Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 43508-43510 [E6-12263]
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43508
Federal Register / Vol. 71, No. 147 / Tuesday, August 1, 2006 / Notices
Recommendation; Maintenance Wage
Rate Survey Summary; and a Survey of
Maintenance Wage Rates. PHA, TDHE
or DHHL submission of a
recommendation is highly encouraged
by HUD. In the absence of an agency
recommendation, HUD will issue a
prevailing wage rate schedule based
upon its own actions, which may
include a maintenance wage survey
conducted by HUD. Participation in any
maintenance wage survey conducted by
a PHA, TDHE, DHHL, or HUD, is
voluntary on the part of maintenance
employers. Maintenance wage rate
recommendations, survey summaries
and survey responses must be retained
by PHAs, TDHEs, the DHHL, and HUD
to document compliance with the
statutory labor standards provisions.
Agencies, contractors and
subcontractors engaged on HUD-assisted
construction and maintenance projects
subject to Federal labor standards must
pay no less than the wages determined
to be prevailing by the Secretary of
Labor (for construction work) or
determined to be prevailing by the
Secretary of HUD (for maintenance
work) to all laborers and mechanics
engaged on such work. Occasionally,
the applicable wage decision schedule
does not contain a prevailing wage rate
for all classifications of work needed to
complete the project. In such cases, the
employer that will utilize the
classification(s) missing from the wage
decision must propose a wage rate for
such classification(s) for the
consideration of the Department of
Labor (DOL) or HUD, as the case may
be. The employer must submit its
request in writing; there is no form
specified or required for employer
submissions. HUD and local agencies
that administer HUD-assisted projects
use the form HUD–4230A to record and
submit employer additional
classification and wage rate requests to
DOL, when DOL approval is required.
Agency form numbers, if applicable:
To be assigned for Maintenance Wage
Rate Recommendation, Maintenance
Wage Survey Summary, and Survey of
Maintenance Wage Rates; HUD–4230A
for Report of Additional Classification
and Wage Rate.
Estimation of the total numbers of
hours needed to prepare the information
collection including number of
respondents, frequency of response, and
hours of response:
Number of respondents
Item
Maintenance Wage Recommendation ........................................................................................
Survey Summary .........................................................................................................................
Survey Form Agency Evaluation .................................................................................................
Survey Form Employer Response ..............................................................................................
Recordkeeping .............................................................................................................................
Additional Classification and Wage Rate ....................................................................................
Recordkeeping .............................................................................................................................
3,392
1,696
20,352
20,352
3,392
700
700
Amount of
time required
(hours)
Total time required/annum
(hours)
4
4
8
4
1
2
1
Total Annual Burden .............................................................................................................
Status of the proposed information
collection: This is a revision of a
currently approved collection.
Authority: The Paperwork Reduction Act
of 1995, 44 U.S.C., Chapter 35, as amended.
Dated: July 21, 2006.
Inez Banks-Dubose,
Director, Office of Departmental Operations
and Coordination.
[FR Doc. E6–12262 Filed 7–31–06; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–4917–N–08]
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.
rwilkins on PROD1PC63 with NOTICES
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 under the
provisions of the National Housing Act
VerDate Aug<31>2005
20:04 Jul 31, 2006
Jkt 208001
(the Act). The interest rate for
debentures issued under section
221(g)(4) of the Act during the 6-month
period beginning July 1, 2006, is 53⁄4
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, 2006, is 53⁄8 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.
L.
Richard Keyser, Department of Housing
FOR FURTHER INFORMATION CONTACT:
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
13,568
6,784
162,816
81,408
3,392
1,400
700
270,068
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.
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
SUPPLEMENTARY INFORMATION:
E:\FR\FM\01AUN1.SGM
01AUN1
Federal Register / Vol. 71, No. 147 / Tuesday, August 1, 2006 / Notices
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 July 1, 2006, is 53⁄8
percent; and (2) has approved the
establishment of the debenture interest
rate by the Secretary of HUD at 53⁄8
percent for the 6-month period
beginning July 1, 2006. 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 2006.
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 ⁄ ..............................................................................................
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 ..............................................................................................
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
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.
12
rwilkins on PROD1PC63 with NOTICES
43509
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
VerDate Aug<31>2005
20:04 Jul 31, 2006
Jkt 208001
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change the debenture interest rate for
purposes of calculating certain
insurance claim payments made in cash.
Therefore, effective immediately, for all
PO 00000
Frm 00077
Fmt 4703
Sfmt 4703
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
E:\FR\FM\01AUN1.SGM
01AUN1
43510
Federal Register / Vol. 71, No. 147 / Tuesday, August 1, 2006 / Notices
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 July 1, 2006, is 53⁄4
percent.
HUD expects to publish its next
notice of change in debenture interest
rates in January 2007.
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: July 25, 2006.
Brian D. Montgomery,
Assistant Secretary for Housing-Federal
Housing Commissioner.
[FR Doc. E6–12263 Filed 7–31–06; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF THE INTERIOR
rwilkins on PROD1PC63 with NOTICES
Fish and Wildlife Service
Receipt of Three Applications for
Incidental Take Permits for
Construction of Five Single-Family
Homes in Brevard County, FL
AGENCY:
Fish and Wildlife Service,
Interior.
VerDate Aug<31>2005
20:04 Jul 31, 2006
Jkt 208001
ACTION:
Notice.
