Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 47394-47396 [2020-17066]
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47394
Federal Register / Vol. 85, No. 151 / Wednesday, August 5, 2020 / Notices
applications, the disclosure of which
would constitute a clearly unwarranted
invasion of personal privacy.
Name of Committee: Biomedical
Informatics, Library and Data Sciences
Review Committee.
Date: November 5, 2020.
Time: 9:00 a.m. to 5:30 p.m.
Agenda: To review and evaluate grant
applications.
Place: Virtual meeting.
Contact Person: Zoe E. Huang, MD, Chief
Scientific Review Officer, Scientific Review
Office, Extramural Programs, National
Library of Medicine, NIH, 6705 Rockledge
Drive, Suite 500, Bethesda, MD 20892–7968,
301–594–4937, huangz@mail.nih.gov.
(Catalogue of Federal Domestic Assistance
Program No. 93.879, Medical Library
Assistance, National Institutes of Health,
HHS)
Dated: July 30, 2020.
Ronald J. Livingston, Jr.,
Program Analyst, Office of Federal Advisory
Committee Policy.
[FR Doc. 2020–17024 Filed 8–4–20; 8:45 am]
BILLING CODE 4140–01–P
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
National Institutes of Health
Prospective Grant of an Exclusive
Patent License: Development and
Commercialization of Therapies To
Treat IGF–1 Deficiency and
Achondroplasia
AGENCY:
National Institutes of Health,
HHS.
ACTION:
Notice.
The National Cancer Institute
and the Eunice Kennedy Shriver
National Institute of Child Health and
Human Development, of the National
Institutes of Health, Department of
Health and Human Services, are
contemplating the grant of an Exclusive
Patent License to practice the inventions
embodied in the Patents and Patent
Applications listed in the
Supplementary Information section of
this notice to PreciThera, Inc, located in
Montreal, Canada.
DATES: Only written comments and/or
applications for a license which are
received by the National Cancer
Institute’s Technology Transfer Center
on or before August 20, 2020 will be
considered.
ADDRESSES: Requests for copies of the
patent application, inquiries, and
comments relating to the contemplated
an Exclusive Patent License should be
directed to: Martha T. Lubet, Ph.D.,
Licensing and Patenting Manager, NCI
Technology Transfer Center, Telephone:
jbell on DSKJLSW7X2PROD with NOTICES
SUMMARY:
VerDate Sep<11>2014
16:55 Aug 04, 2020
Jkt 250001
(240) 276–5530 or Email: lubetm@
mail.nih.gov.
SUPPLEMENTARY INFORMATION:
Intellectual Property
(United States Provisional) Patent
Application No. 61/927904, filed
January 15, 2014 and entitled: ‘‘Cartilage
Targeting Agents and Their Use’’ [HHS
Reference No. E–003–2014/0–US–01];
(PCT) Patent Application PCT/US2015/
011433, filed January 14, 2015 and
entitled ‘‘Cartilage Targeting Agents and
Their Use’’ [HHS Reference No. E–003–
2014/0–PCT–02]; (and U.S. and foreign
patent applications claiming priority to
the aforementioned applications).
The patent rights in these inventions
have been assigned and/or exclusively
licensed to the government of the
United States of America.
The prospective exclusive license
territory may be worldwide, and the
field of use may be limited to the
following:
(A) A fusion protein comprising one
of the anti-matrilin 3 binding agents and
insulin-like growth factor 1 (IGF–1) for
the treatment of short stature of humans
with primary IGF–1 deficiency and
(B) a fusion protein comprising one of
anti-matrilin 3 binding agents and Ctype natriuretic protein for the treatment
of humans with achondroplasia.
This technology discloses antigen
binding antibody fragments that bind to
matrilin-3. These agents were selected
from a yeast display antibody library for
the ability to bind to human or mouse
matrilin-3. Matrilin-3 is strongly
expressed in the epiphyseal growth
plate of bones. In some embodiments,
the antibody fragments are linked to an
effector molecule (e.g. growth hormone,
IGF–1, or C-type natriuretic protein).
Methods of using the anti-Matrilin-3
binding agents to treat skeletal
dysplasia, short stature and
osteoarthritis are also disclosed.
This notice is made in accordance
with 35 U.S.C. 209 and 37 CFR part 404.
