Section 538 Multi-Family Housing Guaranteed Rural Rental Housing Program (GRRHP) Demonstration Program for Fiscal Year 2007, 32070-32071 [E7-11169]
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Federal Register / Vol. 72, No. 111 / Monday, June 11, 2007 / Notices
request is denied, the recipient will have a
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identified inventions, i.e., individual
inventions conceived or first actually
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award. Any patent waiver that may be
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Dated: June 5, 2007.
Jackie J. Gleason,
Administrator, Rural Business-Cooperative
Service.
[FR Doc. 07–2865 Filed 6–8–07; 8:45 am]
BILLING CODE 3410–XY–P
DEPARTMENT OF AGRICULTURE
Rural Housing Service
Section 538 Multi-Family Housing
Guaranteed Rural Rental Housing
Program (GRRHP) Demonstration
Program for Fiscal Year 2007
Rural Housing Service, USDA.
Notice of Funds Availability.
AGENCY:
rmajette on DSK8KYBLC1PROD with MISCELLANEOUS
ACTION:
SUMMARY: Through this Notice of Funds
Availability (NOFA), the Agency
announces the implementation of a
demonstration program under the
section 538 Guaranteed Rural Rental
Housing Program (GRRHP) pursuant to
7 CFR 3565.4 for Fiscal Year (FY) 2007
and 7 CFR 3565.17 Demonstration
programs. The Demonstration Program’s
purpose is to test the viability and
efficacy of the concept of a continuous
loan note guarantee through the
construction and permanent loan
financing phases of a project. Those
applications that meet the
Demonstration Program’s qualifying
criteria and are selected to participate
will be offered one loan note guarantee
upon closing of the construction loan
that will be in effect throughout both of
the project’s construction and
permanent phases without interruption.
To be considered for participation in
the Demonstration Program, in addition
to responding to this NOFA, a Lender
must have first submitted its application
under either the GRRHP’s 2007 Notice
at 72 FR 8339 (Feb. 26, 2007) or the
GRRHP’s 2006 Notice at 71 FR 4559
(Jan. 27, 2006). Furthermore, the
application to be considered must have
been obligated from October 1, 2006 to
July 31, 2007.
VerDate Mar<15>2010
12:15 Mar 07, 2011
Jkt 223001
The funding for the Demonstration
Program will be approximately $10
million. Expenses incurred in
developing applications will be at the
applicant’s risk. The following
paragraphs outline the timeframes,
eligibility requirements, lender
responsibilities, and the overall
response and application processes.
Eligible Lenders wishing to have their
FY 2007 obligations considered for the
Demonstration Program must send a
signed request on its letterhead with the
proposed project details as outlined in
the ‘‘Demonstration Program Response
Submission Address’’ section of this
NOFA.
Demonstration Program Guidelines:
The following guidelines are being
provided to facilitate a structured
implementation of the program:
1. Demonstration guarantee. The
Demonstration guarantee is a guarantee
that will be offered to those applications
that apply for and meet the 2007
Demonstration NOFA’s demonstration
program’s qualifying criteria. The
Demonstration guarantee will consist of
one loan note guarantee upon closing of
the construction loan that will be in
effect throughout both of the project’s
construction and permanent financing
phases without interruption.
2. Upon approval of an application
from an approved lender, the Agency
will commit to providing a
demonstration guarantee for the
construction and permanent financing
phases of the project, subject to the
availability of funds.
3. Guarantee percentage and payment.
Both construction loan advances and
permanent loans are eligible for a
guaranty subject to the following
limitations:
Construction loan advances and
permanent loans. The Agency may
guarantee a construction contract which
has credit enhancements to protect the
Government’s interest. The Agency can
guarantee the ‘‘construction and
permanent’’ financing phases of a
project. The Agency cannot, however,
guarantee only the ‘‘construction’’
financing phase of a project. Guarantees
under the demonstration guarantee will
cover construction loan advances and
the subsequent permanent loan. A
demonstration guarantee requires an
additional operating reserve equal to 2%
of the appraised value of the project or
total development costs, whichever is
greater, to be set aside prior to closing
the construction loan. This cash
contribution is an additional amount,
over and above the required initial
operating and maintenance
contribution. The maximum guarantee
of construction advances will not at any
PO 00000
Frm 00015
Fmt 4703
Sfmt 4703
time exceed the lesser of 90 percent of
the amount of principal and interest up
to default advanced for eligible uses of
loan proceeds or 90 percent of the
original principal amount and interest
up to default of a loan. Penalties
incurred as a result of default are not
covered by the guarantee. The Agency
may provide a lesser guarantee based
upon its evaluation of the credit quality
of the loan.
