Federal Housing Administration (FHA) First Look Sales Method Under the Neighborhood Stabilization Program (NSP): Increased Discount on Sales Price for Certain Properties and Clarification of Effective Dates, 2280-2281 [2013-00357]

Download as PDF 2280 Federal Register / Vol. 78, No. 7 / Thursday, January 10, 2013 / Notices Status of the proposed information collection: Pending OMB approval. Authority: Section 3506 of the Paperwork Reduction Act of 1995, 44 U.S.C. Chapter 35, as amended. Dated: January 2, 2013. Colette Pollard, Department Reports Management Officer, Office of the Chief Information Officer. [FR Doc. 2013–00296 Filed 1–9–13; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–5410–N–03] Federal Housing Administration (FHA) First Look Sales Method Under the Neighborhood Stabilization Program (NSP): Increased Discount on Sales Price for Certain Properties and Clarification of Effective Dates Office of the Assistant Secretary for Housing—Federal Housing Commissioner, HUD. ACTION: Notice. AGENCY: On July 15, 2010, HUD published a Federal Register notice establishing the process by which eligible purchasers under the Neighborhood Stabilization Program (NSP) are provided a preference to acquire real-estate owned (REO) properties of FHA under the temporary Federal Housing Administration (FHA) First Look Sales Method. Under the First Look Sales Method, eligible NSP purchasers have the opportunity to purchase REO properties at a discount of 10 percent below their appraised value, less the cost of any applicable listing and sales commission. This notice announces an increase in the discount to 15 percent for properties that do not meet the applicable minimum property standards to be eligible for FHA mortgage insurance. Additionally, HUD has taken the opportunity afforded by this notice to clarify that the First Look Sales Method will be in effect until the conclusion of the NSP. DATES: The FHA First Look Sales Method shall be in effect until the conclusion of the NSP. FOR FURTHER INFORMATION CONTACT: Ivery Himes, Director, Office of Single Family Asset Management, Office of Housing, Department of Housing and Urban Development, 451 7th Street SW., Room 9172, Washington, DC 20410; telephone number 202–708–1672 (this is not a toll-free number). Persons with hearing or speech impairments may access this number via TTY by calling wreier-aviles on DSK5TPTVN1PROD with SUMMARY: VerDate Mar<15>2010 15:22 Jan 09, 2013 Jkt 229001 the toll-free Federal Information Relay Service at 800–877–8339. SUPPLEMENTARY INFORMATION: I. Background On July 15, 2010, at 75 FR 41225, HUD published a Federal Register notice establishing the process by which certain governmental entities, nonprofit organizations, and subrecipients participating in the NSP (eligible NSP purchasers) are provided a preference to acquire REO properties under the temporary FHA First Look Sales Method. This temporary REO sales method furthers the goals of both NSP, to aid in the redevelopment of abandoned and foreclosed homes, and of HUD’s REO sales program, to expand homeownership opportunities and strengthen communities. Through the FHA First Look Sales Method, HUD provides eligible NSP purchasers with a preference (a ‘‘first look’’) to acquire FHA REO properties that are available for purchase within NSP areas. Eligible NSP purchasers may acquire such REO properties with the assistance of NSP funds for any eligible uses under the NSP, including rental or homeownership. Interested persons should refer to the July 15, 2010, notice for additional details regarding the FHA First Look Sales Method. II. This Notice—Increased Discount on Sales Price for Certain REO Properties Purchased Under the FHA First Look Sales Method REO properties purchased through the FHA First Look Sales Method are sold at a discount of 10 percent below the appraised value, less any applicable costs, including commissions. The minimum discounted purchase price of a property is one percent off of the appraised property value; in no case may the discounted purchase price exceed 99 percent of the appraised property value. (See, Section II.F. of the July 15, 2010, notice, at 75 FR 41227). The ten percent discount has proved insufficient for REO properties that do not meet the minimum property standards to be eligible for FHA mortgage insurance because the property is in need of extensive repairs.1 The necessary rehabilitation or flood insurance expenses, coupled with the lack of FHA financing, have the potential to make the costs of acquiring these properties prohibitive to otherwise eligible home purchasers. This lack of affordability impedes the goal of the 1 The FHA minimum property standards for existing dwellings are found in HUD Handbook 4905.1 REV 1, available at http://portal.hud.gov/ hudportal/HUD?src=/program_offices/ administration/hudclips/handbooks/hsgh/4905.1. PO 00000 Frm 00030 Fmt 4703 Sfmt 4703 FHA First Look Sales Method to aid in the revitalization of communities through expanded homeownership. To address this concern, HUD announces an increase in the discount to 15 percent for properties that do not meet the applicable FHA minimum property standards. As is currently true, the 15 percent discount shall be subject to any applicable costs, including commissions, but in no case will the total discounted amount be less than one percent off of the appraised property value. The discount for REO properties eligible for FHA mortgage insurance remains at 10 percent of the appraised value of the home. In addition to the increase in the sales price discount, this notice clarifies that the First Look Sales Method will be in effect until the conclusion of the NSP. HUD’s July 15, 2010, notice announced that the First Look Sales Method would be in effect until May 31, 2013. This date was based on the expected conclusion of the NSP, and was not intended to provide for conclusion of the First Look Sales Method prior to the close of the NSP. III. Findings and Certifications Paperwork Reduction Act The information collection requirements for the FHA First Look Sales Method have been approved by the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501–3520) and assigned OMB Control Number 2502– 0589. In accordance with the Paperwork Reduction Act, HUD may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection displays a currently valid OMB Control Number. Environmental Impact A Finding of No Significant Impact (FONSI) with respect to the environment for the FHA First Look Sales Method was made at the time of the July 15, 2010, Federal Register notice in accordance with HUD regulations at 24 CFR part 50, which implement section 102(2)(C) of the National Environmental Policy Act of 1969 (42 U.S.C. 4332(2)(C)). The FONSI is available for public inspection between 8 a.m. and 5 p.m. weekdays in the Regulation Division, Office of General Counsel, Department