Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 5131-5132 [2015-01774]

Download as PDF asabaliauskas on DSK5VPTVN1PROD with NOTICES Federal Register / Vol. 80, No. 20 / Friday, January 30, 2015 / Notices Status: Excess Directions: 405; 435; 442; 812A; 812D Comments: public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area Bldg. 828A, 834J, 834L, 848,850 700 East Ave. Livermore CA 94550 Landholding Agency: Energy Property Number: 41201440008 Status: Excess Directions: 828A; 834J; 834L; 848; 850 Comments: public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area Facility 01055 Naval Air Weapon Station China Lake CA 93555 Landholding Agency: Navy Property Number: 77201510002 Status: Excess Comments: public access denied and no alternative method to gain access w/out compromising national security; documented deficiencies: roof has crumbled; clear threat to physical safety. Reasons: Secured Area; Extensive deterioration Florida 2 Building Naval Air Station Pensacola FL 32509 Landholding Agency: Navy Property Number: 77201440021 Status: Underutilized Directions: 2402; 856A (property incorrectly listed in the December 12, 2014 Federal Register publication) Comments: public access denied and no alternative w/out compromising national security. Reasons: Secured Area Illinois Master Sub Station Fermi National Accelerator Lab Batavia IL 60510 Landholding Agency: Energy Property Number: 41201510001 Status: Excess Comments: public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area Nebraska 543800B060 Swine Bldg. 60/RPUID 03.55088 844 RD: 313 None NE 68933 Landholding Agency: Agriculture Property Number: 15201510003 Status: Excess Directions: 19606 HRUSKA US Meat Animal Res. Ctr. Comments: research based camps; Public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area 543800B062 Swine Bldg. 62/RPUID 03.55090 844 RD 313 None NE 68933 VerDate Sep<11>2014 18:50 Jan 29, 2015 Jkt 235001 Landholding Agency: Agriculture Property Number: 15201510004 Status: Excess Directions: 19606 HRUSKA US meat Animal Res. Ctr Comments: research based camps; Public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area 543800B0061 Swine Bldg. 61/RPUID 03.55089 844 BD 313 None NE 68933 Landholding Agency: Agriculture Property Number: 15201510005 Status: Excess Directions: 19606 HRUSKA US Meat Animal Res. Ctr. Comments: research based camps; Public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area Unsuitable Properties New Mexico 5131 [Docket No. FR–5847–N–01] Hammond Residence 790 C.R. 4990 Bloomfield NM 87413 Landholding Agency: Interior Property Number: 61201440015 Status: Unutilized Comments: documented deficiencies; structural unsound; roof is severely dry rotted; extensive wall damage due to dry rot/massive holes; clear threat to physical safety. Reasons: Extensive deterioration Building 114 & 437 12600 NASA Road Las Cruces NM 88012 Landholding Agency: NASA Property Number: 71201440017 Status: Unutilized Directions: 114; 437 Comments: public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area 114 General Purpose Bldg. 437 12600 Nasa Road Las Cruces NM 88012 Landholding Agency: NASA Property Number: 71201510002 Status: Unutilized Directions: 1029/72/22: 1069/72/99 Comments: public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area Ohio SPE Water Toner (D) 6100 Columbus Ave. Sandusky OH 44870 Landholding Agency: NASA Property Number: 71201510001 Status: Unutilized Directions: RPM Property 22/1008/57. Property Number #8151. Comments: public access denied & no alternative method to gain access w/out compromising national security. Reasons: Secured Area PO 00000 Frm 00052 Fmt 4703 Sfmt 4703 Land Ohio Great Miami River Access Site Lawrenceburg Rd. North Bend OH 45052 Landholding Agency: GSA Property Number: 54201510005 Status: Excess GSA Number: 1–D–OH–844 Directions: Disposal Agency: GSA; Landholding Agency: COE Comments: entire property located within a floodway which has not been corrected or contained. Reasons: Floodway [FR Doc. 2015–01469 Filed 1–26–15; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT 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 January 1, 2015, is 2 1/4 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 January 1, 2015, is 3 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 SUMMARY: E:\FR\FM\30JAN1.SGM 30JAN1 5132 Federal Register / Vol. 80, No. 20 / Friday, January 30, 2015 / Notices Effective interest rate On or after Prior to FOR FURTHER INFORMATION CONTACT: asabaliauskas on DSK5VPTVN1PROD with NOTICES adjusted to a constant maturity of 10 years. 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 ............ 3 ................ 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 Jan. 1, 2015 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 July 1, 2015 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 January 1, 2015, is 3 percent; and (2) has approved the establishment of the debenture interest rate by the Secretary of HUD at 3 percent for the 6-month period beginning January 1, 2015. 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 first 6 months of 2015. 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 Sep<11>2014 18:50 Jan 29, 2015 Jkt 235001 PO 00000 Frm 00053 Fmt 4703 Sfmt 9990 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 January 1, 2015, is 21⁄4 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: January 26, 2015. Biniam Gebre, Acting Assistant Secretary for Housing— Federal Housing Commissioner. [FR Doc. 2015–01774 Filed 1–29–15; 8:45 am] BILLING CODE 4210–67–P E:\FR\FM\30JAN1.SGM 30JAN1

Agencies

[Federal Register Volume 80, Number 20 (Friday, January 30, 2015)]
[Notices]
[Pages 5131-5132]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2015-01774]


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

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5847-N-01]


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 
January 1, 2015, is 2 1/4 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 January 1, 2015, is 3 
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

[[Page 5132]]

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 January 1, 2015, is 3 percent; and (2) 
has approved the establishment of the debenture interest rate by the 
Secretary of HUD at 3 percent for the 6-month period beginning January 
1, 2015. 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 first 6 months of 2015.
    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
3.....................................    Jan. 1, 2015     July 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 January 1, 2015, is 2\1/4\ 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: January 26, 2015.
Biniam Gebre,
Acting Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 2015-01774 Filed 1-29-15; 8:45 am]
BILLING CODE 4210-67-P
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