Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 10669-10671 [E5-901]

Download as PDF 10669 Federal Register / Vol. 70, No. 42 / Friday, March 4, 2005 / Notices meeting by a TSA representative is not intended to be, and should not be construed as, a position of TSA. (7) The meeting is designed to solicit public views and gather additional information. No individual will be subject to cross-examination by any other participant; however, TSA representatives may ask questions to clarify a statement. Issued in Arlington, Virginia, on February 28, 2005. Chad Wolf, Assistant Administrator for Transportation Security Policy. [FR Doc. 05–4179 Filed 3–3–05; 8:45 am] Dated: February 24, 2005. Mark R. Johnston, Director, Office of Special Needs Assistance Programs. [FR Doc. 05–3912 Filed 3–3–05; 8:45 am] BILLING CODE 4210–29–M DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–4917–N–04] 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: BILLING CODE 4910–62–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT DC 20410–8000; telephone 202–755– 7500 (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. 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, 2005, is 47⁄8 percent; and (2) has approved the establishment of the debenture interest rate by the Secretary of HUD at 47⁄8 percent for the 6-month period beginning January 1, 2005. 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 2005. For convenience of reference, HUD is publishing the following chart of debenture interest rates applicable to mortgages committed or endorsed since January 1, 1980: SUPPLEMENTARY INFORMATION: SUMMARY: This Notice identifies unutilized, underutilized, excess, and surplus Federal property reviewed by HUD for suitability for possible use to assist the homeless. EFFECTIVE DATE: March 4, 2005. FOR FURTHER INFORMATION CONTACT: Kathy Ezzell, Department of Housing and Urban Development, Room 7262, 451 Seventh Street SW., Washington, DC 20410; telephone (202) 708–1234; TTY number for the hearing- and speech-impaired (202) 708–2565, (these telephone numbers are not toll-free), or call the toll-free Title V information line at 1–800–927–7588. SUPPLEMENTARY INFORMATION: In accordance with the December 12, 1988 court order in National Coalition for the Homeless v. Veterans Administration, No. 88–2503–OG (D.D.C.), HUD published a Notice, on a weekly basis, identifying unutilized, underutilized, excess and surplus Federal buildings and real property that HUD has reviewed for suitability for use to assist the homeless. Today’s Notice is for the purpose of announcing that no additional properties have been determined suitable or unsuitable this week. 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 Commissioner 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, 2005, is 5 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, 2005, is 47⁄8 percent. However, as a result of a recent 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: L. Richard Keyser, Department of Housing and Urban Development, 451 Seventh Street, SW., Room 2232, Washington, Effective interest rate On or after 91⁄2 ........................................................................................................... 97⁄8 ........................................................................................................... 113⁄4 ......................................................................................................... Jan. 1, 1980 ................................... July 1, 1980 ................................... Jan. 1, 1981 ................................... [Docket No. FR–4980–N–09] Federal Property Suitable as Facilities To Assist the Homeless Office of the Assistant Secretary for Community Planning and Development, HUD. ACTION: Notice. AGENCY: VerDate jul<14>2003 19:07 Mar 03, 2005 Jkt 205001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 E:\FR\FM\04MRN1.SGM Prior to July 1, 1980. Jan. 1, 1981. July 1, 1981. 04MRN1 10670 Federal Register / Vol. 70, No. 42 / Friday, March 4, 2005 / Notices Effective interest rate On or after 12 ⁄ ......................................................................................................... 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 ........................................................................................................... 78 Section 215 of 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, effective immediately, 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 is in the process of making conforming amendments to applicable regulations to VerDate jul<14>2003 19:07 Mar 03, 2005 Jkt 205001 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 ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... ................................... fully implement this recent change to section 224 of the Act. 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. PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 Prior to 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. 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, 2005, is 5 percent. HUD expects to publish its next notice of change in debenture interest rates in July 2005. 