4. A lender making a construction
loan must demonstrate an ability to
originate and service construction loans.
5. Guarantee during construction. The
Agency will issue a demonstration
guarantee only to an approved lender.
6. Demonstration guarantee program
compliance requirement. For a
demonstration guarantee, the following
items will have to be submitted in order
to remain compliant with program
requirements. The items must be
submitted within the timeframe
stipulated by the Agency and must also
be approved by the Agency:
(1) A certificate of substantial
completion;
(2) A certificate of occupancy or
similar evidence of local approval;
(3) A final cost certification in a form
acceptable to the Agency;
(4) A complete copy of the permanent
loan closing docket; and
(5) Necessary information to complete
an updated necessary assistance review
by the Agency.
The Agency may declare the loan in
default if the Lender fails to comply
with the demonstration guarantee
program guidelines. The Agency may
also declare the loan in default if the
Agency’s final inspection is not
satisfactory. To facilitate the
implementation of the program, certain
program forms may be addended to
include relevant Demonstration Program
requirements.
The selected applicants will be
subject to the Demonstration Program
guidelines in this NOFA, and GRRHP’s
controlling statute, regulations, and
handbook as amended. The GRRHP
operates under the Housing Act of 1949
and regulations at 7 CFR part 3565. The
GRRHP Origination and Servicing
Handbook (HB–1–3565) is available to
provide lenders and the general public
with guidance on program
administration. HB–1–3565, which
contains a copy of 7 CFR part 3565 in
Appendix 1, can be found at the Rural
Development Instructions Web site
address https://www.rurdev.usda.gov/
regs/hblist.html#hbw6.
Demonstration Program Eligibility:
Applications that meet the following
criteria will be eligible for consideration
E:\ERIC\11JNN1.SGM
11JNN1
rmajette on DSK8KYBLC1PROD with MISCELLANEOUS
Federal Register / Vol. 72, No. 111 / Monday, June 11, 2007 / Notices
to be selected into the Demonstration
Program:
1. The project must have been
awarded tax credits.
2. The project must have a loan to cost
(LTC) ratio equal to or lower than 50%.
3. The Lender must have submitted
[for this project] a loan guarantee
application under either the GRRHP’s
2007 Notice at 72 FR 8339 (Feb. 26,
2007) or the GRRHP’s 2006 Notice at 71
FR 4559 (Jan. 27, 2006). Additionally,
the application to be considered must
have been obligated from October 1,
2006 to July 31, 2007.
4. The Lender must have submitted a
timely response to this NOFA in
accordance with the ‘‘Demonstration
Program Response Submission Address’’
section of this NOFA.
Demonstration Program Selection
Process: Selections from qualified
obligations that have requested
consideration will be made based on
their interest credit scores, with the
highest scoring obligations, being
selected first, until all available
Demonstration Program funds are
allocated. In the event of a tie, priority
will be given to the project that: is in the
smaller rural community, and in case of
a subsequent tie has the lowest LTC
ratio.
Selections into the Demonstration
Program will be made on August 14,
2007, from the qualified pool of
applications that were obligated from
October 1, 2006 to July 31, 2007. In the
event there are not enough qualified
requests for selection into the
Demonstration Program to utilize all the
available Demonstration Program setaside funds of approximately $10
million, then the selection process for
any remaining funds will be conducted
again on September 11, 2007, and will
include all applications obligated from
October 1, 2006 to August 31, 2007. All
applicants will be notified of the
selection results no later than 15
business days from the date of selection.
Demonstration Program Response
Submission Address: Eligible lenders
wishing to have their obligated
applications considered for selection
into the Demonstration Program must
submit a signed request (not to exceed
one page) on its letterhead that includes
the following information:
1. Developer’s Name.
2. Borrower’s Name.
3. Project’s Name.
4. Project’s Address (City and State).
5. Project Type (Family, Senior, or
Mixed).
6. Project’s Total Units.
7. Project’s Total Development Cost
(TDC).
8. Amount of 538 Loan Guarantee.
VerDate Mar<15>2010
12:15 Mar 07, 2011
Jkt 223001
9. Amount of Tax Credits Awarded.
10. Amount and Source of Other
Financing.
11. Loan to Cost (LTC) %.
12. Area Population.
13. Date obligated or date of
Conditional Commitment.
Send the Demonstration Program
Response Submission Letter with all of
the information listed above, along with
a copy of the State Office’s ‘‘Proceed
with Application/NOFA Response
Selection’’ letter and a copy of the tax
credit award notification to: C.B.
