Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 44580-44582 [2013-17773]

Download as PDF 44580 Federal Register / Vol. 78, No. 142 / Wednesday, July 24, 2013 / Notices cities to work on strategic projects and help build city capacity. The fellowship program is seeking to evaluate its program through surveys of program stakeholders. Estimation of the total numbers of hours needed to prepare the information collection including number of respondents, frequency of response, and hours of response: The number of burden hours to complete a survey is 1 hour. The number of respondents is estimated to be 32 respondents. The total number of burden hours is 32 hours. B. Solicitation of Public Comment This notice is soliciting comments from members of the public and affected parties concerning the collection of information described in Section A on the following: (1) 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) The accuracy of the agency’s estimate of the burden of the proposed collection of information; (3) Ways to enhance the quality, utility, and clarity of the information to be collected; and (4) Ways to minimize the burden of the collection of information 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. HUD encourages interested parties to submit comment in response to these questions. Authority: Section 3507 of the Paperwork Reduction Act of 1995, 44 U.S.C. chapter 35. Dated: July 16, 2013. Colette Pollard, Department Reports Management Officer, Office of the Chief Information Officer. [FR Doc. 2013–17778 Filed 7–23–13; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT Federal Information Relay Service at (800) 877–8339. [Docket No. FR–5694–N–02] 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 statutory maximum interest rate for the period beginning July 1, 2013, is 27⁄8 percent; and (2) has approved the establishment of the debenture interest rate by the Secretary of HUD at 27⁄8 percent for the 6-month period beginning July 1, 2013. 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 2013. For convenience of reference, HUD is publishing the following chart of debenture interest rates applicable to mortgages committed or endorsed since January 1, 1980: SUPPLEMENTARY INFORMATION: 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: 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, 2013, is 13⁄4 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, 2013, is 27⁄8 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: Yong Sun, Department of Housing and Urban Development, 451 Seventh Street SW., Room 5148, Washington, DC 20410–8000; telephone (202) 402–4778 (this is not a toll-free number). Individuals with speech or hearing impairments may access this number through TTY by calling the toll-free SUMMARY: sroberts on DSK5SPTVN1PROD with NOTICES Effective interest rate On or after 9 ⁄ ............................................................................................................................................................................ 97⁄8 ............................................................................................................................................................................ 113⁄4 .......................................................................................................................................................................... 127⁄8 .......................................................................................................................................................................... 123⁄4 .......................................................................................................................................................................... 101⁄4 .......................................................................................................................................................................... 103⁄8 .......................................................................................................................................................................... 111⁄2 .......................................................................................................................................................................... 133⁄8 .......................................................................................................................................................................... 12 VerDate Mar<15>2010 16:35 Jul 23, 2013 Jkt 229001 PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 E:\FR\FM\24JYN1.SGM 24JYN1 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 Prior to 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 Federal Register / Vol. 78, No. 142 / Wednesday, July 24, 2013 / Notices Effective interest rate On or after 11 ⁄ .......................................................................................................................................................................... 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 ............................................................................................................................................................................ 43⁄4 ............................................................................................................................................................................ 5 ................................................................................................................................................................................ 41⁄2 ............................................................................................................................................................................ 45⁄8 ............................................................................................................................................................................ 41⁄8 ............................................................................................................................................................................ 41⁄8 ............................................................................................................................................................................ 41⁄4 ............................................................................................................................................................................ 41⁄8 ............................................................................................................................................................................ 37⁄8 ............................................................................................................................................................................ 41⁄8 ............................................................................................................................................................................ 27⁄8 ............................................................................................................................................................................ 23⁄4 ............................................................................................................................................................................ 21⁄2 ............................................................................................................................................................................ 