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, 17151, 1715o; Section 7(d), Department of HUD Act, 42 U.S.C. 3535(d)) E:\FR\FM\04MRN1.SGM 04MRN1 Federal Register / Vol. 70, No. 42 / Friday, March 4, 2005 / Notices Dated: February 18, 2005. Frank L. Davis, General Deputy Assistant Secretary for Housing. [FR Doc. E5–901 Filed 3–3–05; 8:45 am] DEPARTMENT OF THE INTERIOR Fish and Wildlife Service 2005 Migratory Bird Hunting and Conservation Stamp (Federal Duck Stamp) Contest BILLING CODE 4210–27–P U.S. Fish and Wildlife Service, Interior. ACTION: Notice. AGENCY: DEPARTMENT OF THE INTERIOR Office of the Secretary Delaware & Lehigh National Heritage Corridor Commission Meeting Department of the Interior; Office of the Secretary. AGENCY: ACTION: Notice of meeting. SUMMARY: This notice announces an upcoming meeting of the Delaware & Lehigh National Heritage Corridor Commission. Notice of this meeting is required under the Federal Advisory Committee Act (Pub. L. 92–463). Meeting Date and Time: Friday, March 11, 2005, Time 1:30 p.m. to 4 p.m. Heritage Conservancy, Aldie Mansion, 85 Old Dublin Pike, Doylestown, PA 18901. The agenda for the meeting will focus on implementation of the Management Action Plan for the Delaware and Lehigh National Heritage Corridor and State Heritage Park. The Commission was established to assist the Commonwealth of Pennsylvania and its political subdivisions in planning and implementing an integrated strategy for protecting and promoting cultural, historic and natural resources. The Commission reports to the Secretary of the Interior and to the Congress. ADDRESSES: The Delaware & Lehigh National Heritage Corridor Commission was established by Public Law 100–692, November 18, 1988 and extended through Pub. L. 105– 355, November 13, 1998. SUPPLEMENTARY INFORMATION: FOR FURTHER INFORMATION CONTACT: C. Allen Sachse, Executive Director, Delaware & Lehigh National Heritage Corridor Commission, 1 South Third Street, 8th Floor, Easton, PA 18042, (610) 923–3548. Dated: February 25, 2005. C. Allen Sachse, Executive Director, Delaware & Lehigh National Heritage Corridor Commission. [FR Doc. 05–4243 Filed 3–3–05; 8:45 am] BILLING CODE 6820–PE–M VerDate jul<14>2003 19:07 Mar 03, 2005 Jkt 205001 SUMMARY: The U.S. Fish and Wildlife Service announces the dates and locations of the 2005 Federal Duck Stamp contest; the public is invited to enter and to attend. DATES: 1. The official date to begin the submission of entries to the 2005 contest is June 1, 2005. All entries must be postmarked no later than midnight, Monday, August 15, 2005. 2. The public may first view the 2005 Federal Duck Stamp Contest entries on Tuesday, September 13 and on Wednesday, September 14, 2005 from 10 a.m. to 2 p.m. 3. Judging will be held on Thursday, September 15 and on Friday, September 16, 2005 beginning at 10 a.m. 4. The contest will be held in Memphis, Tennessee at a location to be announced later. ADDRESSES: Requests for complete copies of the contest rules, reproduction rights agreement, and display and participation agreement may be requested by calling 1–703–358–2000, or requests may be addressed to: Federal Duck Stamp Contest, U.S. Fish and Wildlife Service, Department of the Interior, 4401 North Fairfax Drive, Mail Stop MBSP–4070, Arlington, VA 22203– 1622. You may also download the information from the Federal Duck Stamp Web site at http:// duckstamps.fws.gov. Mr. Ryan W. Booth, Federal Duck Stamp Office, (703) 358–2004, or by e-mail Ryan_W_Booth@fws.gov, or fax at (703) 358–2009. SUPPLEMENTARY INFORMATION: FOR FURTHER INFORMATION CONTACT: Background On March 16, 1934, Congress passed and President Franklin Roosevelt signed the Migratory Bird Hunting Stamp Act. Popularly known as the Duck Stamp Act, it required all waterfowl hunters 16 years or older to buy a stamp annually. The revenue generated was originally earmarked for the Department of Agriculture, but 5 years later was transferred to the Department of the Interior and the U.S. Fish and Wildlife Service to buy or lease waterfowl sanctuaries. PO 00000 Frm 00081 Fmt 4703 Sfmt 4703 10671 In the years since its enactment, the Federal Duck Stamp Program has become one of the most popular and successful conservation programs ever initiated. Today, some 1.8 million stamps are sold each year, and as of 2004, Federal Duck Stamps have generated more than $700 million for the preservation of more than 5.2 million acres of waterfowl habitat in the United States. Numerous other birds, mammals, fish, reptiles, and amphibians have similarly prospered because of habitat protection made possible by the program. An estimated one-third of the Nation’s endangered and threatened species find food or shelter in refuges preserved by Duck Stamp funds. Moreover, the protected wetlands help dissipate storms, purify water supplies, store flood water, and nourish fish hatchlings important for sport and commercial fishermen. The Contest The first Federal Duck Stamp was designed at President Franklin Roosevelt’s request by Jay N. ‘‘Ding’’ Darling, a nationally known political cartoonist for the Des Moines Register and a noted hunter and wildlife conservationist. In subsequent years, noted wildlife artists were asked to submit designs. The first content was opened in 1949 to any U.S. artist who wished to enter, and 65 artists submitted a total of 88 design entries in the only art competition of its kind sponsored by the U.S. Government. To select each year’s design, a panel of noted art, waterfowl, and philatelic authorities are appointed by the Secretary of the Interior. Winners receive no compensation for the work, except a pane of their stamps, but winners may sell prints of their designs, which are sought by hunters, conservationists, and art collectors. The public may view the 2005 Federal Duck Stamp entries on Tuesday, September 13 and Wednesday, September 14, 2005, at a time and location to be announced in the future. This year’s judging will be held Thursday, September 15 and Friday, September 16, 2005. Eligible Species Species eligible for the 2005 contest include brant, northern shoveler, Ross’ goose, ruddy duck and Canada goose. Entries featuring a species other than the above listed species will be disqualified. E:\FR\FM\04MRN1.SGM 04MRN1