Alonso, Senior Loan Specialist, MultiFamily Housing Processing Division,
Guaranteed Rural Rental Housing
Program, U.S. Department of
Agriculture, South Agriculture Building,
Room 1271, Stop 0781, 1400
Independence Avenue, SW.,
Washington, DC 20250–0781.
Requests may also be faxed to 202–
205–5066 or sent by e-mail (signed PDF
copies of the above submissions) to
cb.alonso@wdc.usda.gov. Eligible
lenders mailing a request must provide
sufficient time to permit delivery to the
SUBMISSION ADDRESS on or before
August 13, 2007. Acceptance by a U.S.
Post Office or private mailer does not
constitute delivery. Postage due
responses and applications will not be
accepted.
The U.S. Department of Agriculture
(USDA) prohibits discrimination in all
its programs and activities on the basis
of race, color, national origin, sex,
religion, age, disability, political beliefs,
sexual orientation, marital status or
family status (not all prohibited basis
apply to all programs). Persons with
disabilities who require alternative
means for communication of program
information (Braille, large print,
audiotape, etc.) should contact the
USDA’s Target Center at (202) 720–2600
(voice or TDD).
To file a complaint of discrimination,
write USDA, Director, Office of Civil
Rights, Room 326–W, Whitten Building,
1400 Independence Avenue, SW.,
Washington, DC 20250–9410, or call toll
free (866) 632–9992 (Voice). TDD users
can contact USDA through local relay
(800) 720–6382 (TDD) or (866) 377–8642
(relay voice users). USDA is an equal
opportunity provider and employer.
Dated: June 4, 2007.
David J. Villano,
Acting Administrator, Rural Housing Service.
[FR Doc. E7–11169 Filed 6–8–07; 8:45 am]
BILLING CODE 3410–XV–P
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Fmt 4703
Sfmt 4703
32071
DEPARTMENT OF COMMERCE
International Trade Administration
[A–570–846]
Brake Rotors from the People’s
Republic of China: Extension of Time
Limit for the Final Results of the 2005–
2006 Administrative and New Shipper
Reviews
Import Administration,
International Trade Administration,
Department of Commerce.
EFFECTIVE DATE: June 11, 2007.
FOR FURTHER INFORMATION CONTACT:
Jennifer Moats, AD/CVD Operations,
Office 8, Import Administration,
International Trade Administration,
U.S. Department of Commerce, 14th
Street and Constitution Avenue, NW,
Washington DC 20230; telephone: (202)
482–5047.
SUPPLEMENTARY INFORMATION:
AGENCY:
Background
On February 15, 2007, the Department
of Commerce (the ‘‘Department’’)
published the preliminary results of the
2005–2006 administrative and new
shipper reviews and partial rescission of
the 2005–2006 administrative review of
the antidumping order on brake rotors
from the People’s Republic of China
(‘‘PRC’’) for the April 1, 2005, through
March 31, 2006, period. See Brake
Rotors from the People’s Republic of
China: Preliminary Results of the 2005–
2006 Administrative and New Shipper
Reviews and Partial Rescission of the
2005–2006 Administrative Review, 72
FR 7405 (February 15, 2007). The final
results of the review are currently due
on June 15, 2007. On March 5, 2007,
Longkou Haimeng Machinery Co., Ltd.,
Qingdao Meita Automotive Industry
Co., Ltd., Yantai Winhere Auto–Part
Manufacturing Co., Ltd, Laizhou Auto
Brake Equipment Company Ltd.,
Laizhou Hongda Auto Replacement
Parts Co., Ltd., and Laizhou City Luqi
Machinery Co., Ltd., requested a 28-day
extension of time to submit publicly
available information to value the
factors of production. On March 6, 2007,
the Department issued a letter to all
interested parties granting the requested
28-day extension of time to submit
publicly available information to value
the factors of production. In that letter,
the Department stated that it was
postponing the briefing schedule until
further notice pending the release of the
verification report of Shandong Huanri
Group Co., Ltd., Shandong Huanri
Group General Co., and Laizhou Huanri
Automobile Parts Co., Ltd. (collectively
‘‘Huanri’’). From March 20, 2007,
E:\ERIC\11JNN1.SGM
11JNN1
]]>Agencies
[Federal Register Volume 72, Number 111 (Monday, June 11, 2007)]
[Notices]
[Pages 32070-32071]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-11169]
-----------------------------------------------------------------------
DEPARTMENT OF AGRICULTURE
Rural Housing Service
Section 538 Multi-Family Housing Guaranteed Rural Rental Housing
Program (GRRHP) Demonstration Program for Fiscal Year 2007
AGENCY: Rural Housing Service, USDA.
