Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 10669-10671 [E5-901]
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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
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Prior to
July 1, 1980.
Jan. 1, 1981.
July 1, 1981.
04MRN1
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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 ...............................................................................................................
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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
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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.
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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 https://
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
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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]
-----------------------------------------------------------------------
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