The prospective exclusive license will
be royalty bearing, and the prospective
exclusive license may be granted unless
within fifteen (15) days from the date of
this published notice, the National
Cancer Institute and the Eunice
Kennedy Shriver National Institute of
Child Health and Human Development
receive written evidence and argument
that establishes that the grant of the
license would not be consistent with the
requirements of 35 U.S.C. 209 and 37
CFR part 404.
In response to this Notice, the public
may file comments or objections.
Comments and objections, other than
those in the form of a license
PO 00000
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Sfmt 4703
application, will not be treated
confidentially, and may be made
publicly available.
License applications submitted in
response to this Notice will be
presumed to contain business
confidential information and any release
of information in these license
applications will be made only as
required and upon a request under the
Freedom of Information Act, 5 U.S.C.
552.
Dated: July 28, 2020.
Richard U. Rodriguez,
Associate Director, Technology Transfer
Center, National Cancer Institute.
[FR Doc. 2020–17098 Filed 8–4–20; 8:45 am]
BILLING CODE 4140–01–P
DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
[Docket No. FR–6195–N–02]
Mortgage and Loan Insurance
Programs Under the National Housing
Act—Debenture Interest Rates
Office of the Assistant
Secretary for Housing, 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, 2020, is 5⁄8
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, 2020, is 11⁄4 percent.
FOR FURTHER INFORMATION CONTACT:
Elizabeth Olazabal, Department of
Housing and Urban Development, 451
Seventh Street SW, Room 5146,
Washington, DC 20410–8000; telephone
(202) 402–4608 (this is not a toll-free
number). Individuals with speech or
hearing impairments may access this
number through TTY by calling the tollfree Federal Information Relay Service
at (800) 877–8339.
SUMMARY:
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Federal Register / Vol. 85, No. 151 / Wednesday, August 5, 2020 / Notices
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, 2020, is 11⁄4
percent; and (2) has approved the
establishment of the debenture interest
rate by the Secretary of HUD at 11⁄4
percent for the 6-month period
beginning July 1, 2020. 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 last 6 months of 2020).
For convenience of reference, HUD is
publishing the following chart of
debenture interest rates applicable to
mortgages committed or endorsed since
January 1, 1980:
SUPPLEMENTARY INFORMATION:
jbell on DSKJLSW7X2PROD with NOTICES
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 ..............
VerDate Sep<11>2014
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
16:55 Aug 04, 2020
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
Jkt 250001
Effective
interest rate
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 ...................
27⁄8 ................
27⁄8 ................
21⁄2 ................
23⁄4 ................
27⁄8 ................
23⁄4 ................
31⁄8 ................
33⁄8 ................
23⁄4 ................
13⁄4 ................
11⁄4 ................
On or after
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
Jan. 1, 2016
July 1, 2016
Jan. 1, 2017
July 1, 2017
Jan. 1, 2018
July 1, 2018
Jan.1, 2019
July 1, 2019
Jan.1, 2020
July 1, 2020
Prior to
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
Jan. 1, 2016
July 1, 2016
Jan. 1, 2017
July 1, 2017
Jan. 1, 2018
July 1, 2018
Jan. 1, 2019
July 1, 2019
Jan.1, 2020
July 1, 2020
Jan. 1, 2021
Section 215 of Division G, Title II of
Pub. L. 108–199, enacted January 23,
2004 (HUD’s 2004 Appropriations Act)
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Fmt 4703
Sfmt 4703
47395
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).
Similarly, Section 520(a) of the
National Housing Act (12 U.S.C. 1735d)
provides for the payment of an
insurance claim in cash on a mortgage
or loan insured under any section of the
National Housing Act before or after the
enactment of the Housing and Urban
Development Act of 1965. The amount
of such payment shall be equivalent to
the face amount of the debentures that
would otherwise be issued, plus an
amount equivalent to the interest which
the debentures would have earned,
computed to a date to be established
pursuant to regulations issued by the
Secretary. The implementing HUD
regulations for multifamily insured
mortgages at 24 CFR 207.259(e)(1) and
(e)(6), when read together, provide that
debenture interest on a multifamily
insurance claim that is paid in cash is
paid from the date of the loan default at
the debenture rate in effect at the time
of commitment or endorsement (or
initial endorsement if there are two or
more endorsements) of the loan,
whichever is higher.
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
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47396
Federal Register / Vol. 85, No. 151 / Wednesday, August 5, 2020 / Notices
period beginning July 1, 2020, is 5⁄8
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).
