Notice of Request for Extension of a Currently Approved Information Collection, 57287 [E7-19848]

Agencies

• DEPARTMENT OF AGRICULTURE
• Rural Housing Service

[Federal Register Volume 72, Number 194 (Tuesday, October 9, 2007)]
[Notices]
[Page 57287]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-19848]



[[Page 57287]]

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DEPARTMENT OF AGRICULTURE

Rural Housing Service


Notice of Request for Extension of a Currently Approved 
Information Collection

AGENCY: Rural Housing Service, USDA.

ACTION: Proposed collection; comments requested.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this 
notice announces the Rural Housing Service's intention to request an 
extension for a currently approved information collection in support of 
the program of the Agency's use of supervised bank accounts (SBA).

DATES: Comments on this notice must be received by December 10, 2007, 
to be assured of consideration.

FOR FURTHER INFORMATION CONTACT: Janet Stouder, Deputy Director, Multi-
Family Housing Portfolio Management Division, RHS, STOP 0782, U.S. 
Department of Agriculture, 1400 Independence Avenue, SW., Washington, 
DC 20250-0782. Telephone: (202) 720-9728.

SUPPLEMENTARY INFORMATION:
    Title: 7 CFR 1902-A, Supervised Bank Accounts.
    OMB Number: 0575-0158.
    Expiration Date of Approval: January 31, 2008.
    Type of Request: Extension of a Currently Approved Information 
Collection.
    Abstract: The Agency extends financial assistance to applicants 
that do not qualify for loans under commercial rates and terms.
    The Agency use SBAs as a mechanism to (1) ensure correct 
disbursement and expenditure of all funds designated for a project; (2) 
help a borrower properly manage its financial affairs; (3) ensure that 
the Government's security is protected adequately from fraud, waste and 
abuse.
    SBAs are mandatory for Multi-Family Housing (MFH) reserve accounts. 
The MFH funds must be kept in the SBA for the full term of a loan. Any 
funds withdrawn for disbursement for an authorized purpose require a 
countersignature from an Agency official.
    This regulation prescribes the policies and responsibilities for 
the use of SBAs. In carrying out the mission as a supervised credit 
Agency, this regulation authorizes the use of supervised accounts for 
the disbursement of funds. The use may be necessitated to disburse 
Government funds consistent with the various stages of any development 
(construction) work actually achieved. On limited occasions, a 
supervised account is used to provide temporary credit counseling and 
oversight of those being assisted who demonstrate an inability to 
handle their financial affairs responsibly. Another use is for 
depositing MFH reserve account funds in a manner requiring Agency co-
signature for withdrawals. MFH reserve account funds are held in a 
reserve account for the future capital improvement needs for apartment 
properties. Supervised accounts are established to ensure Government 
security is adequately protected against fraud, waste and abuse.
    The legislative authority for requiring the use of supervised 
accounts is contained section 510 of the Housing Act of 1949, as 
amended (42 U.S.C. 1480). These provisions authorize the Secretary of 
Agriculture to make such rules and regulations as deemed necessary to 
carry out the responsibilities and duties the Government is charged 
with administering.
    Estimate of Burden: Public reporting burden for this information 
collection is estimated to average .79 hours per response.
    Respondents: Small businesses.
    Estimated Number of Respondents: 20,000.
    Estimated Number of Responses per Respondent: 3.5.
    Estimated Number of Responses: 70,100.
    Estimated Total Annual Burden on Respondents: 55,708.
    Copies of this information collection can be obtained from Cheryl 
Thompson, Regulations and Paperwork Management Branch, at (202) 692-
0043.
    Comments: Comments are invited on: (a) 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; (b) the accuracy of the Agency's estimate of 
the burden of the proposed collection of information including the 
validity of the methodology and assumptions used; (c) ways to enhance 
the quality, utility and clarity of the information to be collected; 
and (d) ways to minimize the burden of the collection of information on 
those who are to respond, including through the use of appropriate 
automated, electronic, mechanical, or other technological collection 
techniques or other forms of information technology. Comments may be 
sent to Cheryl Thompson, Regulations and Paperwork Management Branch, 
U.S. Department of Agriculture, Rural Development, STOP 0742, 1400 
Independence Ave., SW., Washington, DC 20250. All responses to this 
notice will be summarized and included in the request for OMB approval. 
All comments will also become a matter of public record.

    Dated: September 27, 2007.
Russell T. Davis,
Administrator, Rural Housing Service.
[FR Doc. E7-19848 Filed 10-5-07; 8:45 am]
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