The Rural Housing Service, USDA.
Proposed collection; comments requested.
In accordance with the Paperwork Reduction Act of 1995, this notice announces the Rural Housing Service's intention to request an extension for a currently approved information collection in support of the program for Prepayment and Displacement Prevention of Multiple Family Housing Loans.
Comments on this notice must be received by August 4, 2003, to be assured of consideration.Start Further Info
FOR FURTHER INFORMATION CONTACT:
Cynthia Reese-Foxworth, Senior Loan Officer, Office of Rural Housing Preservation, Multi-Family Housing Portfolio Management Division, Rural Housing Service, U.S. Department of Agriculture, Ag Box 0782, Washington, DC 20250, Telephone (202) 720-1940.End Further Info End Preamble Start Supplemental Information
Title: 7 CFR 1965-E, “Prepayment and Displacement Prevention of Multiple Family Housing Loans.”.
OMB Number: 0575-0155.
Expiration Date of Approval: October 31, 2003.
Type of Request: Extension of a currently approved information collection.
Abstract: The rural Housing Service (RHS) is authorized under section 514, 515, 516 and 521 of Title V of the Housing Act of 1949, as amended, to provide loans and grants to eligible recipients for the development of rural rental housing. Such multiple family housing projects are intended to meet the housing needs of persons or families have with low-to moderate-incomes, senior citizens, the handicapped, and domestic farm laborers.
RHS has the responsibility of assuring the public that the housing projects financed are owned and operated as mandated by Congress. RD Instruction 1965-E was issued to insure proper servicing actions are accomplished for projects financed with multiple family housing loan and grant funds. Minimal requirements have been established as deemed necessary to assure that applicable laws and authorities are carried out as intended and to improve the Agency's ability to assure the continued availability of the facilities financed under RHS multiple housing programs to eligible users.
Without the provisions of this regulation, RHS would be unable to provide the necessary guidance to the RHS field staff to assist borrowers in processing servicing actions affecting their projects. RHS also would not be able to quickly respond to servicing requests from borrowers, initiate servicing actions or establish a uniform procedure for processing such requests from borrowers. RHS must be able to assure Congress and the general public that all projects financed with multiple family housing funds will be maintained for the purposes for which they are intended and for the benefit of those they are mandated to serve.
The Housing and Community Development Act of 1987 required that rural rental housing borrowers wishing to prepay their RHS financed loans must be offered a fair incentive to not prepay the loan when RHS makes the decision that the housing continues to be needed to serve low- and moderate-income tenants. If the borrower rejects the incentive, the housing must be offered for sale to a non-profit organization or public agency. Prepayment can only be accepted if RHS decides there is no need for the housing or if no nonprofit organization or public agency can be found to purchase the project at fair market value.
The information required is collected on a project-by-project basis and is in accordance with the Housing Act of 1949, as amended, so that RHS can provide guidance and be assured of compliance with the terms and conditions of loan, grant, and subsidy agreements.
Estimate of Burden: Public reporting burden for this collection of information is estimated to average 0.6 hours per response.
Respondents: Individuals or households, State or local governments, farms, businesses or other for-profits, non-profit institutions, existing borrowers, transferors and/or transferees.
Estimated Number of Respondents: 800.
Estimated Number of Responses per Respondent: 1.15.
Estimated Total Annual Burden on Respondents: 587 hours.
Copies of this information collection can be obtained from Brigitte Sumter, Regulations and Paperwork Management Branch, Support Services Division, Branch, at (202) 692-0042.
Comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of [Agency], including whether the information will have practical utility; (b) the accuracy of [Agency's] estimate of the burden of the proposed collection of information including the validity of the methodology and assumptions used; (c) ways to enhance the quality, utility and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on those who are to respond, including through the use of appropriate Start Printed Page 33472automated, electronic, mechanical, or other technological collection techniques or other forms of information technology. Comments may be sent to Barbara Williams, Regulations and Paperwork Management Branch, Support Services Division, U.S. Department of Agriculture, Rural Development, STOP 0742, 1400 Independence Ave., SW., Washington, DC 20250. All responses to this notice will be summarized and included in the request for OMB approval. All comments will also become a matter of public record.Start Signature
Dated: May 14, 2003.
Arthur A. Garcia,
Administrator, Rural Housing Service.
[FR Doc. 03-14030 Filed 6-3-03; 8:45 am]
BILLING CODE 3410-XV-P