secretary of HUD, with
the approval of the Secretary of the Treasury, in an amount not in
excess of the annual interest rate determined by the Secretary of the
Treasury pursuant to a statutory formula based on the average yield of
all outstanding marketable Treasury obligations of maturities of 15 or
more years.
The Secretary of the Treasury (1) has determined, in accordance
with the provisions of Section 224, that the statutory maximum interest
rate for the period beginning January 1, 2017, is 2\3/4\ percent; and
(2) has approved the establishment of the debenture interest rate by
the Secretary of HUD at 2\3/4\ percent for the 6-month period beginning
January 1, 2017. This interest rate will be the rate borne by
debentures issued with respect to any insured loan or mortgage (except
for debentures issued pursuant to Section 221(g)(4)) with insurance
commitment or endorsement date (as applicable) within the first 6
months of 2017.
For convenience of reference, HUD is publishing the following chart
of debenture interest rates applicable to mortgages committed or
endorsed since January 1, 1980:
------------------------------------------------------------------------
Effective interest rate On or after Prior to
------------------------------------------------------------------------
9\1/2\......................... Jan. 1, 1980....... July 1, 1980.
9\7/8\......................... July 1, 1980....... Jan. 1, 1981.
11\3/4\........................ Jan. 1, 1981....... July 1, 1981.
12\7/8\........................ July 1, 1981....... Jan. 1, 1982.
12\3/4\........................ Jan. 1, 1982....... Jan. 1, 1983.
10\1/4\........................ Jan. 1, 1983....... July 1, 1983.
10\3/8\........................ July 1, 1983....... Jan. 1, 1984.
11\1/2\........................ Jan. 1, 1984....... July 1, 1984.
13\3/8\........................ July 1, 1984....... Jan. 1, 1985.
11\5/8\........................ Jan. 1, 1985....... July 1, 1985.
11\1/8\........................ July 1, 1985....... Jan. 1, 1986.
10\1/4\........................ Jan. 1, 1986....... July 1, 1986.
8\1/4\......................... July 1, 1986....... Jan. 1. 1987.
8.............................. Jan. 1, 1987....... July 1, 1987.
9.............................. July 1, 1987....... Jan. 1, 1988.
9\1/8\......................... Jan. 1, 1988....... July 1, 1988.
9\3/8\......................... July 1, 1988....... Jan. 1, 1989.
9\1/4\......................... Jan. 1, 1989....... July 1, 1989.
9.............................. July 1, 1989....... Jan. 1, 1990.
8\1/8\......................... Jan. 1, 1990....... July 1, 1990.
9.............................. July 1, 1990....... Jan. 1, 1991.
8\3/4\......................... Jan. 1, 1991....... July 1, 1991.
8\1/2\......................... July 1, 1991....... Jan. 1, 1992.
8.............................. Jan. 1, 1992....... July 1, 1992.
8.............................. July 1, 1992....... Jan. 1, 1993.
7\3/4\......................... Jan. 1, 1993....... July 1, 1993.
7.............................. July 1, 1993....... Jan. 1, 1994.
6\5/8\......................... Jan. 1, 1994....... July 1, 1994.
7\3/4\......................... July 1, 1994....... Jan. 1, 1995.
8\3/8\......................... Jan. 1, 1995....... July 1, 1995.
7\1/4\......................... July 1, 1995....... Jan. 1, 1996.
6\1/2\......................... Jan. 1, 1996....... July 1, 1996.
7\1/4\......................... July 1, 1996....... Jan. 1, 1997.
6\3/4\......................... Jan. 1, 1997....... July 1, 1997.
7\1/8\......................... July 1, 1997....... Jan. 1, 1998.
6\3/8\......................... Jan. 1, 1998....... July 1, 1998.
6\1/8\......................... July 1, 1998....... Jan. 1, 1999.
5\1/2\......................... Jan. 1, 1999....... July 1, 1999.
6\1/8\......................... July 1, 1999....... Jan. 1, 2000.
6\1/2\......................... Jan. 1, 2000....... July 1, 2000.
6\1/2\......................... July 1, 2000....... Jan. 1, 2001.
6.............................. Jan. 1, 2001....... July 1, 2001.
5\7/8\......................... July 1, 2001....... Jan. 1, 2002.
5\1/4\......................... Jan. 1, 2002....... July 1, 2002.
5\3/4\......................... July 1, 2002....... Jan. 1, 2003.
