Direct final rule.
CFR Part: "7 CFR Part 3550"
RIN Number: "RIN 0575-AC97"
Citation: "79 FR 28809"
"Rules and Regulations"
SUMMARY: The Rural Housing Service is amending its regulations for the section 502 direct single family housing loans program by reinstating language pertaining to payment assistance method 1 that was inadvertently changed or omitted when the payment subsidy regulation was revised on
DATES: This rule is effective
Any adverse comments received will be considered under the proposed rule published in this edition of the
ADDRESSES: You may submit adverse comments or notice of intent to submit adverse comments to this rule by any of the following methods:
* Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments.
* Mail: Submit written comments via the
* Hand Delivery/Courier: Submit written comments via Federal Express mail or another mail courier service requiring a street address to Branch Chief, Regulations and Paperwork Management Branch,
All Written comments will be available for public inspection during regular work hours at the
FOR FURTHER INFORMATION CONTACT:
SUPPLEMENTARY INFORMATION: Title V, Section 1480 of the Housing Act authorizes the Secretary of Agriculture to promulgate rules and regulations as deemed necessary to carry out the purpose of that title.
Executive Order 12866--Classification
This rule has been determined to be not significant and was not reviewed by the
Executive Order 12988--Civil Justice Reform
This rule has been reviewed under Executive Order 12988, Civil Justice Reform. In accordance with that Executive Order: (1) All State and local laws and regulations that are in conflict with this rule will be preempted; (2) No retroactive effect will be given to this rule; and (3) Administrative proceedings in accordance with the regulations of the
Regulatory Flexibility Act
This rule has been reviewed with regard to the requirements of the Regulatory Flexibility Act (5 U.S.C. 601-612). The undersigned has determined and certified by signature of this document that this rule will not have a significant economic impact on a substantial number of small entities. This rule corrects a requirement on Agency applicants and borrowers; Thus there will be no significant information collection or regulatory requirements imposed on small entities under this proposed rule.
Paperwork Reduction Act of 1995
In accordance with the Paperwork Reduction Act of 1995, the information collection activities associated with this rule are covered under OMB Number: 0575-0172. This proposed rule contains no new reporting or recordkeeping requirements that would require approval under the Paperwork Reduction Act of 1995 (44
Unfunded Mandates Reform Act
Title II of the Unfunded Mandates Reform Act of 1995 (UMRA), 2 U.S.C.
This rule contains no Federal mandates (under the regulatory provisions of Title II of the UMRA) for State, local, and tribal Governments or the private sector. Therefore, this rule is not subject to the requirements of sections 202 and 205 of the UMRA.
Environmental Impact Statement
This document has been reviewed in accordance with 7 CFR part 1940, subpart G, "Environmental Program." It is the determination of RHS that this action does not constitute a major Federal action significantly affecting the quality of the human environment, and in accordance with the National Environmental Policy Act of 1969, Public Law 91-190, an Environmental Impact Statement is not required.
The program affected by this proposed rule is listed in the Catalog of Federal Domestic Assistance as 10.410, Very Low to Moderate Income Housing Loans.
Executive Order 12372--Intergovernmental Review of Federal Programs
For the reasons set forth in the final rule published at 7 CFR part 3015, subpart V, and the related notice (48 FR 29115), these programs are not subject to Executive Order 12372, which requires intergovernmental consultation with State and local officials.
E-Government Act Compliance
The RHS is committed to complying with the E-Government Act, to promote the use of the Internet and other information technologies to provide increased opportunities for citizen access to Government information and services, and for other purposes.
Executive Order 13175, Consultation and Coordination With Indian Tribal Governments
This executive order imposes requirements on RHS in the development of regulatory policies that have tribal implications or preempt tribal laws. RHS has determined that the proposed rule does not have a substantial direct effect on one or more Indian tribe(s) or on either the relationship or the distribution of powers and responsibilities between the Federal Government and the Indian tribes. Thus, this proposed rule is not subject to the requirements of Executive Order 13175.
Executive Order 13132--Federalism
The policies contained in this rule do not have any substantial direct effect on States, the relationship between the National Government and the States, or on the distribution of power and responsibilities among the various levels of government. Nor does this rule impose substantial direct compliance costs on State and local Governments. Therefore, consultation with the States is not required.
The Agency uses payment subsidies to enhance an applicant's repayment ability for section 502 direct single family housing loans. RHS administers three types of payment subsidies: interest credit, payment assistance method 1 and payment assistance method 2. The eligibility requirements and calculation methods for payment subsidies are located in 7 CFR 3550.68.
When the final rule that introduced payment assistance method 2 at 7 CFR 3550.68(c)(1) was published in the
List of Subjects in 7 CFR Part 3550
Administrative practice and procedure, Conflict of interests, Environmental impact statements, Equal credit opportunity, Fair housing, Accounting, Housing, Loan programs--Housing and community development, Low and moderate income housing, Manufactured homes, Reporting and recordkeeping requirements, Rural areas, Subsidies.
For the reasons stated in the preamble, chapter XXXV, Title 7 of the Code of Federal Regulations, is amended as follows:
PART 3550--DIRECT SINGLE FAMILY HOUSING LOANS AND GRANTS
1. The authority citation for part 3550 continues to read as follows:
Authority: 5 U.S.C. 301; 42 U.S.C. 1480.
* * * * *
(c) * * *
(2) Payment Assistance Method 1. The amount of payment assistance granted is the difference between the installment due on the promissory note and the greater of the payment amortized at the equivalent interest rate or the payment calculated based on the required floor payment. In leveraging situations, the equivalent interest rate will be used.
* * * * *
Administrator, Rural Housing Service.
[FR Doc. 2014-11610 Filed 5-19-14;
BILLING CODE 3410-XV-P
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