27⁄8 ............................................................................................................................................................................ sroberts on DSK5SPTVN1PROD with NOTICES 58 Section 215 of Division G, Title II of Pub. L. 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, 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, VerDate Mar<15>2010 16:35 Jul 23, 2013 Jkt 229001 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 Federal Housing Administration has codified this provision in HUD regulations at 24 CFR 203.405(b) and 24 CFR 203.479(b). PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 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 July 1, 2007 Jan. 1, 2008 July 1, 2008 Jan. 1, 2009 July 1, 2009 Jan. 1, 2010 July 1, 2010 Jan. 1, 2011 July 1, 2011 Jan. 1, 2012 July 1, 2012 Jan. 1, 2013 July 1, 2013 44581 Prior to 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 July 1, 2007 Jan. 1, 2008 July 1, 2008 Jan. 1, 2009 July 1, 2009 Jan. 1, 2010 July 1, 2010 Jan. 1, 2011 July 1, 2011 Jan. 1, 2012 July 1, 2012 Jan. 1, 2013 July 1, 2013 Jan. 1, 2014 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 E:\FR\FM\24JYN1.SGM 24JYN1 44582 Federal Register / Vol. 78, No. 142 / Wednesday, July 24, 2013 / Notices 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, 2013, is 13⁄4 percent. 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. HUD. Both documents will be available on the HUD Web site at www.hud.gov/ fhaloansales. Please mail and fax executed documents to JS Watkins Realty Partners, LLC: J.S. Watkins Realty Partners, LLC, c/o The Debt Exchange, 133 Federal Street, 10th Floor, Boston, MA 02111, Attention: MHLS 2013–2 Sale Coordinator, Fax: 1–978–967–8607. FOR FURTHER INFORMATION CONTACT: John Lucey, Deputy Director, Asset Sales Office, Room 3136, U.S. Department of Housing and Urban Development, 451 Seventh Street SW., Washington, DC 20410–8000; telephone 202–708–2625, extension 3927. Hearing- or speechimpaired individuals may call 202–708– 4594 (TTY). These are not toll-free numbers. 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). SUPPLEMENTARY INFORMATION: Dated: July 18, 2013. Carol J. Galante, Assistant Secretary for Housing—Federal Housing Commissioner. [FR Doc. 2013–17773 Filed 7–23–13; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. 5726–N–02] Notice of HUD-Held Multifamily & Healthcare Loan Sale, (MHLS 2013–2) Office of the Assistant Secretary for Housing—Federal Housing Commissioner, HUD. ACTION: Notice of sale of mortgage loans. AGENCY: This notice announces HUD’s intention to sell certain unsubsidized multifamily and healthcare mortgage loans, without Federal Housing Administration (FHA) insurance, in a competitive auction (MHLS 2013–2) on July 31, 2013. This notice also describes generally the bidding process for the sale and certain persons who are ineligible to bid. DATES: A Bidder’s Information Package (BIP) will be made available on July 1, 2013. Bids for the loans must be submitted on the bid date of July 31, 2013. HUD anticipates that awards will be made on or before August 5th, 2013. Closings are expected to take place between August 13, 2013 and August 20, 2013. ADDRESSES: To become a qualified bidder and receive the BIP, prospective bidders must complete, execute, and submit a Confidentiality Agreement and a Qualification Statement acceptable to sroberts on DSK5SPTVN1PROD with NOTICES SUMMARY: VerDate Mar<15>2010 16:35 Jul 23, 2013 Jkt 229001 HUD announces its intention to sell, in MHLS 2013–2, certain unsubsidized multifamily and healthcare mortgage loans (Mortgage Loans) secured by four (4) healthcare properties located in Texas and Florida and six (6) multifamily properties located Texas, Michigan, Florida, North Carolina and Tennessee. The Mortgage Loans are nonperforming mortgage loans. The listing of the Mortgage Loans is included in the BIP. The Mortgage Loans will be sold without FHA insurance and with HUD servicing released. HUD will offer qualified bidders an opportunity to bid competitively on the Mortgage Loans. Qualified bidders may submit bids on all Mortgage Loans or may bid on individual loans. A mortgagor of one or more Mortgage Loans who is a qualified bidder may submit an individual bid on its own Mortgage Loan. Interested mortgagors should review the Qualification Statement to determine whether they may be eligible to qualify to submit bids on one or more pools of Mortgage Loans or on individual loans in MHLS 2013–2. The Bidding Process The BIP describes in detail the procedure for bidding MHLS 2013–2. The BIP also includes a standardized non-negotiable loan sale agreement (Loan Sale Agreement). As part of its bid, each bidder must submit a minimum deposit of the greater of 10% of the total bid or $100,000. HUD will evaluate the bids submitted and determine the successful bid(s) in its sole and absolute discretion. If a bidder is successful, the bidder’s deposit will be non-refundable and will be applied toward the purchase price, with any amount beyond the purchase price being returned to the bidder. Deposits will be returned to PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 unsuccessful bidders. Closings are expected to take place between August 13, 2013 and August 20, 2013. These are the essential terms of sale. The Loan Sale Agreement, which is included in the BIP, contains additional terms and details. To ensure a competitive bidding process, the terms of the bidding process and the Loan Sale Agreement are not subject to negotiation. Due Diligence Review The BIP describes the due diligence process for reviewing loan files in MHLS 2013–2. Qualified bidders will be able to access loan information remotely via a high-speed Internet connection. Further information on performing due diligence review of the Mortgage Loans is provided in the BIP. Mortgage Loan Sale Policy HUD reserves the right to add Mortgage Loans to or delete Mortgage Loans from MHLS 2013–2 at any time prior to the Award Date. HUD also reserves the right to reject any and all bids, in whole or in part, without prejudice to HUD’s right to include any Mortgage Loans in a later sale. Mortgage Loans will not be withdrawn after the Award Date except as is specifically provided in the Loan Sale Agreement. This is a sale of unsubsidized mortgage loans, pursuant to Section 204(a) of the Departments of Veterans Affairs and Housing and Urban Development, and Independent Agencies Appropriations Act of 1997, (12 U.S.C. 1715z–11a(a)). Mortgage Loan Sale Procedure; New Offering Format HUD selected a competitive sale as the method to sell the Mortgage Loans. This method of sale optimizes HUD’s return on the sale of these Mortgage Loans, affords the greatest opportunity for all qualified bidders to bid on the Mortgage Loans, and provides the quickest and most efficient vehicle for HUD to dispose of the Mortgage Loans. Depending on the bids received from the competitive closed auction of the healthcare notes, HUD reserves the option to conduct a second tier of bidding utilizing an open English auction for these notes. Specific details of the auction process are provided in the BIP. Bidder Eligibility In order to bid in the sale, a prospective bidder must complete, execute and submit both a Confidentiality Agreement and a Qualification Statement acceptable to HUD. The following individuals and E:\FR\FM\24JYN1.SGM 24JYN1