ACTION: Notice of Funds Availability.
-----------------------------------------------------------------------
SUMMARY: Through this Notice of Funds Availability (NOFA), the Agency
announces the implementation of a demonstration program under the
section 538 Guaranteed Rural Rental Housing Program (GRRHP) pursuant to
7 CFR 3565.4 for Fiscal Year (FY) 2007 and 7 CFR 3565.17 Demonstration
programs. The Demonstration Program's purpose is to test the viability
and efficacy of the concept of a continuous loan note guarantee through
the construction and permanent loan financing phases of a project.
Those applications that meet the Demonstration Program's qualifying
criteria and are selected to participate will be offered one loan note
guarantee upon closing of the construction loan that will be in effect
throughout both of the project's construction and permanent phases
without interruption.
To be considered for participation in the Demonstration Program, in
addition to responding to this NOFA, a Lender must have first submitted
its application under either the GRRHP's 2007 Notice at 72 FR 8339
(Feb. 26, 2007) or the GRRHP's 2006 Notice at 71 FR 4559 (Jan. 27,
2006). Furthermore, the application to be considered must have been
obligated from October 1, 2006 to July 31, 2007.
The funding for the Demonstration Program will be approximately $10
million. Expenses incurred in developing applications will be at the
applicant's risk. The following paragraphs outline the timeframes,
eligibility requirements, lender responsibilities, and the overall
response and application processes.
Eligible Lenders wishing to have their FY 2007 obligations
considered for the Demonstration Program must send a signed request on
its letterhead with the proposed project details as outlined in the
``Demonstration Program Response Submission Address'' section of this
NOFA.
Demonstration Program Guidelines: The following guidelines are
being provided to facilitate a structured implementation of the
program:
1. Demonstration guarantee. The Demonstration guarantee is a
guarantee that will be offered to those applications that apply for and
meet the 2007 Demonstration NOFA's demonstration program's qualifying
criteria. The Demonstration guarantee will consist of one loan note
guarantee upon closing of the construction loan that will be in effect
throughout both of the project's construction and permanent financing
phases without interruption.
2. Upon approval of an application from an approved lender, the
Agency will commit to providing a demonstration guarantee for the
construction and permanent financing phases of the project, subject to
the availability of funds.
3. Guarantee percentage and payment. Both construction loan
advances and permanent loans are eligible for a guaranty subject to the
following limitations:
Construction loan advances and permanent loans. The Agency may
guarantee a construction contract which has credit enhancements to
protect the Government's interest. The Agency can guarantee the
``construction and permanent'' financing phases of a project. The
Agency cannot, however, guarantee only the ``construction'' financing
phase of a project. Guarantees under the demonstration guarantee will
cover construction loan advances and the subsequent permanent loan. A
demonstration guarantee requires an additional operating reserve equal
to 2% of the appraised value of the project or total development costs,
whichever is greater, to be set aside prior to closing the construction
loan. This cash contribution is an additional amount, over and above
the required initial operating and maintenance contribution. The
maximum guarantee of construction advances will not at any time exceed
the lesser of 90 percent of the amount of principal and interest up to
default advanced for eligible uses of loan proceeds or 90 percent of
the original principal amount and interest up to default of a loan.
Penalties incurred as a result of default are not covered by the
guarantee. The Agency may provide a lesser guarantee based upon its
evaluation of the credit quality of the loan.
4. A lender making a construction loan must demonstrate an ability
to originate and service construction loans.
5. Guarantee during construction. The Agency will issue a
demonstration guarantee only to an approved lender.
6. Demonstration guarantee program compliance requirement. For a
demonstration guarantee, the following items will have to be submitted
in order to remain compliant with program requirements. The items must
be submitted within the timeframe stipulated by the Agency and must
also be approved by the Agency:
(1) A certificate of substantial completion;
(2) A certificate of occupancy or similar evidence of local
approval;
(3) A final cost certification in a form acceptable to the Agency;
(4) A complete copy of the permanent loan closing docket; and
(5) Necessary information to complete an updated necessary
assistance review by the Agency.
The Agency may declare the loan in default if the Lender fails to
comply with the demonstration guarantee program guidelines. The Agency
may also declare the loan in default if the Agency's final inspection
is not satisfactory. To facilitate the implementation of the program,
certain program forms may be addended to include relevant Demonstration
Program requirements.
The selected applicants will be subject to the Demonstration
Program guidelines in this NOFA, and GRRHP's controlling statute,
regulations, and handbook as amended. The GRRHP operates under the
Housing Act of 1949 and regulations at 7 CFR part 3565. The GRRHP
Origination and Servicing Handbook (HB-1-3565) is available to provide
lenders and the general public with guidance on program administration.