John Garvin,
General Deputy Assistant Secretary for
Housing.
Submitting Comments: If you wish to
submit comments on any of the
documents, you may do so in writing by
any of the following methods:
• Online: https://www.regulations.gov.
Follow the instructions for submitting
comments on Docket No. FWS–R4–ES–
2020–0088.
• U.S. mail: Public Comments
Processing, Attn: Docket No. FWS–R4–
ES–2020–0088; U.S. Fish and Wildlife
Service, MS: PRB/3W, 5275 Leesburg
Pike, Falls Church, VA 22041–3803.
Public Availability of Comments
Erin
M. Gawera, by telephone at (904) 731–
3121 or via email at erin_gawera@
fws.gov. Individuals who are hearing or
speech impaired may call the Federal
Relay Service at 1–800–877–8339 for
TTY assistance.
The Service has made a preliminary
determination that the applicant’s
project, including land clearing,
infrastructure building, landscaping,
and the proposed mitigation measure,
would individually and cumulatively
have a minor or negligible effect on
Florida scrub-jays and the environment.
Therefore, we have preliminarily
concluded that the ITP for this project
would qualify for categorical exclusion
and the HCP is low effect under our
NEPA regulations at 43 CFR 46.205 and
46.210. A low-effect HCP is one that
would result in (1) minor or negligible
effects on federally listed, proposed, and
candidate species and their habitats; (2)
minor or negligible effects on other
environmental values or resources; and
(3) impacts that, when considered
together with the impacts of other past,
present, and reasonably foreseeable
similarly situated projects, would not
result in significant cumulative effects
to environmental values or resources
over time.
FOR FURTHER INFORMATION CONTACT:
[FR Doc. 2020–17066 Filed 8–4–20; 8:45 am]
BILLING CODE 4210–67–P
DEPARTMENT OF THE INTERIOR
We, the
Fish and Wildlife Service, announce
receipt of an application from Freedom
Construction USA, LLC (applicant) for
an incidental take permit (ITP) under
the Endangered Species Act of 1973, as
amended (ESA; 16 U.S.C. 1531 et seq.).
The applicant requests the ITP to take
the federally listed Florida scrub-jay
(Aphelocoma coerulescens), a bird
species, incidental to the construction of
multi-family homes (project) in Volusia
County, Florida. We request public
comment on the application, which
includes the applicant’s proposed
habitat conservation plan (HCP), and the
Service’s preliminary determination that
this HCP qualifies as ‘‘low-effect,’’
categorically excluded, under the
National Environmental Policy Act
(NEPA; 42 U.S.C. 4231 et seq.). To make
this determination, we used our
environmental action statement and
low-effect screening form, which are
also available for public review.
SUPPLEMENTARY INFORMATION:
Fish and Wildlife Service
[Docket No. FWS–R4–ES–2020–0088;
FXES11130400000EA–123–FF04EF1000]
Receipt of Incidental Take Permit
Application and Proposed Habitat
Conservation Plan for the Florida
Scrub-Jay, Volusia County, FL;
Categorical Exclusion
Fish and Wildlife Service,
Interior.
ACTION: Notice of availability; request
for comment and information.
AGENCY:
We, the Fish and Wildlife
Service (Service), announce receipt of
an application from Freedom
Construction USA, LLC (applicant) for
an incidental take permit (ITP) under
the Endangered Species Act. The
applicant requests the ITP to take the
federally listed Florida scrub-jay, a bird
species, incidental to construction in
Volusia County, Florida. We request
public comment on the application,
which includes the applicant’s
proposed habitat conservation plan
(HCP), and the Service’s preliminary
determination that this HCP qualifies as
‘‘low-effect,’’ categorically excluded,
under the National Environmental
Policy Act. To make this determination,
we used our environmental action
statement and low-effect screening form,
both of which are also available for
public review.
DATES: We must receive your written
comments on or before September 4,
2020.
jbell on DSKJLSW7X2PROD with NOTICES
SUMMARY:
ADDRESSES:
Obtaining Documents: You may
obtain copies of the documents online
in Docket No. FWS–R4–ES–2020–0088
at https://www.regulations.gov.