Agencies

[Federal Register Volume 70, Number 42 (Friday, March 4, 2005)]
[Notices]
[Pages 10669-10671]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E5-901]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4917-N-04]


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 Commissioner 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, 2005, is 5 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, 2005, is 4\7/8\ percent. 
However, as a result of a recent 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: L. Richard Keyser, Department of 
Housing and Urban Development, 451 Seventh Street, SW., Room 2232, 
Washington, DC 20410-8000; telephone 202-755-7500 (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, 2005, is 4\7/8\ percent; and 
(2) has approved the establishment of the debenture interest rate by 
the Secretary of HUD at 4\7/8\ percent for the 6-month period beginning 
January 1, 2005. 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 2005.
    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.

[[Page 10670]]

 
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.
------------------------------------------------------------------------

    Section 215 of 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, 
effective immediately, 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 is in the process of 
making conforming amendments to applicable regulations to fully 
implement this recent change to section 224 of the Act.
    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, 2005, is 5 percent.
    HUD expects to publish its next notice of change in debenture 
interest rates in July 2005.
    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, 17151, 1715o; Section 7(d), Department of HUD Act, 42 U.S.C. 
3535(d))


[[Page 10671]]


    Dated: February 18, 2005.
Frank L. Davis,
General Deputy Assistant Secretary for Housing.
[FR Doc. E5-901 Filed 3-3-05; 8:45 am]
BILLING CODE 4210-27-P