[Federal Register Volume 59, Number 59 (Monday, March 28, 1994)]
[Unknown Section]
[Page ]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-7157]


[Federal Register: March 28, 1994]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner

24 CFR Part 248

[Docket No. R-94-1513; FR-2978-I-04]


Prepayment of a HUD-Insured Mortgage by an Owner of Low-Income 
Housing: Technical Amendment

AGENCY: Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner, HUD.

ACTION: Technical amendment.

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SUMMARY: This notice amends the definition of a Community-Based 
Nonprofit Organization (CBO), as set out in 24 CFR 248.101, in response 
to a change in the definition of a Community Housing Development 
Organization (CHDO) in the Department's HOME program. In its conference 
report, Congress requested that the definition of a CBO conform to the 
definition of a CHDO to the extent practicable. Subsequent to the 
original publication of the CBO definition, the CHDO definition was 
changed; as a result, an otherwise acceptable CBO with official CHDO 
status may not be an eligible CBO under the April 8 interim rule. This 
notice amends the definition of a CBO by omitting the requirement that 
the governing board of a rural multi-county CBO be required to contain 
low-income neighborhood residents from each county of the multi-county 
area.

EFFECTIVE DATE: April 27, 1994.

FOR FURTHER INFORMATION CONTACT:
Frank Malone, Director, Office of Multifamily Preservation and Property 
Disposition, Department of Housing and Urban Development, room 6164, 
451 Seventh Street, NW., Washington, DC 20410; telephone (202) 708-
3555. To provide service for persons who are hearing- or speech-
impaired, this number may be reached via TDD by dialing the Federal 
Information Relay Service on 1-800-877-TDDY or (1-800-877-8339) or 202-
708-9300. (Except for the ``800'' number, telephone numbers are not 
toll-free).

SUPPLEMENTARY INFORMATION: In the House Conference Report to the 
Cranston Gonzalez National Affordable Housing Act (Conf. Rep. No. 943, 
101st Cong., 2nd Sess.) Congress indicated its intent that, to the 
extent practicable, the definition of a Community-Based Nonprofit 
Organization (CBO) should conform to the definition of a Community 
Housing Development Organization (CHDO). Because the definition of a 
CHDO has been revised to eliminate the requirement that the board of 
directors of rural, multi-county CHDOs be composed of a representative 
from each county the CHDO encompassed.

List of Subjects in 24 CFR Part 248

    Intergovernmental relations, Loan programs--housing and community 
development, Low and moderate income housing, Mortgage insurance, 
Reporting and recordkeeping requirements.

    Accordingly, part 248 of title 24 of the Code of Federal 
Regulations is amended as set forth below.

PART 248--PREPAYMENT OF LOW-INCOME HOUSING MORTGAGES

    1. The authority citation for part 248 is revised to read as 
follows:

    Authority: 12 U.S.C. 17151 note, 4101 note, and 4101-4124; 42 
U.S.C. 3535(d).

    2. