Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 7569-7571 [2016-02870]
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asabaliauskas on DSK9F6TC42PROD with NOTICES2
Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices
request to provide IMA payments for a
period of up to 36 months, the State
cited a number of unanticipated
developments that contributed to delays
in the completion of assisted housing
projects. Most notably, the State pointed
to the prospect of increased National
Flood Insurance Program (NFIP) claim
payments to NY Rising program
participants as a result of fraudulent
damage assessments conducted on
behalf of the NFIP in the immediate
aftermath of the disaster. The State
indicated that uncertainty surrounding
these payments, and the potential
impact of the payments on the amount
of CDBG–DR funds ultimately available
to the homeowner, contributed to delays
and supports an extended period of
availability for IMA. Other factors cited
by the State as contributing to the need
for extended IMA are the limited pool
of contractors experienced in
undertaking the elevation of homes and
the shorter Northeastern United States
construction season. The State further
noted that its own clarification process,
through which applicants may appeal
the ultimate amount of their CDBG–DR
award, can also slow progress in
completing repairs and contribute to the
need for additional IMA.
The State proposed to implement the
extended period for IMA by initially
maintaining the current 20 months of
assistance for IMA participants. At the
end of the 20-month period of
assistance, the State may subsequently
determine a need for an additional 16
months of IMA, for a total not to exceed
36 months of assistance. When a need
for an extension of IMA is identified,
the State will conduct an inspection of
the property to determine if substantial
construction progress has been made. If
substantial construction progress has
been made, the State may provide IMA
for the additional authorized period of
time, for a total period of assistance up
to 36 months. If the inspection indicates
that substantial progress has not been
made, the extension of IMA will be
provided only when the recipient agrees
to participate in the newly established
construction program within the NY
Rising Housing Recovery Program.
Under the construction program, the
State will contract for and manage, on
behalf of the IMA recipient, the
rehabilitation of the IMA recipient’s
home. Prior to its initial implementation
of the construction program, the State
will determine the need for the IMA
extension in those instances where
substantial construction progress has
not occurred and will give priority to
the rehabilitation of homes for those
VerDate Sep<11>2014
17:38 Feb 11, 2016
Jkt 238001
IMA recipients receiving a total up to 36
months of IMA.
After reviewing the State’s request,
and for the State of New York’s IMA
program only, the Department is
modifying the provision of the March 5,
2013, Federal Register notice that limits
the provision of interim mortgage
assistance to a period of 20 months and
establishing an alternative requirement
that allows for the payment of assistance
for a period of up to 36 months if the
State meets the other requirements
described in the above paragraph. The
goal of this alternative requirement is to
provide an extended period of IMA in
order to minimize the risk of foreclosure
of storm damaged homes while they are
being rehabilitated with CDBG–DR
funds and to return IMA recipients to
their rehabilitated homes as quickly as
possible. The State must implement this
alternative requirement consistent with
the approach outlined in its request and
as described herein. This waiver and
alternative requirement shall remain in
effect until December 31, 2017, after
which the State shall be authorized to
offer interim mortgage assistance for a
period no more than 20 months. Interim
mortgage assistance is an authorized
eligible public service activity and the
State is reminded that IMA
expenditures are subject to the 15
percent cap on public services
established pursuant to 42 U.S.C.
5305(a)(8).
Within 30 days of the effective date of
this notice, the State must begin to
implement its construction program for
IMA recipients receiving an extended
period of assistance and without
substantial construction progress in the
rehabilitation of their home. The State
must have fully implemented the
construction program for all IMA
recipients within 6 months of the
effective date of this notice. In addition,
the State’s policies and procedures
must:
(1) Document how the State will
determine that ‘‘substantial progress’’
has or has not been made in the
rehabilitation of an IMA recipient’s
home;
(2) Document how the State will
determine that the amount and period of
assistance to be provided under this
alternative requirement is necessary and
reasonable;
(3) Document how the State will
prioritize the rehabilitation of homes of
IMA recipients receiving a total up to 36
months of IMA;
(4) Include internal controls designed
to ensure that IMA provided to
recipients is being used for its
authorized purpose; and
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
7569
(5) Include a plan for assisting
recipients that exhaust their IMA after
36 months but continue to have a need
for assistance because the rehabilitation
of their home has not been completed.
III. Catalog of Federal Domestic
Assistance
The Catalog of Federal Domestic
Assistance number for the disaster
recovery grants under this notice is
14.269.
IV. Finding of No Significant Impact
A Finding of No Significant Impact
(FONSI) with respect to the
environment has been made in
accordance with HUD regulations at 24
CFR part 50, which implement section
102(2)(C) of the National Environmental
Policy Act of 1969 (42 U.S.C.
4332(2)(C)). The FONSI is available for
public inspection between 8 a.m. and 5
p.m. weekdays in the Regulations
Division, Office of General Counsel,
Department of Housing and Urban
Development, 451 7th Street SW., Room
10276, Washington, DC 20410–0500.
Due to security measures at the HUD
Headquarters building, an advance
appointment to review the docket file
must be scheduled by calling the
Regulations Division at 202–708–3055
(this is not a toll-free number). Hearingor speech-impaired individuals may
access this number through TTY by
calling the Federal Relay Service at 800–
877–8339 (this is a toll-free number).
Dated: February 8, 2016.
Nani A. Coloretti,
Deputy Secretary.
[FR Doc. 2016–02913 Filed 2–11–16; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–5927–N–01]
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, 2016, is 21⁄4
SUMMARY:
E:\FR\FM\12FEN1.SGM
12FEN1
asabaliauskas on DSK9F6TC42PROD with NOTICES2
7570
Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices
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, 2016, 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
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
VerDate Sep<11>2014
17:38 Feb 11, 2016
Jkt 238001
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, 2016, 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 January 1, 2016. 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 2016.
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
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 .............
PO 00000
Frm 00074
On or after
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
Fmt 4703
....
....
....
....
....
....
....
....
....
....
....
....
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
Sfmt 4703
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.
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.
Effective
interest
rate
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 .................
27⁄8 .............
27⁄8 .............
On or after
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
Jan. 1, 2016
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
....
...
Prior to
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.
Jan. 1, 2016.
July 1, 2016.
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.
E:\FR\FM\12FEN1.SGM
12FEN1
7571
Federal Register / Vol. 81, No. 29 / Friday, February 12, 2016 / Notices
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, 2016, 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 21, 2016.
Edward Golding,
Principal Deputy Assistant Secretary for
Housing.
[FR Doc. 2016–02870 Filed 2–11–16; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF THE INTERIOR
Fish and Wildlife Service
[FWS–R1–ES–2015–N225;
FXES11130100000C4–167–FF01E00000]
Endangered and Threatened Wildlife
and Plants; Initiation of 5-Year Status
Reviews of 76 Species in Hawaii,
Oregon, Washington, Montana, and
Idaho
Fish and Wildlife Service,
Interior.
ACTION: Notice of initiation of reviews;
request for information.
AGENCY:
We, the U.S. Fish and
Wildlife Service (Service), are initiating
5-year status reviews for 76 species in
Hawaii, Oregon, Washington, Montana,
and Idaho under the Endangered
Species Act of 1973, as amended (Act).
A 5-year status review is based on the
best scientific and commercial data
available at the time of the review;
therefore, we are requesting submission
of any new information on these species
SUMMARY:
that has become available since the last
review.
DATES: To ensure consideration in our
reviews, we are requesting submission
of new information no later than April
12, 2016. However, we will continue to
accept new information about any listed
species at any time.
ADDRESSES: For the 67 species in Hawaii
(see table below), submit information
via U.S. mail to: Deputy Field
Supervisor—Programmatic; Attention:
5-Year Review; U.S. Fish and Wildlife
Service; Pacific Islands Fish and
Wildlife Office; 300 Ala Moana Blvd.,
Room 3–122, Box 50088; Honolulu, HI
96850.
For the Warner sucker, Willamette
daisy, Kincaid’s lupine, and rough
popcornflower, submit information via
U.S. mail to: Field Supervisor;
Attention: 5-Year Review; U.S. Fish and
Wildlife Service; Oregon Fish and
Wildlife Office; 2600 SE 98th Ave.,
Suite 100; Portland, OR 97266.
For the northern Idaho ground
squirrel, Bruneau Hot springsnail, Bliss
Rapids, snail, Banbury Springs limpet,
and Spaldings catchfly, submit
information via U.S. mail to: Field
Supervisor; Attention: 5-Year Review;
U.S. Fish and Wildlife Service; Idaho
Fish and Wildlife Office; 1387 S.
Vinnell Way, Suite 368; Boise, ID 83709.
FOR FURTHER INFORMATION CONTACT:
Gregory Koob, U.S. Fish and Wildlife
Service, Pacific Islands Fish and
Wildlife Office (see ADDRESSES), 808–
792–9400 (for species in Hawaii); Jeff
Dillon, U.S. Fish and Wildlife Service,
Oregon Fish and Wildlife Office, 503–
231–6179 (for Warner sucker,
Willamette daisy, Kincaid’s lupine, and
rough popcornflower); or Kim Garner,
Idaho Fish and Wildlife Office, 208–
378–5243 (for northern Idaho ground
squirrel, Bruneau Hot springsnail, Bliss
Rapids, snail, Banbury Springs limpet,
and Spaldings catchfly). Individuals
who are hearing impaired or speech
impaired may call the Federal Relay
Service at 800–877–8339 for TTY
assistance.
SUPPLEMENTARY INFORMATION:
Why do we conduct 5-year reviews?
Under the Act (16 U.S.C. 1531 et seq.),
we maintain Lists of Endangered and
Threatened Wildlife and Plants (which
we collectively refer to as the List) in
the Code of Federal Regulations (CFR) at
50 CFR 17.11 (for animals) and 17.12
(for plants). Section 4(c)(2) of the Act
requires us to review each listed
species’ status at least once every 5
years. For additional information about
5-year reviews, go to https://
www.fws.gov/endangered/what-we-do/
recovery-overview.html, scroll down to
‘‘Learn More about 5-Year Reviews,’’
and click on our factsheet.
What information do we consider in the
review?
A 5-year review considers all new
information available at the time of the
review. In conducting these reviews, we
consider the best scientific and
commercial data that has become
available since the listing determination
or most recent status review, such as:
(A) Species biology, including but not
limited to population trends, distribution,
abundance, demographics, and genetics;
(B) Habitat conditions, including but not
limited to amount, distribution, and
suitability;
(C) Conservation measures that have been
implemented that benefit the species;
(D) Threat status and trends in relation to
the five listing factors (as defined in section
4(a)(1) of the Act); and
(E) Other new information, data, or
corrections, including but not limited to
taxonomic or nomenclatural changes,
identification of erroneous information
contained in the List, and improved
analytical methods.
Any new information will be
considered during the 5-year review and
will also be useful in evaluating the
ongoing recovery programs for these
species.
What Species Are Under Review?
This notice announces our active
review of the 76 species listed in the
table below.
SPECIES FOR WHICH THE PACIFIC REGION IS INITIATING A 5-YEAR STATUS REVIEW
asabaliauskas on DSK9F6TC42PROD with NOTICES2
Common name
Scientific name
Status
Where listed
Final listing rule
(Federal Register citation and
publication date)
ANIMALS
Northern Idaho ground squirrel ..
Maui nukupuu .............................
Maui akepa .................................
Poouli ..........................................
Molokai thrush ............................
Crested honeycreeper ................
Molokai creeper ..........................
VerDate Sep<11>2014
19:05 Feb 11, 2016
Urocitellus brunneus .................
Hemignathus lucidus affinis ......
Loxops coccineus ochraceus ....
Melamprosops phaeosoma .......
Myadestes lanaiensis rutha ......
Palmeria dolei ...........................
Paroreomyza flammea ..............
Jkt 238001
PO 00000
Frm 00075
Threatened ...........
Endangered ..........
Endangered ..........
Endangered ..........
Endangered ..........
Endangered ..........
Endangered ..........
Fmt 4703
Sfmt 4703
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
U.S.A.
(ID)
(HI)
(HI)
(HI)
(HI)
(HI)
(HI)
............
............
............
............
............
............
............
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32
35
40
35
32
35
FR
FR
FR
FR
FR
FR
FR
17779; 04/05/2000
4001; 03/11/1967
16047; 10/13/1970
44149; 09/25/1975
16047; 10/13/1970
4001; 03/11/1967
16047; 10/13/1970
]]>Agencies
[Federal Register Volume 81, Number 29 (Friday, February 12, 2016)]
[Notices]
[Pages 7569-7571]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-02870]
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-5927-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, 2016, is 2\1/4\
[[Page 7570]]
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, 2016, 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 January 1, 2016, 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
January 1, 2016. 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 2016.
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.
2\7/8\........................ July 1, 2015........ Jan. 1, 2016.
2\7/8\........................ Jan. 1, 2016........ July 1, 2016.
------------------------------------------------------------------------
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.
[[Page 7571]]
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, 2016, 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 21, 2016.
Edward Golding,
Principal Deputy Assistant Secretary for Housing.
[FR Doc. 2016-02870 Filed 2-11-16; 8:45 am]
BILLING CODE 4210-67-P