Agencies

[Federal Register Volume 78, Number 142 (Wednesday, July 24, 2013)]
[Notices]
[Pages 44580-44582]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-17773]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5694-N-02]


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, 2013, is 1\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, 2013, is 2\7/8\ 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: Yong Sun, Department of Housing and 
Urban Development, 451 Seventh Street SW., Room 5148, Washington, DC 
20410-8000; telephone (202) 402-4778 (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 statutory maximum interest 
rate for the period beginning July 1, 2013, is 2\7/8\ percent; and (2) 
has approved the establishment of the debenture interest rate by the 
Secretary of HUD at 2\7/8\ percent for the 6-month period beginning 
July 1, 2013. 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 2013.
    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

[[Page 44581]]

 
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
4\3/4\........................  Jan. 1, 2007         July 1, 2007
5.............................  July 1, 2007         Jan. 1, 2008
4\1/2\........................  Jan. 1, 2008         July 1, 2008
4\5/8\........................   July 1, 2008        Jan. 1, 2009
4\1/8\........................  Jan. 1, 2009         July 1, 2009
4\1/8\........................  July 1, 2009         Jan. 1, 2010
4\1/4\........................   Jan. 1, 2010        July 1, 2010
4\1/8\........................  July 1, 2010         Jan. 1, 2011
3\7/8\........................  Jan. 1, 2011         July 1, 2011
4\1/8\........................   July 1, 2011        Jan. 1, 2012
2\7/8\........................  Jan. 1, 2012         July 1, 2012
2\3/4\........................  July 1, 2012         Jan. 1, 2013
2\1/2\........................   Jan. 1, 2013        July 1, 2013
2\7/8\........................  July 1, 2013         Jan. 1, 2014
------------------------------------------------------------------------

    Section 215 of Division G, Title II of Pub. L. 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, 
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 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

[[Page 44582]]

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, 2013, is 1\3/4\ percent.
    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 18, 2013.
Carol J. Galante,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2013-17773 Filed 7-23-13; 8:45 am]
BILLING CODE 4210-67-P