VerDate Sep<11>2014
16:55 Aug 04, 2020
Jkt 250001
Project
Freedom Construction USA, LLC
requests a 5-year ITP to take Florida
scrub-jays through the conversion of
approximately 0.17 acres of occupied
Florida scrub-jay foraging and sheltering
habitat incidental to the construction of
multi-family homes located on a 0.64acre parcel in Sections 13 and 14,
Township 18 South, and Range 31 East,
in Volusia County, Florida. The
applicant proposes to mitigate for take
of the Florida scrub-jays by the
contribution of $5,180.58 to the Florida
Scrub-Jay Conservation Fund
administered by The Nature
Conservancy. The Service would require
the applicant to make this contribution
prior to engaging in activities associated
with the project.
PO 00000
Frm 00059
Fmt 4703
Sfmt 9990
Before including your address, phone
number, email address, or other
personal identifying information in your
comment, be aware that your entire
comment, including your personal
identifying information, may be made
available to the public. While you may
request that we withhold your personal
identifying information, we cannot
guarantee that we will be able to do so.
Our Preliminary Determination
Next Steps
The Service will evaluate the
application and the comments received
to determine whether to issue the
requested permit. We will also conduct
an intra-Service consultation pursuant
to section 7 of the ESA to evaluate the
effects of the proposed take. After
considering the preceding findings, we
will determine whether the permit
issuance criteria of section 10(a)(1)(B) of
the ESA have been met. If met, the
Service will issue ITP number
TE76013D–0 to Freedom Construction
USA, LLC.
Authority
The Service provides this notice
under section 10(c) (16 U.S.C. 1539(c))
of the ESA and NEPA regulation 40 CFR
1506.6.
Jay Herrington,
Field Supervisor, Jacksonville Field Office.
[FR Doc. 2020–16983 Filed 8–4–20; 8:45 am]
BILLING CODE 4333–15–P
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]]>Agencies
[Federal Register Volume 85, Number 151 (Wednesday, August 5, 2020)]
[Notices]
[Pages 47394-47396]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-17066]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-6195-N-02]
Mortgage and Loan Insurance Programs Under the National Housing
Act--Debenture Interest Rates
AGENCY: Office of the Assistant Secretary for Housing, 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, 2020, is \5/8\ 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, 2020, is 1\1/4\ percent.
FOR FURTHER INFORMATION CONTACT: Elizabeth Olazabal, Department of
Housing and Urban Development, 451 Seventh Street SW, Room 5146,
Washington, DC 20410-8000; telephone (202) 402-4608 (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.
[[Page 47395]]
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, 2020, is 1\1/4\ percent; and (2)
has approved the establishment of the debenture interest rate by the
Secretary of HUD at 1\1/4\ percent for the 6-month period beginning
July 1, 2020. 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 last 6 months
of 2020).
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
2\1/2\.......................... July 1, 2016...... Jan. 1, 2017
2\3/4\.......................... Jan. 1, 2017...... July 1, 2017
2\7/8\.......................... July 1, 2017...... Jan. 1, 2018
2\3/4\.......................... Jan. 1, 2018...... July 1, 2018
3\1/8\.......................... July 1, 2018...... Jan. 1, 2019
3\3/8\.......................... Jan.1, 2019 July 1, 2019
2\3/4\.......................... July 1, 2019 Jan.1, 2020
1\3/4\.......................... Jan.1, 2020 July 1, 2020
1\1/4\.......................... July 1, 2020...... Jan. 1, 2021
------------------------------------------------------------------------
Section 215 of Division G, Title II of Pub. L. 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).
Similarly, Section 520(a) of the National Housing Act (12 U.S.C.
1735d) provides for the payment of an insurance claim in cash on a
mortgage or loan insured under any section of the National Housing Act
before or after the enactment of the Housing and Urban Development Act
of 1965. The amount of such payment shall be equivalent to the face
amount of the debentures that would otherwise be issued, plus an amount
equivalent to the interest which the debentures would have earned,
computed to a date to be established pursuant to regulations issued by
the Secretary. The implementing HUD regulations for multifamily insured
mortgages at 24 CFR 207.259(e)(1) and (e)(6), when read together,
provide that debenture interest on a multifamily insurance claim that
is paid in cash is paid from the date of the loan default at the
debenture rate in effect at the time of commitment or endorsement (or
initial endorsement if there are two or more endorsements) of the loan,
whichever is higher.
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
[[Page 47396]]
period beginning July 1, 2020, is \5/8\ 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).
John Garvin,
General Deputy Assistant Secretary for Housing.
[FR Doc. 2020-17066 Filed 8-4-20; 8:45 am]
BILLING CODE 4210-67-P
