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 (RHS) intention to request a revision for a currently approved information collection in support of the program for the Guaranteed Rural Rental Housing Program.
Comments on this Notice must be received by October 30, 2020 to be assured consideration.
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FOR FURTHER INFORMATION CONTACT:
Lauren Cusick, Management Analyst, Regulations Management Division, Rural Development, USDA, STOP 0741, 1400 Independence Avenue SW, Washington, DC 20250, telephone: (202) 720-1414, email Lauren.Cusick@usda.gov.
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Title: Guaranteed Rural Rental Housing Program.
OMB Control Number: 0575-0174.
Expiration Date of Approval: February 28, 2021.
Type of Request: Revision of a Currently Approved Information Collection.
Abstract: On March 28, 1996, President Clinton signed the “Housing Opportunity Program Extension Act of 1996.” One of the provisions of the Act was the authorization of the Section 538 Guaranteed Rural Rental Housing Loan Program, adding the program to the Housing Act of 1949. The program has been designed to increase the supply of affordable Multi-Family Housing (MFH) through partnerships between RHS and major lending sources, as well as State and local housing finance agencies and bond issuers. Qualified lenders will be authorized to originate, underwrite, and close loans for MFH projects. To be considered, these projects must be either new construction or acquisition with rehabilitation with at least $6,500 per unit.Start Printed Page 53792
The housing must be available for occupancy only to low- or moderate-income families or persons, whose incomes at the time of initial occupancy do not exceed 115 percent of the median income of the area. After initial occupancy, the tenant's income may exceed these limits; however, rents, including utilities, are restricted to no more than 30 percent of the 115 percent of area median income for the term of the loan.
The Secretary is authorized under Section 510 (k) of the Housing Act of 1949 to prescribe regulations to ensure that these Federally-funded loans are made to eligible applicants for authorized purposes. The lender must evaluate the eligibility, cost, benefits, feasibility, and financial performance of the proposed project. The Agency collects this information from the lender to determine if funds are being used to meet the goals and mission of Rural Development. The information submitted by the lender to the Agency is used by the Agency to manage, plan, evaluate, and account for Government resources.
Estimate of Burden: Public reporting burden for this collection of information is estimated to be 2,079 man hours.
Respondents: Non-profit and for-profit lending corporations and public bodies.
Estimated Number of Respondents: 160.
Estimated Number of Responses per Respondent: 18.3.
Estimated Number of Responses: 2,934.
Estimated Total Annual Burden on Respondents: 2,079 hours.
Copies of this information collection can be obtained from Lauren Cusick, Regulations Management Division, at (202) 720-1414. Email: Lauren.Cusick@usda.gov.
Comments are invited on: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Agency, including whether the information will have practical utility; (b) the accuracy of the 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 automated, electronic, mechanical, or other technological collection techniques or other forms of information technology. Comments may be sent by the Federal eRulemaking Portal: Go to http://www.regulations.gov and, in the lower “Search Regulations and Federal Actions” box, select “RHS” from the agency drop-down menu, then click on “Submit.” In the Docket ID column, select 0575-0174 to submit or view public comments and to view supporting and related materials available electronically. Information on using Regulations.gov, including instructions for accessing documents, submitting comments, and viewing the docket after the close of the comment period, is available through the site's “User Tips” link.
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Administrator, Rural Housing Service.
[FR Doc. 2020-19075 Filed 8-28-20; 8:45 am]
BILLING CODE 3410-XV-P