Affordable Housing Program Amendments; Correction, Extension of Comment Period, and Further Request for Comment, 19188-19189 [2018-09326]

Download as PDF 19188 Proposed Rules Federal Register Vol. 83, No. 85 Wednesday, May 2, 2018 This section of the FEDERAL REGISTER contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules. FEDERAL HOUSING FINANCE AGENCY 12 CFR Parts 1290 and 1291 RIN 2590–AA83 Affordable Housing Program Amendments; Correction, Extension of Comment Period, and Further Request for Comment Federal Housing Finance Agency. ACTION: Proposed rule; correction, extension of comment period, and further request for comment. AGENCY: The Federal Housing Finance Agency (FHFA) is correcting an inadvertent error in the calculation of a proposed regulatory outcome requirement in the proposed rule published in the Federal Register on March 14, 2018, regarding the Federal Home Loan Banks’ (Banks) Affordable Housing Program (AHP or Program). FHFA is requesting comment on the corrected calculation and is extending the comment period on all aspects of the proposed rule by an additional 30 days. DATES: The comment period for the proposed rule, published at 83 FR 11344 (March 14, 2018), is extended to June 12, 2018. Written comments must be received on or before this date. ADDRESSES: You may submit your comments, identified by Regulatory Information Number (RIN) 2590–AA83, by any one of the following methods: • Agency Website: www.fhfa.gov/ open-for-comment-or-input. • Federal eRulemaking Portal: https:// www.regulations.gov. Follow the instructions for submitting comments. If you submit your comment to the Federal eRulemaking Portal, please also send it by email to FHFA at RegComments@fhfa.gov to ensure timely receipt by FHFA. Include the following information in the subject line of your submission: Comments/RIN 2590–AA83. • Hand Delivered/Courier: The hand delivery address is: Alfred M. Pollard, daltland on DSKBBV9HB2PROD with PROPOSALS SUMMARY: VerDate Sep<11>2014 16:31 May 01, 2018 Jkt 244001 General Counsel, Attention: Comments/ RIN 2590–AA83, Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, Washington, DC 20219. Deliver the package at the Seventh Street entrance Guard Desk, First Floor, on business days between 9 a.m. and 5 p.m. • U.S. Mail, United Parcel Service, Federal Express, or Other Mail Service: The mailing address for comments is: Alfred M. Pollard, General Counsel, Attention: Comments/RIN 2590–AA83, Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, Washington, DC 20219. Please note that all mail sent to FHFA via U.S. Mail is routed through a national irradiation facility, a process that may delay delivery by approximately two weeks. For time-sensitive correspondence, please plan accordingly. FOR FURTHER INFORMATION CONTACT: Ted Wartell, Manager, Office of Housing and Community Investment, 202–649–3157, ted.wartell@fhfa.gov; Marcea Barringer, Senior Policy Analyst, Office of Housing and Community Investment, 202–649– 3275, marcea.barringer@fhfa.gov; Marshall Adam Pecsek, Senior Counsel, Office of General Counsel, 202–649– 3380, marshall.pecsek@fhfa.gov; or Sharon Like, Managing Associate General Counsel, Office of General Counsel, 202–649–3057, sharon.like@ fhfa.gov. These are not toll-free numbers. The mailing address is: Federal Housing Finance Agency, 400 Seventh Street SW, Washington, DC 20219. The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877–8339. SUPPLEMENTARY INFORMATION: Comments FHFA invites comments on all aspects of the March 2018 proposed rule, including any new or supplemental comments on the corrected calculation of the proposed regulatory outcome requirement, and will take all comments into consideration before issuing a final rule including those filed prior to this notice. Copies of all comments will be posted without change, including any personal information you provide such as your name, address, email address, and telephone number, on the FHFA website at https://www.fhfa.gov. In addition, copies of all comments received will be available for examination by the public through the PO 00000 Frm 00001 Fmt 4702 Sfmt 4702 electronic rulemaking docket for this proposed rule also located on the FHFA website. Background On March 14, 2018, FHFA published in the Federal Register a proposed rule to amend its regulation governing the Banks’ AHP, located at 12 CFR part 1291. See 83 FR 11344. The proposed rule, among other things, would provide the Banks authority to design and implement their own project selection scoring criteria and award AHP funds, subject to meeting certain FHFAprescribed outcome requirements. The proposed rule contains an inadvertent error in the calculation of the regulatory outcome requirement in proposed § 1291.48(d), related rule text, and preamble discussions. The proposed rule states that: ‘‘Each year, each Bank shall ensure that at least 55 percent of the Bank’s required annual AHP contribution is awarded under the Bank’s General Fund and any Bank Targeted Funds to projects that, in the aggregate, meet at least two of the three regulatory priorities in this paragraph . . . .’’ See 83 FR 11361, 11386 (emphasis added). Under proposed § 1291.48(d), as drafted in the proposed rule, any AHP funds awarded to a household participating in a Homeownership SetAside Program would not count towards fulfillment of the outcome requirement. Therefore, were a Bank to allocate the maximum amount permitted under the proposed rule to its Homeownership Set-Aside Program(s)—40 percent of its required annual AHP contribution—it would be required to ensure that nearly 92 percent of its remaining annual contribution be awarded to projects that satisfy, in the aggregate, two of the three identified regulatory priorities. While not all subsidies awarded under a Homeownership Set-Aside Program will meet one of the prioritized housing needs identified under the regulatory priorities in proposed § 1291.48(d), some will, and FHFA believes that this should be reflected in the applicable outcome requirement. Correction Proposed § 1291.48(d), related rule text, and preamble discussions, therefore, should have included awards to households under a Bank’s Homeownership Set-Aside Programs, if any, along with awards under the E:\FR\FM\02MYP1.SGM 02MYP1 Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Proposed Rules daltland on DSKBBV9HB2PROD with PROPOSALS Bank’s General Fund and any Bank Targeted Funds, in the calculation of whether the Bank achieved the regulatory outcome requirement. That is, the Bank’s awards under its General Fund and any Targeted Funds and Homeownership Set-Aside Programs would be included in the numerator, and the Bank’s required annual AHP contribution amount would be included in the denominator of the calculation. Accordingly, in the proposed rule FR Doc. 2018–04745, on page 11386, in the issue of March 14, 2018, in the left column, in paragraph (d) of § 1291.48, the correction should correctly read: ‘‘Each year, each Bank shall ensure that at least 55 percent of the Bank’s required annual AHP contribution is awarded under the Bank’s General Fund and any Bank Targeted Funds and Homeownership Set-Aside Programs to projects or households, as applicable, that, in the aggregate, meet at least two of the three regulatory priorities in this paragraph . . . .’’ (emphasis added) If the corrected language is adopted in a final rule, FHFA will also make any other conforming revisions to the rule text as necessitated by the correction. FHFA specifically requests comments on whether the calculation, as corrected, would provide the Banks sufficient flexibility to provide AHP funds to the housing needs in their districts. FHFA further requests comments on whether other changes to the outcome calculation would be appropriate, such as decreasing the percentage of the Bank’s annual AHP contribution required to meet the regulatory priorities to less than 55 percent, provided that at least a majority of the Bank’s annual AHP contribution is awarded to certain regulatory priorities established by FHFA.1 FHFA also requests comments on whether adding a regulatory priority that is specifically focused on homeownership would increase opportunities for the Banks to include awards made in their Homeownership Set-Aside Programs towards meeting the regulatory priorities. Extension of Comment Period The comment period for the proposed rule was originally set to expire on May 14, 2018. FHFA has received a number of requests from commenters for an extension of the comment period of varying lengths, with commenters citing the complexity and length of the proposed rule, the important issues addressed, and the high level of interest. 