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