Streamlining Requirements Governing the Use of Funding for Supportive Housing for the Elderly and Persons With Disabilities Programs; Correction, 49680-49681 [2013-19856]
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49680
§ 39.29
Federal Register / Vol. 78, No. 158 / Thursday, August 15, 2013 / Rules and Regulations
Financial resources requirements.
(a) General rule. Notwithstanding the
requirements of § 39.11(a)(1), a
systemically important derivatives
clearing organization that is
systemically important in multiple
jurisdictions or that is involved in
activities with a more complex risk
profile shall maintain financial
resources sufficient to enable it to meet
its financial obligations to its clearing
members notwithstanding a default by
the two clearing members creating the
largest combined financial exposure for
the systemically important derivatives
clearing organization in extreme but
plausible market conditions; Provided
that if a clearing member controls
another clearing member or is under
common control with another clearing
member, affiliated clearing members
shall be deemed to be a single clearing
member for the purposes of this
provision.
(b) Valuation of financial resources.
Notwithstanding the requirements of
§ 39.11(d)(2), assessments for additional
guaranty fund contributions (i.e.,
guarantee fund contributions that are
not pre-funded) shall not be included in
calculating the financial resources
available to meet a systemically
important derivatives clearing
organization’s obligations under
paragraph (a) of this section.
tkelley on DSK3SPTVN1PROD with RULES
§ 39.30
System safeguards.
(a) Notwithstanding § 39.18(e)(3), the
business continuity and disaster
recovery plan described in § 39.18(e)(1)
for each systemically important
derivatives clearing organization shall
have the objective of enabling, and the
physical, technological, and personnel
resources described in § 39.18(e)(1) shall
be sufficient to enable, the derivatives
clearing organization to recover its
operations and resume daily processing,
clearing, and settlement no later than
two hours following the disruption, for
any disruption including a wide-scale
disruption.
(b) To ensure its ability to achieve the
recovery time objective specified in
paragraph (a) of this section in the event
of a wide-scale disruption, each
systemically important derivatives
clearing organization must maintain a
degree of geographic dispersal of
physical, technological and personnel
resources consistent with the following:
(1) For each activity necessary to the
clearance and settlement of existing and
new contracts, physical and
technological resources, sufficient to
enable the entity to meet the recovery
time objective after interruption of
normal clearing by a wide-scale
disruption, must be located outside the
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relevant area of the infrastructure the
entity normally relies upon to conduct
that activity, and must not rely on the
same critical transportation,
telecommunications, power, water, or
other critical infrastructure components
the entity normally relies upon for such
activities;
(2) Personnel, sufficient to enable the
entity to meet the recovery time
objective after interruption of normal
clearing by a wide-scale disruption
affecting the relevant area in which the
personnel the entity normally relies
upon to engage in such activities are
located, must live and work outside that
relevant area;
(3) The provisions of § 39.18(f) shall
apply to these resource requirements.
(c) Each systemically important
derivatives clearing organization must
conduct regular, periodic tests of its
business continuity and disaster
recovery plans and resources and its
capacity to achieve the required
recovery time objective in the event of
a wide-scale disruption. The provisions
of § 39.18(j) apply to such testing.
(d) The requirements of this section
shall apply to a derivatives clearing
organization not earlier than one year
after such derivatives clearing
organization is designated as
systemically important.
§ 39.31
Special enforcement authority.
For purposes of enforcing the
provisions of Title VIII of the DoddFrank Act, a systemically important
derivatives clearing organization shall
be subject to, and the Commission has
authority under the provisions of
subsections (b) through (n) of section 8
of the Federal Deposit Insurance Act (12
U.S.C. 1818) in the same manner and to
the same extent as if the systemically
important derivatives clearing
organization were an insured depository
institution and the Commission were
the appropriate Federal banking agency
for such insured depository institution.
Issued in Washington, DC, on August 9,
2013, by the Commission.
Melissa D. Jurgens,
Secretary of the Commission.
Appendix to Final Rule on Enhanced
Risk Management Standards for
Systemically Important Derivatives
Clearing Organizations—Commission
Voting Summary
Note: The following appendix will not
appear in the Code of Federal Regulations
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Appendix 1—Commission Voting Summary
On this matter, Chairman Gensler and
Commissioners Chilton, O’Malia, and Wetjen
voted in the affirmative.