1 The Federal Home Loan Bank Act requires FHFA to establish priorities for the use of the AHP funds. 12 U.S.C. 1430(j)(9)(B). VerDate Sep<11>2014 16:31 May 01, 2018 Jkt 244001 In light of these requests, and FHFA’s additional request for comment on the correction to the proposed outcome requirement calculation, FHFA is extending the comment period by an additional 30 days. This will result in a total comment period on the proposed rule of 90 days, expiring June 12, 2018. Dated: April 26, 2018. Melvin L. Watt, Director, Federal Housing Finance Agency. [FR Doc. 2018–09326 Filed 5–1–18; 8:45 am] BILLING CODE 8070–01–P DEPARTMENT OF HOMELAND SECURITY Coast Guard 33 CFR Part 165 [Docket Number USCG–2018–0286] RIN 1625–AA00 Safety Zone; Fireworks, Delaware River, Philadelphia, PA Coast Guard, DHS. Notice of proposed rulemaking. AGENCY: ACTION: The Coast Guard proposes to establish a temporary safety zone for multiple fireworks events launched in the vicinity of Penn’s Landing, Philadelphia, Pennsylvania, for waters of the Delaware River, Philadelphia, PA. Establishment of this safety zone is necessary to enhance safety of life on navigable waters immediately prior to, during, and immediately after these fireworks events. During the enforcement periods, no vessel may enter in or transit this regulated area without approval from the Captain of the Port Delaware Bay or a designated representative. We invite your comments on this proposed rulemaking. DATES: Comments and related material must be received by the Coast Guard on or before May 9, 2018. ADDRESSES: You may submit comments identified by docket number USCG– 2018–0286 using the Federal eRulemaking Portal at https:// www.regulations.gov. See the ‘‘Public Participation and Request for Comments’’ portion of the SUPPLEMENTARY INFORMATION section for further instructions on submitting comments. SUMMARY: If you have questions about this proposed rulemaking, call or email Petty Officer Edmund Ofalt, U.S. Coast Guard, Sector Delaware Bay, Waterways Management Division, Coast Guard; telephone (215) FOR FURTHER INFORMATION CONTACT: PO 00000 Frm 00002 Fmt 4702 Sfmt 4702 19189 271–4814, email Edmund.J.Ofalt@ uscg.mil. SUPPLEMENTARY INFORMATION: I. Table of Abbreviations CFR Code of Federal Regulations COTP Captain of the Port DHS Department of Homeland Security FR Federal Register NPRM Notice of proposed rulemaking § Section U.S.C. United States Code II. Background, Purpose, and Legal Basis On March 1, 2018, the Coast Guard was notified of fireworks events planned for May 24, 25, 26, and 27, 2018. Hazards from fireworks displays include accidental discharge, dangerous projectiles and falling hot embers or other debris. The COTP Delaware Bay has determined that a temporary safety zone is necessary to provide safety on the navigable waters of the Delaware River during these fireworks events, and to enhance safety of the public, spectators, and vessels. The purpose of this rulemaking is to ensure the safety of vessels and navigable waters immediately prior to, during, and immediately after these fireworks events. The Coast Guard is issuing this rule under authority in 33 U.S.C. 1231. III. Discussion of Proposed Rule The COTP Delaware Bay proposes to establish a safety zone on the Delaware River adjacent to Penns Landing in Philadelphia, PA, May 24, 2018, through May 27, 2018. The safety zone will be enforced from approximately 8 p.m. to 11 p.m. on nights on which fireworks are being displayed from a barge in the Delaware River. These fireworks displays may be held on May 24th, 25th, 26th, and 27th, or on only some of these dates. Notification of enforcement dates and times will be published in the Coast Guard District 5 Local Notice to Mariners and broadcast via Broadcast Notice to Mariners. The safety zone will include all navigable waters of Delaware River, adjacent to Penns Landing, Philadelphia, PA, bounded from shoreline to shoreline, bounded on the south by a line running east to west from points along the shoreline connecting at latitude 39°56′31.2″ N, longitude 075°08′28.1″ W; thence westward to latitude 39°56′29″.1 N, longitude 075°07′56.5″ W, and bounded on the north by the southern edge of the Benjamin Franklin Bridge where it crosses the Delaware River. Access to this safety zone will be restricted during the specified E:\FR\FM\02MYP1.SGM 02MYP1

