Mortgage and Loan Insurance Programs Under the National Housing Act-Debenture Interest Rates, 50370-50371 [2021-19492]

Download as PDF 50370 Federal Register / Vol. 86, No. 171 / Wednesday, September 8, 2021 / Notices Comment—Energy Conservation Standards for Manufactured Housing VI. Lunch from 12:30 p.m. to 1:30 p.m. VII. Continued Discussion of Supplemental Notice of Proposed Rulemaking and Request for Comments—Energy Conservation Standards for Manufactured Housing and Prepare Comments/ Answers about DOE’s Questions in Rulemaking for HUD’s review VIII. Public Comment Period—15 minutes IX. Wrap Up—DFO & AO X. Adjourn Friday, October 8, 2021—10 a.m. to 4 p.m. ET I. Call to Order and Roll Call II. Opening Remarks—MHCC Chair & Designated Federal Officer (DFO) III. Public Comment Period—15 minutes IV. Discussion of Department of Energy’s Supplemental Notice of Proposed Rulemaking and Request for Comment—Energy Conservation Standards for Manufactured Housing and Prepare Comments/ Answers about DOE’s Questions in Rulemaking for HUD’s review V. Lunch from 12:30 p.m. to 1:30 p.m. VI. Continued Discussion of Supplemental Notice of Proposed Rulemaking and Request for Comment—Energy Conservation Standards for Manufactured Housing and Prepare Comments/ Answers about DOE’s Questions in Rulemaking for HUD’s review VII. Public Comment Period—15 minutes VIII. Wrap Up—DFO & AO IX. Adjourn jbell on DSKJLSW7X2PROD with NOTICES Wednesday, October 20, 2021—10 a.m. to 4 p.m. ET I. Call to Order and Roll Call II. Opening Remarks—MHCC Chair & Designated Federal Officer (DFO) III. Public Comment Period—15 minutes IV. Discussion of Department of Energy’s Supplemental Notice of Proposed Rulemaking and Request for Comment—Energy Conservation Standards for Manufactured Housing and Continue to Prepare Comments/Answers about DOE’s Questions in Rulemaking for HUD’s review V. Lunch from 12:30 p.m. to 1:30 p.m. VI. Continued Discussion of Supplemental Notice of Proposed Rulemaking and Request for Comments—Energy Conservation Standards for Manufactured Housing Answers about DOE’s Questions in Rulemaking for HUD’s review VerDate Sep<11>2014 17:21 Sep 07, 2021 Jkt 253001 VII. Public Comment Period—15 minutes VIII. Wrap Up—DFO & AO IX. Adjourn Lopa Kolluri, Principal Deputy Assistant, Secretary for Housing. [FR Doc. 2021–19495 Filed 9–7–21; 8:45 am] BILLING CODE P DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT [Docket No. FR–6245–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, 2021, is 11⁄2 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, 2021, is 21⁄4 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. 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 SUMMARY: PO 00000 Frm 00048 Fmt 4703 Sfmt 4703 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, 2021, is 21⁄4 percent; and (2) has approved the establishment of the debenture interest rate by the Secretary of HUD at 21⁄4 percent for the 6-month period beginning July 1, 2021. 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 2021). 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 ....... E:\FR\FM\08SEN1.SGM 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 08SEN1 ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... 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. jbell on DSKJLSW7X2PROD with NOTICES Federal Register / Vol. 86, No. 171 / Wednesday, September 8, 2021 / Notices Effective interest rate on or after 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 ....... 21⁄4 ....... 11⁄4 ....... 13⁄8 ....... 21⁄4 ....... 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 ...... July, 1 2021 ..... prior to 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. July 1, 2021. Jan 1, 2022. 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 VerDate Sep<11>2014 17:21 Sep 07, 2021 Jkt 253001 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 period beginning July 1, 2021, is 11⁄2 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. PO 00000 Frm 00049 Fmt 4703 Sfmt 4703 50371 (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).) Lopa P. Kolluri, Principal Deputy Assistant, Secretary Office of Housing-Federal Housing Administration. [FR Doc. 2021–19492 Filed 9–7–21; 8:45 am] BILLING CODE 4210–67–P DEPARTMENT OF THE INTERIOR Geological Survey [GX21GL00DT7ST00; OMB Control Number 1028–0087] Agency Information Collection Activities; Submission to the Office of Management and Budget for Review and Approval; National Geological and Geophysical Data Preservation Program (NGGDPP) U.S. Geological Survey, Interior. ACTION: Notice of information collection; request for comment. AGENCY: In accordance with the Paperwork Reduction Act of 1995, we the U.S. Geological Survey (USGS) are proposing to renew an information collection. DATES: Interested persons are invited to submit comments on or before October 8, 2021. ADDRESSES: Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/ PRAMain. Find this particular information collection by selecting ‘‘Currently under 30-day Review—Open for Public Comments’’ or by using the search function. Please provide a copy of your comments to U.S. Geological Survey, Information Collections Officer, 12201 Sunrise Valley Drive MS 159, Reston, VA 20192; or by email to gsinfo_collections@usgs.gov. Please reference OMB Control Number 1028– 0087 in the subject line of your comments. FOR FURTHER INFORMATION CONTACT: To request additional information about this ICR, contact Michaela Johnson by email at mrjohns@usgs.gov, or by telephone at (720) 250–8763. Individuals who are hearing or speech impaired may call the Federal Relay Service at 1–800–877–8339 for TTY assistance. You may also view the ICR at http://www.reginfo.gov/public/do/ PRAMain. SUPPLEMENTARY INFORMATION: In accordance with the PRA and 5 CFR SUMMARY: E:\FR\FM\08SEN1.SGM 08SEN1

Agencies

[Federal Register Volume 86, Number 171 (Wednesday, September 8, 2021)]
[Notices]
[Pages 50370-50371]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-19492]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-6245-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, 2021, is 1\1/2\ 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, 2021, is 2\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.

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, 2021, is 2\1/4\ percent; and (2) 
has approved the establishment of the debenture interest rate by the 
Secretary of HUD at 2\1/4\ percent for the 6-month period beginning 
July 1, 2021. 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 2021).
    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.

[[Page 50371]]

 
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.
2\1/4\..........................  Jan 1, 2020.......  July 1, 2020.
1\1/4\..........................  July 1, 2020......  Jan. 1, 2021.
1\3/8\..........................  Jan 1, 2021.......  July 1, 2021.
2\1/4\..........................  July, 1 2021......  Jan 1, 2022.
------------------------------------------------------------------------

    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).
    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 period beginning July 1, 2021, is 1\1/2\ 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).)

Lopa P. Kolluri,
Principal Deputy Assistant, Secretary Office of Housing-Federal Housing 
Administration.
[FR Doc. 2021-19492 Filed 9-7-21; 8:45 am]
BILLING CODE 4210-67-P