[FR Doc. 2013–19791 Filed 8–14–13; 8:45 am]
BILLING CODE 6351–01–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
24 CFR Part 891
[Docket No. FR–5167–C–03]
RIN 2502–AI67
Streamlining Requirements Governing
the Use of Funding for Supportive
Housing for the Elderly and Persons
With Disabilities Programs; Correction
Office of the Assistant
Secretary of Housing—Federal Housing
Commissioner, HUD.
ACTION: Correcting amendment.
AGENCY:
On June 20, 2013, HUD
published a final rule that amended
regulations for the purpose of
streamlining the requirements
applicable to mixed finance
developments in the Section 202
Supportive Housing for the Elderly
(Section 202) and the Section 811
Supportive Housing for Persons with
Disabilities (Section 811) programs and
amending certain regulations governing
all Section 202 and Section 811
developments. This publication corrects
an error in the final rule regarding the
duration of the fund reservations for
capital advances.
DATES: Effective: August 15, 2013, and
applicable beginning July 22, 2013.
FOR FURTHER INFORMATION CONTACT:
Aretha Williams, Office of Housing
Assistance and Grant Administration,
Office of Housing, Department of
Housing and Urban Development, 451
7th Street SW., Room 6136, Washington,
DC 20410–8000; telephone number 202–
708–3000 (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 Relay Service at 1–800–877–
8339.
SUMMARY:
SUPPLEMENTARY INFORMATION:
I. Background
On June 20, 2013 (78 FR 37106), HUD
published a final rule amending
regulations governing the Section 202
and Section 811 programs to streamline
requirements for mixed finance
developments and to amend other
regulations for these programs. One
amendment the rule made was to extend
E:\FR\FM\15AUR1.SGM
15AUR1
Federal Register / Vol. 78, No. 158 / Thursday, August 15, 2013 / Rules and Regulations
the duration of availability of fund
reservations for capital advances from
18 months to 24 months, with the
option of extending this period to 36
months, as approved by HUD on a caseby-case basis. This final rule followed a
March 28, 2012 (77 FR 18723) proposed
rule. The final rule became effective on
July 22, 2013.
In paragraph (a), revise the phrase ‘‘24
months from the date of initial closing’’
to read ‘‘24 months from the date of
issuance of the award letter to the date
of initial closing’’.
II. Technical Corrections
After publication of the final rule, it
came to HUD’s attention that there was
an error in the regulatory text. The final
rule amended 24 CFR 891.165(a) so that
‘‘the duration of the fund reservation for
a capital advance with construction
advances is 24 months from the date of
initial closing . . .’’ (Emphasis added).
However, the language in 24 CFR
891.165(a) should read that the duration
of the fund reservation is 24 months
from the date of issuance of the award
letter to the date of initial closing.
The preamble to the proposed rule (77
FR 18723) noted that the regulations
then governing the duration of the
availability of capital advance funds
limited the duration of the fund
reservations for the capital advances to
18 months from the date of issuance of
the fund reservation award (77 FR at
18726). The preamble went on to note
that the purpose of extending this
duration was to enable owners to focus
on projects to ensure that they reach
initial closing and start construction
within 24 months (77 FR at 18726). This
makes it clear that the intent of the rule
is to extend the duration of the fund
reservation for a capital advance from
the date of issuance of the award letter
so that owners could reach initial
closing, and not to extend the time after
the date of initial closing. This rule
makes a technical correction to the final
rule to fulfill that intent.
[FR Doc. 2013–19856 Filed 8–14–13; 8:45 am]
List of Subjects in 24 CFR Part 891
Aged, Grant programs—housing and
community development, Individuals
with disabilities, Loan programs—
housing and community development,
Rent subsidies, Reporting and
recordkeeping requirements.
Accordingly, HUD amends 24 CFR
part 891 as follows:
tkelley on DSK3SPTVN1PROD with RULES
PART 891—SUPPORTIVE HOUSING
FOR THE ELDERLY AND PERSONS
WITH DISABILITIES
1. The authority citation for part 891
continues to read as follows:
■
Authority: 12 U.S.C. 1701q; 42 U.S.C.
