Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 42346-42347 [2014-17078]

Download as PDF 42346 Federal Register / Vol. 79, No. 139 / Monday, July 21, 2014 / Notices API chapters Title 8 ................... 10.9 .............. Sampling. Standard Test Method for Water in Crude Oils by Coulometric Karl Fischer Titration. Anyone wishing to employ this entity to conduct gauger services should request and receive written assurances from the entity that it is approved by the U.S. Customs and Border Protection to conduct the specific test or gauger service requested. Alternatively, inquiries regarding the specific test or gauger service this entity is approved to perform may be directed to the U.S. Customs and Border Protection by calling (202) 344–1060. The inquiry may also be sent to cbp.labhq@dhs.gov. Please reference the Web site listed below for a complete listing of CBP approved gaugers and accredited laboratories. https://www.cbp.gov/sites/default/files/ documents/gaulist_3.pdf CBPL No. 27–01 27–03 27–05 27–06 27–11 BILLING CODE 9111–14–P FOR FURTHER INFORMATION CONTACT: ASTM ASTM ASTM ASTM ASTM D D D D D 287 4006 4928 473 445 ASTM D 4294 27–50 .............. ASTM D 93 DEPARTMENT OF HOMELAND SECURITY U.S. Customs and Border Protection Accreditation of Inspectorate America Corporation, as a Commercial Laboratory U.S. Customs and Border Protection, Department of Homeland Security. ACTION: Notice of accreditation of Inspectorate America Corporation, as a commercial laboratory. AGENCY: Notice is hereby given, pursuant to CBP regulations, that Inspectorate America Corporation has been accredited to test petroleum and certain petroleum products for customs purposes for the next three years as of May 13, 2014. SUMMARY: Approved Gauger and Accredited Laboratories Manager, Laboratories and Scientific Services, U.S. Customs and Border Protection, 1331 Pennsylvania Avenue NW., Suite 1500N, Washington, DC 20229, tel. 202–344–1060. Notice is hereby given pursuant to 19 CFR 151.12, that Inspectorate America Corporation, 2184 Jefferson Highway, Lutcher, LA 70071, has been accredited to test petroleum and certain petroleum products for customs purposes, in accordance with the provisions of 19 CFR 151.12. Inspectorate America Corporation is accredited for the following laboratory analysis procedures and methods for petroleum and certain petroleum products set forth by the U.S. Customs and Border Protection Laboratory Methods (CBPL) and American Society for Testing and Materials (ASTM): SUPPLEMENTARY INFORMATION: Standard Test Method for API Gravity of Crude Petroleum and Petroleum Products (Hydrometer Method). Standard test method for water in crude oil by distillation. Standard Test Method for Water in Crude Oils by Coulometric Karl Fischer Titration. Standard Test Method for Sediment in Crude Oils and Fuel Oils by the Extraction Method. Standard Test Method for Kinematic Viscosity of Transparent and Opaque Liquids (the Calculation of Dynamic Velocity). Standard test method for sulfur in petroleum and petroleum products by energy-dispersive x-ray fluorescence spectrometry. Standard test methods for flash point by Pensky-Martens Closed Cup Tester. Anyone wishing to employ this entity to conduct laboratory analyses should request and receive written assurances from the entity that it is accredited by the U.S. Customs and Border Protection to conduct the specific test requested. Alternatively, inquiries regarding the specific test this entity is accredited to perform may be directed to the U.S. Customs and Border Protection by calling (202) 344–1060. The inquiry may also be sent to cbp.labhq@dhs.gov. Please reference the Web site listed below for a complete listing of CBP approved gaugers and accredited laboratories. https://www.cbp.gov/sites/default/files/ documents/gaulist_3.pdf. Date: July 11, 2014. Ira S. Reese, Executive Director, Laboratories and Scientific Services Directorate. [FR Doc. 2014–17003 Filed 7–18–14; 8:45 am] BILLING CODE 9111–14–P 18:11 Jul 18, 2014 DATES: Title 27–13 .............. emcdonald on DSK67QTVN1PROD with NOTICES [FR Doc. 2014–17001 Filed 7–18–14; 8:45 am] The accreditation of Inspectorate America Corporation, as commercial laboratory became effective on May 13, 2014. The next triennial inspection date will be scheduled for May 2017. ASTM .............. .............. .............. .............. .............. VerDate Mar<15>2010 Dated: July 8, 2014. Ira S. Reese, Executive Director, Laboratories and Scientific Services Directorate. Jkt 232001 DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–5766–N–02] 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, 2014, is 23⁄8 percent. The interest rate for debentures issued under any other provision of the SUMMARY: PO 00000 Frm 00063 Fmt 4703 Sfmt 4703 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, 2014, is 31⁄4 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. E:\FR\FM\21JYN1.SGM 21JYN1 Federal Register / Vol. 79, No. 139 / Monday, July 21, 2014 / Notices 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. 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. SUPPLEMENTARY INFORMATION: emcdonald on DSK67QTVN1PROD with NOTICES 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, 2014, is 31⁄4 percent; and (2) has approved the establishment of the debenture interest rate by the Secretary of HUD at 31⁄4 percent for the 6-month period beginning July 1, 2014. 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 2014. For convenience of reference, HUD is publishing the following chart of debenture interest rates applicable to mortgages committed or endorsed since January 1, 1980: VerDate Mar<15>2010 18:11 Jul 18, 2014 Jkt 232001 Effective interest rate On or after Prior to 91⁄2 ................. 97⁄8 ................. 113⁄4 ............... 127⁄8 ............... 123⁄4 ............... 101⁄4 ............... 103⁄8 ............... 111⁄2 ............... 133⁄8 ............... 115⁄8 ............... 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 ................. 35⁄8 ................. 31⁄4 ................. 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 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 Jan. 1, 2014 July 1, 2014 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. 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. July 1, 2014. Jan. 1, 2015. Section 215 of Division G, Title II of Public Law 108–199, enacted January PO 00000 Frm 00064 Fmt 4703 Sfmt 4703 42347 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 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, 2014, is 23⁄8 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 16, 2014. Laura Marin, Associate General Deputy Assistant, Secretary for Housing– Associate Deputy, Federal Housing Commissioner. [FR Doc. 2014–17078 Filed 7–18–14; 8:45 am] BILLING CODE 4210–67–P E:\FR\FM\21JYN1.SGM 21JYN1

Agencies

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Federal Register Volume 79, Number 139 (Monday, July 21, 2014)]
[Notices]
[Pages 42346-42347]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-17078]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5766-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, 2014, is 2\3/8\ 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, 2014, is 3\1/4\ 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.

[[Page 42347]]


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, 2014, is 3\1/4\ percent; and (2) 
has approved the establishment of the debenture interest rate by the 
Secretary of HUD at 3\1/4\ percent for the 6-month period beginning 
July 1, 2014. 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 2014.
    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.
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.
3\5/8\.........................  Jan. 1, 2014.......  July 1, 2014.
3\1/4\.........................  July 1, 2014.......  Jan. 1, 2015.
------------------------------------------------------------------------

    Section 215 of Division G, Title II of Public Law 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 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, 2014, is 2\3/8\ 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 16, 2014.
Laura Marin,
Associate General Deputy Assistant, Secretary for Housing- Associate 
Deputy, Federal Housing Commissioner.
[FR Doc. 2014-17078 Filed 7-18-14; 8:45 am]
BILLING CODE 4210-67-P

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