of Housing and Urban Development, 451 Seventh Street SW., Room 10276, Washington, DC 20410–0500. Due to security measures at the HUD Headquarters building, and advance appointment to review the FONSI must be scheduled by calling the Regulations E:\FR\FM\10JAN1.SGM 10JAN1 Federal Register / Vol. 78, No. 7 / Thursday, January 10, 2013 / Notices Division at 202–708–3055 (this is not a toll-free number). Dated: January 4, 2013. Carol J. Galante, Assistant Secretary for Housing—Federal Housing Commissioner. [FR Doc. 2013–00357 Filed 1–9–13; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE INTERIOR National Park Service [NPS–NERO–PAGR–11895; PPNEPAGR00, PMP00UP05.YP0000] Notice of Meetings for the Paterson Great Falls National Historical Park Advisory Commission National Park Service, Interior. Notice of Meetings. AGENCY: ACTION: As required by the Federal Advisory Committee Act, the National Park Service (NPS) is hereby giving notice for the 2013 schedule of meetings for the Advisory Committee to the Paterson Great Falls National Historical Park General Management Plan. The Paterson Great Falls National Historical Park (NHP) Federal Advisory Commission was authorized by Congress and signed by the President on March 30, 2009, (Pub. L. 111–11, Title VII, Subtitle A, Section 7001, Subsection e) ‘‘to advise the Secretary in the development and implementation of the management plan.’’ Agendas for these meetings will be provided on the Paterson Great Falls NHP Web site (http://www.nps.gov/pagr/parkmgmt/ federal-advisory-commission.htm). DATES: The Commission will meet on the following dates in 2013: • Thursday, January 31, 2013, 2:00– 5:00 p.m.; • Thursday, April 11, 2013, 2:00–5:00 p.m.; • Thursday, July 11, 2013, 2:00–5:00 p.m.; and • Thursday, October 10, 2013, 2:00– 5:00 p.m. Location: All meetings will be held at the Paterson Museum, 2 Market Street (intersection of Market and Spruce Streets), Paterson, NJ. FOR FURTHER INFORMATION CONTACT: Darren Boch, Superintendent, Paterson Great Falls National Historical Park, 72 McBride Avenue; Paterson, NJ 07501, (973) 523–2630. SUPPLEMENTARY INFORMATION: Under section 10(a)(2) of the Federal Advisory Committee Act (5 U.S.C. App.), this notice announces a meeting of the Paterson Great Falls NHP Federal Advisory Commission. Topics to be wreier-aviles on DSK5TPTVN1PROD with SUMMARY: VerDate Mar<15>2010 15:22 Jan 09, 2013 Jkt 229001 discussed include updates on the status of the Paterson Great Falls NHP General Management Plan. The meetings will be open to the public and time will be reserved during each meeting for public comment. Oral comments will be summarized for the record. If individuals wish to have their comments recorded verbatim, they must submit them in writing. Written comments and requests for agenda items may be sent to: Federal Advisory Commission; Paterson Great Falls National Historical Park; 72 McBride Avenue; Paterson, NJ 07501. Before including your address, telephone number, email address, or other personal identifying information in your comment, you should be aware that your entire comment—including your personal identifying information— may be made publicly available at any time. While you can ask us in your comment to withhold your personal identifying information from public review, we cannot guarantee that we will be able to do so. All comments will be made part of the public record and will be electronically distributed to all Committee members. Dated: December 21, 2012. Darren Boch, Superintendent, Paterson Great Falls, National Historical Park. [FR Doc. 2013–00333 Filed 1–9–13; 8:45 am] BILLING CODE 4310–WV–P INTERNATIONAL TRADE COMMISSION [Docket No. 2930] Certain Robotic Toys and Components Thereof; Notice of Receipt of Complaint; Solicitation of Comments Relating to the Public Interest U.S. International Trade Commission. ACTION: Notice. AGENCY: Notice is hereby given that the U.S. International Trade Commission has received a complaint entitled Certain Robotic Toys and Components Thereof, DN 2930; the Commission is soliciting comments on any public interest issues raised by the complaint or complainant’s filing under section 210.8(b) of the Commission’s Rules of Practice and Procedure (19 CFR 210.8(b)). FOR FURTHER INFORMATION CONTACT: Lisa R. Barton, Acting Secretary to the Commission, U.S. International Trade Commission, 500 E Street SW., Washington, DC 20436, telephone (202) 205–2000. The public version of the SUMMARY: PO 00000 Frm 00031 Fmt 4703 Sfmt 4703 2281 complaint can be accessed on the Commission’s electronic docket (EDIS) at http://edis.usitc.gov, and will be available for inspection during official business hours (8:45 a.m. to 5:15 p.m.) in the Office of the Secretary, U.S. International Trade Commission, 500 E Street SW., Washington, DC 20436, telephone (202) 205–2000. General information concerning the Commission may also be obtained by accessing its Internet server (http:// www.usitc.gov). The public record for this investigation may be viewed on the Commission’s electronic docket (EDIS) at http://edis.usitc.gov. Hearingimpaired persons are advised that information on this matter can be obtained by contacting the Commission’s TDD terminal on (202) 205–1810. SUPPLEMENTARY INFORMATION: The Commission has received a complaint and a submission pursuant to section 210.8(b) of the Commission’s Rules of Practice and Procedure filed on behalf of Innovation First International, Inc., Innovation First, Inc. and Innovation First Labs, Inc. on January 4, 2013. The complaint alleges violations of section 337 of the Tariff Act of 1930 (19 U.S.C. 1337) in the importation into the United States, the sale for importation, and the sale within the United States after importation of certain robotic toys and components thereof. The complaint names as respondent CVS Pharmacy Inc. of RI. Proposed respondents, other interested parties, and members of the public are invited to file comments, not to exceed five (5) pages in length, inclusive of attachments, on any public interest issues raised by the complaint or section 210.8(b) filing. Comments should address whether issuance of the relief specifically requested by the complainant in this investigation would affect the public health and welfare in the United States, competitive conditions in the United States economy, the production of like or directly competitive articles in the United States, or United States consumers. In particular, the Commission is interested in comments that: (i) Explain how the articles potentially subject to the requested remedial orders are used in the United States; (ii) Identify any public health, safety, or welfare concerns in the United States relating to the requested remedial orders; (iii) Identify like or directly competitive articles that complainant, its licensees, or third parties make in the E:\FR\FM\10JAN1.SGM 10JAN1

