Office of the Assistant Secretary for Housing, HUD.
The proposed information collection requirement described below will be submitted to the Office of Management and Budget (OMB) for review, as required by the Paperwork Reduction Act. The Department is soliciting public comments on the subject proposal.
Comments Due Date: July 30, 2001.Start Printed Page 29584
Interested persons are invited to submit comments regarding this proposal. Comments should refer to the proposal by name and/or OMB Control Number and should be sent to: Wayne Eddins, Reports Management Officer, Department of Housing and Urban Development, 451 7th Street, SW, L'Enfant Building, Room, 8202, Washington, DC 20410.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Eric Stevenson, Office of Multifamily Development, U.S. Department of Housing and Urban Development, 451 7th Street, SW, Washington, DC 20410, telephone number (202) 708-3000, extension 2544 (this is not a toll-free number), for copies of the proposed forms and other available information.End Further Info End Preamble Start Supplemental Information
The Department is submitting the proposed information collection to OMB for review, as required by the Paperwork Reduction Act of 1955 (44 U.S.C. chapter 35, as amended).
This Notice is soliciting comments from members of the public and affected agencies concerning the proposed collection of information to: (1) Evaluate whether the proposed collection is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (2) Evaluate the accuracy of the agency's estimate of the burden of the proposed collection of information; (3) Enhance the quality, utility, and clarity of the information to be collected; and (4) Minimize the burden of the collection of information on those who are to respond; including the use of appropriate automated collection techniques or other forms of information technology, e.g., permitting electronic submission of responses.
This Notice also lists the following information:
Title of Proposal: Review of Health Care Facility Portfolios.
OMB Control Number, if Applicable: 2502-0545.
Description of the Need for the Information and Proposed Use: An owner and/or an operator of health care facilities (nursing homes, intermediate care facilities, board and care facilities, or assisted living facilities) may wish to finance or refinance large groups of those facilities. If it intends to seek FHA mortgage insurance for loans for these facilities, and it is planning to finance or refinance a minimum of 11 health care facilities, with combined estimated mortgage amount of $75 million or more, during an 18 month period, then the owner/operator must furnish information that has not been previously required with the application for mortgage insurance. The owner and/or operator will be acting with an FHA-approved lender, or, if the application is to be processed with Multifamily Accelerated Processing (MAP), the lender must be MAP-approved.
The information includes a Corporate Credit Analysis, to be submitted to a credit rating agency (Standard & Poor's, Moody's Investor Services, Fitch IBCA, Duff & Phelps). The Corporate Credit Analysis includes detailed financial information, management policies, and corporate strategy. Owners/operators with 50 or more projects, with estimated combined mortgage amount of $250 million or more must file, in addition to the Corporate Credit Analysis, more detailed information than is required for non-portfolio owners in connection with the site visit. These large-size owners/operators must also provide information on their other properties and lines of business not being financed.
The information is collected and evaluated, first by a rating agency and then by HUD. The purpose is to determine the financial strength and management reliability of the owner/operator. If the owner and/or the operator should go into bankruptcy or be unable to continue management of its large group of properties to keep operating successfully would be severely jeopardized. The failure of the owner/operator could lead to assignments to HUD of large numbers of health care facilities, and serious resulting charges to the mortgage insurance fund.
Agency Form Numbers, if Applicable: None.
Estimation of the Total Numbers of Hours Needed to Prepare the Information Collection Including Number of Respondents, Frequency of Response, and Hours of Response: The estimated number of respondents is 15, the frequency of responses is one per respondent, estimated time to finish each response is approximately 80 hours, and the total annual burden hours requested is 1200.
Status of the Proposed Information Collection: Extension of currently approved collection.Start Signature
Dated: May 21, 2001.
Sean G. Cassidy,
General Deputy, Assistant Secretary for Housing-Deputy Federal Housing Commissioner.
[FR Doc. 01-13576 Filed 5-30-01; 8:45 am]
BILLING CODE 4210-27-M