SUMMARY: Ali Markieh, Guruday
Chunilall, and Anthony Thomas
(Applicants) each request an incidental
take permit (ITP), for a one-year term,
pursuant to section 10(a)(1)(B) of the
Endangered Species Act of 1973, as
amended (Act). The Applicants
anticipate taking about 1.27 acres
combined of Florida scrub-jay
(Aphelocoma coerulescens) (scrub-jay)
foraging and sheltering habitat
incidental to lot preparation for the
construction of five single-family homes
and supporting infrastructure in Brevard
County, Florida (Project). The
destruction of 1.27 acres of foraging and
sheltering habitat is expected to result
in the take of two families of scrub-jays.
The Applicants’ Habitat Conservation
Plans (HCPs) describe the mitigation
and minimization measures proposed to
address the effects of the Projects to the
Florida scrub-jay. These measures are
outlined in the SUPPLEMENTARY
INFORMATION section below.
DATES: Written comments on the ITP
applications and HCPs should be sent to
the Service’s Regional Office (see
ADDRESSES) and should be received on
or before August 31, 2006.
ADDRESSES: Persons wishing to review
the applications and HCPs may obtain a
copy by writing the Service’s Southeast
Regional Office, Atlanta, Georgia. Please
reference permit number TE105729–0,
for Markieh, number TE105730–0, for
Chunillal, and number TE105728–0, for
Thomas in such requests. Documents
will also be available for public
inspection by appointment during
normal business hours at the Regional
Office, 1875 Century Boulevard, Suite
200, Atlanta, Georgia 30345 (Attn:
Endangered Species Permits), or Field
Supervisor, U.S. Fish and Wildlife
Service, 6620 Southpoint Drive South,
Suite 310, Jacksonville, Florida 32216–
0912.
FOR FURTHER INFORMATION CONTACT: Mr.
David Dell, Regional HCP Coordinator,
(see ADDRESSES above), telephone: 404/
679–7313, facsimile: 404/679–7081; or
Ms. Erin Gawera, Fish and Wildlife
Biologist, Jacksonville Field Office,
Jacksonville, Florida (see ADDRESSES
above), telephone: 904/232–2580, ext.
121.
SUPPLEMENTARY INFORMATION: If you
wish to comment, you may submit
comments by any one of several
methods. Please reference permit
number TE105729–0, for Markieh,
number TE105730–0, for Chunillal, and
number TE105728–0, for Thomas in
such comments. You may mail
comments to the Service’s Regional
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
Office (see ADDRESSES). You may also
comment via the internet to
david_dell@fws.gov. Please also include
your name and return address in your
internet message. If you do not receive
a confirmation from us that we have
received your internet message, contact
us directly at either telephone number
listed below (see FOR FURTHER
INFORMATION CONTACT). Finally, you may
hand deliver comments to either Service
office listed below (see ADDRESSES). Our
practice is to make comments, including
names and home addresses of
respondents, available for public review
during regular business hours.
Individual respondents may request that
we withhold their home address from
the administrative record. We will
honor such requests to the extent
allowable by law. There may also be
other circumstances in which we would
withhold from the administrative record
a respondent’s identity, as allowable by
law. If you wish us to withhold your
name and address, you must state this
prominently at the beginning of your
comments. We will not, however,
consider anonymous comments. We
will make all submissions from
organizations or businesses, and from
individuals identifying themselves as
representatives or officials of
organizations or businesses, available
for public inspection in their entirety.
The Florida scrub-jay (scrub-jay) is
geographically isolated from other
species of scrub-jays found in Mexico
and the western United States. The
scrub-jay is found exclusively in
peninsular Florida and is restricted to
xeric uplands (predominately in oakdominated scrub). Increasing urban and
agricultural development has resulted in
habitat loss and fragmentation which
has adversely affected the distribution
and numbers of scrub-jays. The total
estimated population is between 7,000
and 11,000 individuals.
Residential construction for Markieh
will take place within section 05,
Township 29 South, Range 37 East,
Palm Bay, Brevard County, Florida on
lots 2, 3, and 4, Block 356. Residential
construction for Chunilall will take
place within Section 05, Township 29
South, Range 37 East, Palm Bay, Brevard
County, Florida on Lot 12, Block 302.
Residential construction for Thomas
will take place within section 16,
Township 29 South, Range 37 East,
Palm Bay, Brevard County, Florida on
Lot 25, Block 758. Each of these lots are
within 438 feet of locations where
scrub-jays were sighted during surveys
for this species from 1999 to 2003.
Scrub-jays using the subject
residential lots and adjacent properties
are part of a larger complex of scrub-jays
E:\FR\FM\01AUN1.SGM
01AUN1
]]>Agencies
[Federal Register Volume 71, Number 147 (Tuesday, August 1, 2006)]
[Notices]
[Pages 43508-43510]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-12263]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-4917-N-08]
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 July
1, 2006, is 5\3/4\ 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, 2006, is 5\3/8\ 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: 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
[[Page 43509]]
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 July 1, 2006, is 5\3/8\ percent; and (2)
has approved the establishment of the debenture interest rate by the
Secretary of HUD at 5\3/8\ percent for the 6-month period beginning
July 1, 2006. 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 2006.
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.
------------------------------------------------------------------------
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,
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
[[Page 43510]]
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 July 1, 2006, is 5\3/4\ percent.
HUD expects to publish its next notice of change in debenture
interest rates in January 2007.
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: July 25, 2006.
Brian D. Montgomery,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. E6-12263 Filed 7-31-06; 8:45 am]
BILLING CODE 4210-67-P