Agencies

[Federal Register Volume 78, Number 7 (Thursday, January 10, 2013)]
[Notices]
[Pages 2280-2281]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-00357]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5410-N-03]


Federal Housing Administration (FHA) First Look Sales Method 
Under the Neighborhood Stabilization Program (NSP): Increased Discount 
on Sales Price for Certain Properties and Clarification of Effective 
Dates

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner, HUD.

ACTION: Notice.

-----------------------------------------------------------------------

SUMMARY: On July 15, 2010, HUD published a Federal Register notice 
establishing the process by which eligible purchasers under the 
Neighborhood Stabilization Program (NSP) are provided a preference to 
acquire real-estate owned (REO) properties of FHA under the temporary 
Federal Housing Administration (FHA) First Look Sales Method. Under the 
First Look Sales Method, eligible NSP purchasers have the opportunity 
to purchase REO properties at a discount of 10 percent below their 
appraised value, less the cost of any applicable listing and sales 
commission. This notice announces an increase in the discount to 15 
percent for properties that do not meet the applicable minimum property 
standards to be eligible for FHA mortgage insurance. Additionally, HUD 
has taken the opportunity afforded by this notice to clarify that the 
First Look Sales Method will be in effect until the conclusion of the 
NSP.

DATES: The FHA First Look Sales Method shall be in effect until the 
conclusion of the NSP.