5.............................. Jan. 1, 2003....... July 1, 2003.
4\1/2\......................... July 1, 2003....... Jan. 1, 2004.
5\1/8\......................... Jan. 1, 2004....... July 1, 2004.
5\1/2\......................... July 1, 2004....... Jan. 1, 2005.
4\7/8\......................... Jan. 1, 2005....... July 1, 2005.
4\1/2\......................... July 1, 2005....... Jan. 1, 2006.
4\7/8\......................... Jan. 1, 2006....... July 1, 2006.
5\3/8\......................... July 1, 2006....... Jan. 1, 2007.
4\3/4\......................... Jan. 1, 2007....... July 1, 2007.
5.............................. July 1, 2007....... Jan. 1, 2008.
4\1/2\......................... Jan. 1, 2008....... July 1, 2008.
[[Page 8202]]
4\5/8\......................... July 1, 2008....... Jan. 1, 2009.
4\1/8\......................... Jan. 1, 2009....... July 1, 2009.
4\1/8\......................... July 1, 2009....... Jan. 1, 2010.
4\1/4\......................... Jan. 1, 2010....... July 1, 2010.
4\1/8\......................... July 1, 2010....... Jan. 1, 2011.
3\7/8\......................... Jan. 1, 2011....... July 1, 2011.
4\1/8\......................... July 1, 2011....... Jan. 1, 2012.
2\7/8\......................... Jan. 1, 2012....... July 1, 2012.
2\3/4\......................... July 1, 2012....... Jan. 1, 2013.
2\1/2\......................... Jan. 1, 2013....... July 1, 2013.
2\7/8\......................... July 1, 2013....... Jan. 1, 2014.
3\5/8\......................... Jan. 1, 2014....... July 1, 2014.
3\1/4\......................... July 1, 2014....... Jan. 1, 2015.
3.............................. Jan. 1, 2015....... July 1, 2015.
2\7/8\......................... July 1, 2015....... Jan. 1, 2016.
2\7/8\......................... Jan. 1, 2016....... July 1, 2016.
2\1/2\......................... July 1, 2016....... Jan. 1, 2017.
2\3/4\......................... Jan. 1, 2017....... July 1, 2017.
------------------------------------------------------------------------
Section 215 of Division G, Title II of Public Law 108-199, enacted
January 23, 2004 (HUD's 2004 Appropriations Act) amended Section 224 of
the Act, to change the debenture interest rate for purposes of
calculating certain insurance claim payments made in cash. Therefore,
for all claims paid in cash on mortgages insured under Section 203 or
234 of the National Housing Act and endorsed for insurance after
January 23, 2004, the debenture interest rate will be the monthly
average yield, for the month in which the default on the mortgage
occurred, on United States Treasury Securities adjusted to a constant
maturity of 10 years, as found in Federal Reserve Statistical Release
H-15. The Federal Housing Administration has codified this provision in
HUD regulations at 24 CFR 203.405(b) and 24 CFR 203.479(b).
Section 221(g)(4) of the Act provides that debentures issued
pursuant to that paragraph (with respect to the assignment of an
insured mortgage to the Secretary) will bear interest at the ``going
Federal rate'' in effect at the time the debentures are issued. The
term ``going Federal rate'' is defined to mean the interest rate that
the Secretary of the Treasury determines, pursuant to a statutory
formula based on the average yield on all outstanding marketable
Treasury obligations of 8 to 12 year maturities, for the 6-month
periods of January through June and July through December of each year.
Section 221(g)(4) is implemented in the HUD regulations at 24 CFR
221.255 and 24 CFR 221.790.
The Secretary of the Treasury has determined that the interest rate
to be borne by debentures issued pursuant to Section 221(g)(4) during
the 6-month period beginning January 1, 2017, is 2\1/8\ percent.
The subject matter of this Notice falls within the categorical
exemption from HUD's environmental clearance procedures set forth in 24
CFR 50.19(c)(6). For that reason, no environmental finding has been
prepared for this notice.
(Authority: Sections 211, 221, 224, National Housing Act, 12 U.S.C.
1715b, 1715l, 1715o; Section 7(d), Department of HUD Act, 42 U.S.C.
3535(d).)
Dated: January 17, 2017.
Edward L. Golding,
Principal Deputy Assistant Secretary for - Housing.
[FR Doc. 2017-01547 Filed 1-23-17; 8:45 am]
BILLING CODE 4210-67-P