1437f, 3535(d), and 8013.
§ 891.165
■
[Amended]
2. Amend § 891.165 as follows:
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16:08 Aug 14, 2013
Jkt 229001
Dated: August 9, 2013.
Carol J. Galante,
Assistant Secretary for Housing—Federal
Housing Commissioner.
BILLING CODE 4210–67–P
DEPARTMENT OF THE TREASURY
26 CFR Part 53
[TD 9629]
RIN 1545–BL58
Requirement of a Section 4959 Excise
Tax Return and Time for Filing the
Return
Internal Revenue Service (IRS),
Treasury.
ACTION: Final and temporary
regulations.
AGENCY:
This document contains final
and temporary regulations that provide
guidance to charitable hospital
organizations regarding the requirement
of a return to accompany payment of the
excise tax, enacted as part of the Patient
Protection and Affordable Care Act of
2010, for failure to meet the community
health needs assessment (CHNA)
requirements for any taxable year. The
regulations affect charitable hospital
organizations. This action is necessary
to implement section 9007(b) of the
Patient Protection and Affordable Care
Act of 2010. The text of the temporary
regulations also serves as the text of the
proposed regulations set forth in the
notice of proposed rulemaking on this
subject in the Proposed Rules section in
this issue of the Federal Register.
DATES: Effective Date: These regulations
are effective on August 15, 2013.
Applicability Date: For dates of
applicability, see §§ 53.6011–1T(g) and
53.6071–1T(i) of these regulations.
FOR FURTHER INFORMATION CONTACT:
Amy F. Giuliano at (202) 622–6070 (not
a toll-free number).
SUPPLEMENTARY INFORMATION:
SUMMARY:
Background
The Patient Protection and Affordable
Care Act, Public Law 111–148 (124 Stat.
119 (2010)), added sections 501(r) and
4959 to the Internal Revenue Code
(Code). A hospital organization seeking
to obtain or maintain tax-exempt status
as a charitable organization described in
section 501(c)(3) must comply with the
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49681
requirements of section 501(r),
including the requirement to conduct a
CHNA under section 501(r)(3).
Section 501(r)(2)(A)(i) defines a
hospital organization to which section
501(r) applies as including any
organization that operates a facility that
is required by a state to be licensed,
registered, or similarly recognized as a
hospital. Section 501(r)(2)(B)(i) requires
a hospital organization that operates
more than one hospital facility to meet
the requirements of section 501(r)
separately with respect to each hospital
facility.
Section 501(r)(3) requires hospital
organizations to conduct a CHNA at
least once every three years and adopt
an implementation strategy to meet the
community health needs identified
through the CHNA. The requirements of
section 501(r)(3) are effective for taxable
years beginning after March 23, 2012.
Section 4959 imposes a tax equal to
$50,000 if a hospital organization to
which section 501(r) applies fails to
meet the requirements of section
501(r)(3) for any taxable year. A hospital
organization fails to meet the
requirements of section 501(r)(3) for any
taxable year if the hospital organization
fails to conduct a CHNA and adopt an
implementation strategy during the
three-year period ending on the last day
of any taxable year of the hospital
organization. For example, a hospital
organization reporting on a calendar
year basis that operates only one
hospital facility and that fails to conduct
a CHNA by the last day of 2013, and
that also did not conduct a CHNA in
2011 or 2012, will be subject to the tax
under section 4959 with respect to that
facility for its 2013 taxable year. The
same hospital organization that fails to
conduct a CHNA in 2014 also will be
subject to a tax under section 4959 with
respect to that facility for its 2014
taxable year (for failure to meet the
CHNA requirements during the threeyear period ending on the last day of
2014). See Joint Committee on Taxation,
Technical Explanation of the Revenue
Provisions of the ‘‘Reconciliation Act of
2010’’ As Amended, in Combination
With the ‘‘Patient Protection and
Affordable Care Act’’ (JCX–18–10)
(March 21, 2010), at 83 fn. 192 (and
accompanying text).