Agencies

[Federal Register Volume 83, Number 85 (Wednesday, May 2, 2018)]
[Proposed Rules]
[Pages 19188-19189]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-09326]


========================================================================
Proposed Rules
                                                Federal Register
________________________________________________________________________

This section of the FEDERAL REGISTER contains notices to the public of 
the proposed issuance of rules and regulations. The purpose of these 
notices is to give interested persons an opportunity to participate in 
the rule making prior to the adoption of the final rules.

========================================================================


Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / 
Proposed Rules

[[Page 19188]]



FEDERAL HOUSING FINANCE AGENCY

12 CFR Parts 1290 and 1291

RIN 2590-AA83


Affordable Housing Program Amendments; Correction, Extension of 
Comment Period, and Further Request for Comment

AGENCY: Federal Housing Finance Agency.

ACTION: Proposed rule; correction, extension of comment period, and 
further request for comment.

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

SUMMARY: The Federal Housing Finance Agency (FHFA) is correcting an 
inadvertent error in the calculation of a proposed regulatory outcome 
requirement in the proposed rule published in the Federal Register on 
March 14, 2018, regarding the Federal Home Loan Banks' (Banks) 
Affordable Housing Program (AHP or Program). FHFA is requesting comment 
on the corrected calculation and is extending the comment period on all 
aspects of the proposed rule by an additional 30 days.

DATES: The comment period for the proposed rule, published at 83 FR 
11344 (March 14, 2018), is extended to June 12, 2018. Written comments 
must be received on or before this date.

ADDRESSES: You may submit your comments, identified by Regulatory 
Information Number (RIN) 2590-AA83, by any one of the following 
methods:
     Agency Website: www.fhfa.gov/open-for-comment-or-input.
     Federal eRulemaking Portal: https://www.regulations.gov. 
Follow the instructions for submitting comments. If you submit your 
comment to the Federal eRulemaking Portal, please also send it by email 
to FHFA at [email protected] to ensure timely receipt by FHFA. 
Include the following information in the subject line of your 
submission: Comments/RIN 2590-AA83.
     Hand Delivered/Courier: The hand delivery address is: 
Alfred M. Pollard, General Counsel, Attention: Comments/RIN 2590-AA83, 
Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, 
Washington, DC 20219. Deliver the package at the Seventh Street 
entrance Guard Desk, First Floor, on business days between 9 a.m. and 5 
p.m.
     U.S. Mail, United Parcel Service, Federal Express, or 
Other Mail Service: The mailing address for comments is: Alfred M. 
Pollard, General Counsel, Attention: Comments/RIN 2590-AA83, Federal 
Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, 
Washington, DC 20219. Please note that all mail sent to FHFA via U.S. 
Mail is routed through a national irradiation facility, a process that 
may delay delivery by approximately two weeks. For time-sensitive 
correspondence, please plan accordingly.

FOR FURTHER INFORMATION CONTACT: Ted Wartell, Manager, Office of 
Housing and Community Investment, 202-649-3157, [email protected]; 
Marcea Barringer, Senior Policy Analyst, Office of Housing and 
Community Investment, 202-649-3275, [email protected]; Marshall 
Adam Pecsek, Senior Counsel, Office of General Counsel, 202-649-3380, 
[email protected]; or Sharon Like, Managing Associate General 
Counsel, Office of General Counsel, 202-649-3057, [email protected]. 
These are not toll-free numbers. The mailing address is: Federal 
Housing Finance Agency, 400 Seventh Street SW, Washington, DC 20219. 
The telephone number for the Telecommunications Device for the Hearing 
Impaired is (800) 877-8339.

SUPPLEMENTARY INFORMATION:

Comments

    FHFA invites comments on all aspects of the March 2018 proposed 
rule, including any new or supplemental comments on the corrected 
calculation of the proposed regulatory outcome requirement, and will 
take all comments into consideration before issuing a final rule 
including those filed prior to this notice. Copies of all comments will 
be posted without change, including any personal information you 
provide such as your name, address, email address, and telephone 
number, on the FHFA website at https://www.fhfa.gov. In addition, copies 
of all comments received will be available for examination by the 
public through the electronic rulemaking docket for this proposed rule 
also located on the FHFA website.