HB-1-3565, which contains a copy of 7 CFR part 3565 in Appendix 1, can
be found at the Rural Development Instructions Web site address https://www.rurdev.usda.gov/regs/hblist.html#hbw6.
Demonstration Program Eligibility: Applications that meet the
following criteria will be eligible for consideration
[[Page 32071]]
to be selected into the Demonstration Program:
1. The project must have been awarded tax credits.
2. The project must have a loan to cost (LTC) ratio equal to or
lower than 50%.
3. The Lender must have submitted [for this project] a loan
guarantee application under either the GRRHP's 2007 Notice at 72 FR
8339 (Feb. 26, 2007) or the GRRHP's 2006 Notice at 71 FR 4559 (Jan. 27,
2006). Additionally, the application to be considered must have been
obligated from October 1, 2006 to July 31, 2007.
4. The Lender must have submitted a timely response to this NOFA in
accordance with the ``Demonstration Program Response Submission
Address'' section of this NOFA.
Demonstration Program Selection Process: Selections from qualified
obligations that have requested consideration will be made based on
their interest credit scores, with the highest scoring obligations,
being selected first, until all available Demonstration Program funds
are allocated. In the event of a tie, priority will be given to the
project that: is in the smaller rural community, and in case of a
subsequent tie has the lowest LTC ratio.
Selections into the Demonstration Program will be made on August
14, 2007, from the qualified pool of applications that were obligated
from October 1, 2006 to July 31, 2007. In the event there are not
enough qualified requests for selection into the Demonstration Program
to utilize all the available Demonstration Program set-aside funds of
approximately $10 million, then the selection process for any remaining
funds will be conducted again on September 11, 2007, and will include
all applications obligated from October 1, 2006 to August 31, 2007. All
applicants will be notified of the selection results no later than 15
business days from the date of selection.
Demonstration Program Response Submission Address: Eligible lenders
wishing to have their obligated applications considered for selection
into the Demonstration Program must submit a signed request (not to
exceed one page) on its letterhead that includes the following
information:
1. Developer's Name.
2. Borrower's Name.
3. Project's Name.
4. Project's Address (City and State).
5. Project Type (Family, Senior, or Mixed).
6. Project's Total Units.
7. Project's Total Development Cost (TDC).
8. Amount of 538 Loan Guarantee.
9. Amount of Tax Credits Awarded.
10. Amount and Source of Other Financing.
11. Loan to Cost (LTC) %.
12. Area Population.
13. Date obligated or date of Conditional Commitment.
Send the Demonstration Program Response Submission Letter with all
of the information listed above, along with a copy of the State
Office's ``Proceed with Application/NOFA Response Selection'' letter
and a copy of the tax credit award notification to: C.B. Alonso, Senior
Loan Specialist, Multi-Family Housing Processing Division, Guaranteed
Rural Rental Housing Program, U.S. Department of Agriculture, South
Agriculture Building, Room 1271, Stop 0781, 1400 Independence Avenue,
SW., Washington, DC 20250-0781.
Requests may also be faxed to 202-205-5066 or sent by e-mail
(signed PDF copies of the above submissions) to cb.alonso@wdc.usda.gov.
Eligible lenders mailing a request must provide sufficient time to
permit delivery to the SUBMISSION ADDRESS on or before August 13, 2007.
Acceptance by a U.S. Post Office or private mailer does not constitute
delivery. Postage due responses and applications will not be accepted.
The U.S. Department of Agriculture (USDA) prohibits discrimination
in all its programs and activities on the basis of race, color,
national origin, sex, religion, age, disability, political beliefs,
sexual orientation, marital status or family status (not all prohibited
basis apply to all programs). Persons with disabilities who require
alternative means for communication of program information (Braille,
large print, audiotape, etc.) should contact the USDA's Target Center
at (202) 720-2600 (voice or TDD).
To file a complaint of discrimination, write USDA, Director, Office
of Civil Rights, Room 326-W, Whitten Building, 1400 Independence
Avenue, SW., Washington, DC 20250-9410, or call toll free (866) 632-
9992 (Voice). TDD users can contact USDA through local relay (800) 720-
6382 (TDD) or (866) 377-8642 (relay voice users). USDA is an equal
opportunity provider and employer.
Dated: June 4, 2007.
David J. Villano,
Acting Administrator, Rural Housing Service.
[FR Doc. E7-11169 Filed 6-8-07; 8:45 am]
BILLING CODE 3410-XV-P