Section 6011 generally requires any
person liable for tax imposed by the
Code to make a return or statement
according to the forms and regulations
prescribed by the Secretary of the
Treasury. Section 6071 generally
provides that return filing dates are
prescribed by regulation. Section 6151
generally provides that a tax must be
paid when the return reporting the tax
E:\FR\FM\15AUR1.SGM
15AUR1
]]>Agencies
[Federal Register Volume 78, Number 158 (Thursday, August 15, 2013)]
[Rules and Regulations]
[Pages 49680-49681]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2013-19856]
=======================================================================
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
24 CFR Part 891
[Docket No. FR-5167-C-03]
RIN 2502-AI67
Streamlining Requirements Governing the Use of Funding for
Supportive Housing for the Elderly and Persons With Disabilities
Programs; Correction
AGENCY: Office of the Assistant Secretary of Housing--Federal Housing
Commissioner, HUD.
ACTION: Correcting amendment.
-----------------------------------------------------------------------
SUMMARY: On June 20, 2013, HUD published a final rule that amended
regulations for the purpose of streamlining the requirements applicable
to mixed finance developments in the Section 202 Supportive Housing for
the Elderly (Section 202) and the Section 811 Supportive Housing for
Persons with Disabilities (Section 811) programs and amending certain
regulations governing all Section 202 and Section 811 developments.
This publication corrects an error in the final rule regarding the
duration of the fund reservations for capital advances.
DATES: Effective: August 15, 2013, and applicable beginning July 22,
2013.
FOR FURTHER INFORMATION CONTACT: Aretha Williams, Office of Housing
Assistance and Grant Administration, Office of Housing, Department of
Housing and Urban Development, 451 7th Street SW., Room 6136,
Washington, DC 20410-8000; telephone number 202- 708-3000 (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 Relay
Service at 1-800-877-8339.
SUPPLEMENTARY INFORMATION:
I. Background
On June 20, 2013 (78 FR 37106), HUD published a final rule amending
regulations governing the Section 202 and Section 811 programs to
streamline requirements for mixed finance developments and to amend
other regulations for these programs. One amendment the rule made was
to extend
[[Page 49681]]
the duration of availability of fund reservations for capital advances
from 18 months to 24 months, with the option of extending this period
to 36 months, as approved by HUD on a case-by-case basis. This final
rule followed a March 28, 2012 (77 FR 18723) proposed rule. The final
rule became effective on July 22, 2013.
II. Technical Corrections
After publication of the final rule, it came to HUD's attention
that there was an error in the regulatory text. The final rule amended
24 CFR 891.165(a) so that ``the duration of the fund reservation for a
capital advance with construction advances is 24 months from the date
of initial closing . . .'' (Emphasis added). However, the language in
24 CFR 891.165(a) should read that the duration of the fund reservation
is 24 months from the date of issuance of the award letter to the date
of initial closing.
The preamble to the proposed rule (77 FR 18723) noted that the
regulations then governing the duration of the availability of capital
advance funds limited the duration of the fund reservations for the
capital advances to 18 months from the date of issuance of the fund
reservation award (77 FR at 18726). The preamble went on to note that
the purpose of extending this duration was to enable owners to focus on
projects to ensure that they reach initial closing and start
construction within 24 months (77 FR at 18726). This makes it clear
that the intent of the rule is to extend the duration of the fund
reservation for a capital advance from the date of issuance of the
award letter so that owners could reach initial closing, and not to
extend the time after the date of initial closing. This rule makes a
technical correction to the final rule to fulfill that intent.
List of Subjects in 24 CFR Part 891
Aged, Grant programs--housing and community development,
Individuals with disabilities, Loan programs--housing and community
development, Rent subsidies, Reporting and recordkeeping requirements.
Accordingly, HUD amends 24 CFR part 891 as follows:
PART 891--SUPPORTIVE HOUSING FOR THE ELDERLY AND PERSONS WITH
DISABILITIES
0
1. The authority citation for part 891 continues to read as follows:
Authority: 12 U.S.C. 1701q; 42 U.S.C. 1437f, 3535(d), and 8013.
Sec. 891.165 [Amended]
0
2. Amend Sec. 891.165 as follows:
In paragraph (a), revise the phrase ``24 months from the date of
initial closing'' to read ``24 months from the date of issuance of the
award letter to the date of initial closing''.
Dated: August 9, 2013.
Carol J. Galante,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2013-19856 Filed 8-14-13; 8:45 am]
BILLING CODE 4210-67-P