Background

    On March 14, 2018, FHFA published in the Federal Register a 
proposed rule to amend its regulation governing the Banks' AHP, located 
at 12 CFR part 1291. See 83 FR 11344. The proposed rule, among other 
things, would provide the Banks authority to design and implement their 
own project selection scoring criteria and award AHP funds, subject to 
meeting certain FHFA-prescribed outcome requirements. The proposed rule 
contains an inadvertent error in the calculation of the regulatory 
outcome requirement in proposed Sec.  1291.48(d), related rule text, 
and preamble discussions. The proposed rule states that: ``Each year, 
each Bank shall ensure that at least 55 percent of the Bank's required 
annual AHP contribution is awarded under the Bank's General Fund and 
any Bank Targeted Funds to projects that, in the aggregate, meet at 
least two of the three regulatory priorities in this paragraph . . . 
.'' See 83 FR 11361, 11386 (emphasis added).
    Under proposed Sec.  1291.48(d), as drafted in the proposed rule, 
any AHP funds awarded to a household participating in a Homeownership 
Set-Aside Program would not count towards fulfillment of the outcome 
requirement. Therefore, were a Bank to allocate the maximum amount 
permitted under the proposed rule to its Homeownership Set-Aside 
Program(s)--40 percent of its required annual AHP contribution--it 
would be required to ensure that nearly 92 percent of its remaining 
annual contribution be awarded to projects that satisfy, in the 
aggregate, two of the three identified regulatory priorities.
    While not all subsidies awarded under a Homeownership Set-Aside 
Program will meet one of the prioritized housing needs identified under 
the regulatory priorities in proposed Sec.  1291.48(d), some will, and 
FHFA believes that this should be reflected in the applicable outcome 
requirement.

Correction

    Proposed Sec.  1291.48(d), related rule text, and preamble 
discussions, therefore, should have included awards to households under 
a Bank's Homeownership Set-Aside Programs, if any, along with awards 
under the

[[Page 19189]]

Bank's General Fund and any Bank Targeted Funds, in the calculation of 
whether the Bank achieved the regulatory outcome requirement. That is, 
the Bank's awards under its General Fund and any Targeted Funds and 
Homeownership Set-Aside Programs would be included in the numerator, 
and the Bank's required annual AHP contribution amount would be 
included in the denominator of the calculation.
    Accordingly, in the proposed rule FR Doc. 2018-04745, on page 
11386, in the issue of March 14, 2018, in the left column, in paragraph 
(d) of Sec.  1291.48, the correction should correctly read: ``Each 
year, each Bank shall ensure that at least 55 percent of the Bank's 
required annual AHP contribution is awarded under the Bank's General 
Fund and any Bank Targeted Funds and Homeownership Set-Aside Programs 
to projects or households, as applicable, that, in the aggregate, meet 
at least two of the three regulatory priorities in this paragraph . . . 
.'' (emphasis added) If the corrected language is adopted in a final 
rule, FHFA will also make any other conforming revisions to the rule 
text as necessitated by the correction.
    FHFA specifically requests comments on whether the calculation, as 
corrected, would provide the Banks sufficient flexibility to provide 
AHP funds to the housing needs in their districts. FHFA further 
requests comments on whether other changes to the outcome calculation 
would be appropriate, such as decreasing the percentage of the Bank's 
annual AHP contribution required to meet the regulatory priorities to 
less than 55 percent, provided that at least a majority of the Bank's 
annual AHP contribution is awarded to certain regulatory priorities 
established by FHFA.\1\ FHFA also requests comments on whether adding a 
regulatory priority that is specifically focused on homeownership would 
increase opportunities for the Banks to include awards made in their 
Homeownership Set-Aside Programs towards meeting the regulatory 
priorities.
---------------------------------------------------------------------------

    \1\ The Federal Home Loan Bank Act requires FHFA to establish 
priorities for the use of the AHP funds. 12 U.S.C. 1430(j)(9)(B).
---------------------------------------------------------------------------

Extension of Comment Period

    The comment period for the proposed rule was originally set to 
expire on May 14, 2018. FHFA has received a number of requests from 
commenters for an extension of the comment period of varying lengths, 
with commenters citing the complexity and length of the proposed rule, 
the important issues addressed, and the high level of interest. In 
light of these requests, and FHFA's additional request for comment on 
the correction to the proposed outcome requirement calculation, FHFA is 
extending the comment period by an additional 30 days. This will result 
in a total comment period on the proposed rule of 90 days, expiring 
June 12, 2018.

    Dated: April 26, 2018.
Melvin L. Watt,
Director, Federal Housing Finance Agency.
[FR Doc. 2018-09326 Filed 5-1-18; 8:45 am]
BILLING CODE 8070-01-P
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