FOR FURTHER INFORMATION CONTACT: Ivery Himes, Director, Office of 
Single Family Asset Management, Office of Housing, Department of 
Housing and Urban Development, 451 7th Street SW., Room 9172, 
Washington, DC 20410; telephone number 202-708-1672 (this is not a 
toll-free number). Persons with hearing or speech impairments may 
access this number via TTY by calling the toll-free Federal Information 
Relay Service at 800-877-8339.

SUPPLEMENTARY INFORMATION:

I. Background

    On July 15, 2010, at 75 FR 41225, HUD published a Federal Register 
notice establishing the process by which certain governmental entities, 
nonprofit organizations, and subrecipients participating in the NSP 
(eligible NSP purchasers) are provided a preference to acquire REO 
properties under the temporary FHA First Look Sales Method. This 
temporary REO sales method furthers the goals of both NSP, to aid in 
the redevelopment of abandoned and foreclosed homes, and of HUD's REO 
sales program, to expand homeownership opportunities and strengthen 
communities. Through the FHA First Look Sales Method, HUD provides 
eligible NSP purchasers with a preference (a ``first look'') to acquire 
FHA REO properties that are available for purchase within NSP areas. 
Eligible NSP purchasers may acquire such REO properties with the 
assistance of NSP funds for any eligible uses under the NSP, including 
rental or homeownership. Interested persons should refer to the July 
15, 2010, notice for additional details regarding the FHA First Look 
Sales Method.

II. This Notice--Increased Discount on Sales Price for Certain REO 
Properties Purchased Under the FHA First Look Sales Method

    REO properties purchased through the FHA First Look Sales Method 
are sold at a discount of 10 percent below the appraised value, less 
any applicable costs, including commissions. The minimum discounted 
purchase price of a property is one percent off of the appraised 
property value; in no case may the discounted purchase price exceed 99 
percent of the appraised property value. (See, Section II.F. of the 
July 15, 2010, notice, at 75 FR 41227). The ten percent discount has 
proved insufficient for REO properties that do not meet the minimum 
property standards to be eligible for FHA mortgage insurance because 
the property is in need of extensive repairs.\1\ The necessary 
rehabilitation or flood insurance expenses, coupled with the lack of 
FHA financing, have the potential to make the costs of acquiring these 
properties prohibitive to otherwise eligible home purchasers. This lack 
of affordability impedes the goal of the FHA First Look Sales Method to 
aid in the revitalization of communities through expanded 
homeownership. To address this concern, HUD announces an increase in 
the discount to 15 percent for properties that do not meet the 
applicable FHA minimum property standards. As is currently true, the 15 
percent discount shall be subject to any applicable costs, including 
commissions, but in no case will the total discounted amount be less 
than one percent off of the appraised property value. The discount for 
REO properties eligible for FHA mortgage insurance remains at 10 
percent of the appraised value of the home.
---------------------------------------------------------------------------

    \1\ The FHA minimum property standards for existing dwellings 
are found in HUD Handbook 4905.1 REV 1, available at http://portal.hud.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh/4905.1.
---------------------------------------------------------------------------

    In addition to the increase in the sales price discount, this 
notice clarifies that the First Look Sales Method will be in effect 
until the conclusion of the NSP. HUD's July 15, 2010, notice announced 
that the First Look Sales Method would be in effect until May 31, 2013. 
This date was based on the expected conclusion of the NSP, and was not 
intended to provide for conclusion of the First Look Sales Method prior 
to the close of the NSP.

III. Findings and Certifications

Paperwork Reduction Act

    The information collection requirements for the FHA First Look 
Sales Method have been approved by the Office of Management and Budget 
(OMB) under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520) 
and assigned OMB Control Number 2502-0589. In accordance with the 
Paperwork Reduction Act, HUD may not conduct or sponsor, and a person 
is not required to respond to, a collection of information unless the 
collection displays a currently valid OMB Control Number.

Environmental Impact

    A Finding of No Significant Impact (FONSI) with respect to the 
environment for the FHA First Look Sales Method was made at the time of 
the July 15, 2010, Federal Register notice in accordance with HUD 
regulations at 24 CFR part 50, which implement section 102(2)(C) of the 
National Environmental Policy Act of 1969 (42 U.S.C. 4332(2)(C)). The 
FONSI is available for public inspection between 8 a.m. and 5 p.m. 
weekdays in the Regulation Division, Office of General Counsel, 
Department of Housing and Urban Development, 451 Seventh Street SW., 
Room 10276, Washington, DC 20410-0500. Due to security measures at the 
HUD Headquarters building, and advance appointment to review the FONSI 
must be scheduled by calling the Regulations

[[Page 2281]]

Division at 202-708-3055 (this is not a toll-free number).

    Dated: January 4, 2013.
Carol J. Galante,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2013-00357 Filed 1-9-13; 8:45 am]
BILLING CODE 4210-67-P