Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 53241-53242 [05-17729]
Download as PDF
<![CDATA[
53241
Federal Register / Vol. 70, No. 172 / Wednesday, September 7, 2005 / Notices
DATES:
Comments Due Date: October 7,
2005.
Interested persons are
invited to submit comments regarding
this proposal. Comments should refer to
the proposal by name and/or OMB
approval Number (2502–0305) and
should be sent to: HUD Desk Officer,
Office of Management and Budget, New
Executive Office Building, Washington,
DC 20503; fax: 202–395–6974.
FOR FURTHER INFORMATION CONTACT:
Wayne Eddins, Reports Management
Officer, AYO, Department of Housing
and Urban Development, 451 Seventh
Street, SW., Washington, DC 20410; email Wayne_Eddins@HUD.gov; or
Lillian Deitzer at
Lillian_L_Deitzer@HUD.gov or
telephone (202) 708–2374. This is not a
toll-free number. Copies of available
documents submitted to OMB may be
obtained from Mr. Eddins or Ms Deitzer
or from HUD’s Web site at https://
ADDRESSES:
hlannwp031.hud.gov/po/i/icbts/
collectionsearch.cfm.
This
notice informs the public that the
Department of Housing and Urban
Development has submitted to OMB a
request for approval of the information
collection described below. This notice
is soliciting comments from members of
the public and affecting agencies
concerning the proposed collection of
information to: (1) Evaluate 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) evaluate the
accuracy of the agency’s estimate of the
burden of the proposed collection of
information; (3) enhance the quality,
utility, and clarity of the information to
be collected; and (4) minimize the
burden of the collection of information
SUPPLEMENTARY INFORMATION:
Number of
respondents
Reporting Burden ......................................................................
Total Estimated Burden Hours: 3,550.
Status: Extension of a currently
approved collection.
Authority: Section 3507 of the Paperwork
Reduction Act of 1995, 44 U.S.C. 35, as
amended.
Dated: August 25, 2005.
Wayne Eddins,
Departmental Paperwork Reduction Act
Officer, Office of the Chief Information
Officer.
[FR Doc. E5–4846 Filed 9–6–05; 8:45 am]
BILLING CODE 4210–72–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–4917–N–05]
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:
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 (FHA) 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
VerDate Aug<18>2005
15:05 Sep 06, 2005
Jkt 205001
×
Annual
responses
8,200
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
FOR FURTHER INFORMATION CONTACT:
Frm 00094
Fmt 4703
Sfmt 4703
×
Hours per
response
1
period beginning July 1, 2005, is 47⁄8
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
July 1, 2005, is 41⁄2 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.
PO 00000
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.
This notice also lists the following
information:
Title of Proposal: Management
Certifications and Management Entity
Profile.
OMB Approval Number: 2502–0305.
Form Numbers: HUD–9832, HUD–
98339–A, HUD–98339B, HUD–9839C.
Description of the Need for the
Information and Its Proposed Use:
Owners of insured and assisted
multifamily housing projects are
required by HUD to submit certain data
for review and approval of a new
management agent.
Frequency of Submission: On
Occasion.
0.43
=
Burden hours
3,550
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
E:\FR\FM\07SEN1.SGM
07SEN1
53242
Federal Register / Vol. 70, No. 172 / Wednesday, September 7, 2005 / Notices
statutory maximum interest rate for the
period beginning July 1, 2005, is 41⁄2
percent; and (2) has approved the
establishment of the debenture interest
rate by the Secretary of HUD at 41⁄2
percent for the 6-month period
beginning July 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 latter 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
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 ...............
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, 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.
VerDate Aug<18>2005
15:05 Sep 06, 2005
Jkt 205001
Effective
interest
rate
On or after
Prior to
41⁄2 ...............
July 1, 2005
Jan. 1, 2006.
Section 215 of Title II of Division G
of the Consolidated Appropriations Act,
2004 (Pub. L. 108–199, approved
January 23, 2004) 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 FHA 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 July 1, 2005, is 47⁄8
percent.
HUD expects to publish its next
notice of change in debenture interest
rates in January 2006.
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)).
PO 00000
Frm 00095
Fmt 4703
Sfmt 4703
Dated: August 26, 2005.
Brian D. Montgomery,
Assistant Secretary for Housing—Federal
Housing Commissioner.
[FR Doc. 05–17729 Filed 9–6–05; 8:45 am]
BILLING CODE 4210–27–P
DEPARTMENT OF THE INTERIOR
Fish and Wildlife Service
Safe Harbor Agreement and Receipt of
Application for an Enhancement of
Survival Permit Associated With the
Restoration of Habitat and
Reintroduction of Utah Prairie Dogs on
Private Land in Sevier County, UT
Fish and Wildlife Service,
Interior.
ACTION: Notice of availability.
AGENCY:
SUMMARY: Mr. Mitchel Pace (Applicant/
Cooperator) has applied to the Fish and
Wildlife Service (Service) for an
Enhancement of Survival Permit (ESP)
for the Utah prairie dog pursuant to
section 10(a)1(A) of the Endangered
Species Act of 1973 (U.S.C. 1531 et
seq.), as amended (Act). This permit
application includes a proposed Safe
Harbor Agreement (SHA) between the
Applicant and the Service. The
proposed SHA and permit would
become effective upon signature of the
SHA and would remain in effect for 25
years. This notice is provided pursuant
to the National Environmental Policy
Act (NEPA), section 10 of the Act, and
the Service’s Safe Harbor Policy (64 FR
32717). The Service requests
information, views, and opinions from
the public via this notice. Further, the
Service is soliciting information
regarding the adequacy of the SHA as
measured against the Service’s Safe
Harbor Policy and the regulations that
implement it.
DATES: Written comments on the permit
application must be received on or
before October 7, 2005.
ADDRESSES: Persons wishing to review
the proposed SHA and the permit
application may obtain copies by
writing the Service’s Mountain-Prairie
Regional Office, Denver, Colorado.
Documents also will be available for
public inspection during normal
business hours at the Regional Office,
U.S. Fish and Wildlife Service, 134
Union Boulevard, Lakewood, Colorado
80228–1807, or the Utah Field Office,
U.S. Fish and Wildlife Service, 2369
West Orton Circle, West Valley City,
Utah 84119. Written data or comments
concerning the proposed SHA and/or
permit application must be submitted to
the Regional Office and must be in
E:\FR\FM\07SEN1.SGM
07SEN1
]]>Agencies
[Federal Register Volume 70, Number 172 (Wednesday, September 7, 2005)]
[Notices]
[Pages 53241-53242]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 05-17729]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4917-N-05]
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 (FHA) 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
July 1, 2005, is 4\7/8\ 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 July 1, 2005, is 4\1/2\
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
[[Page 53242]]
statutory maximum interest rate for the period beginning July 1, 2005,
is 4\1/2\ percent; and (2) has approved the establishment of the
debenture interest rate by the Secretary of HUD at 4\1/2\ percent for
the 6-month period beginning July 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 latter 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.
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.
------------------------------------------------------------------------
Section 215 of Title II of Division G of the Consolidated
Appropriations Act, 2004 (Pub. L. 108-199, approved January 23, 2004)
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 FHA 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 July 1, 2005, is 4\7/8\ percent.
HUD expects to publish its next notice of change in debenture
interest rates in January 2006.
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: August 26, 2005.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 05-17729 Filed 9-6-05; 8:45 am]
BILLING CODE 4210-27-P
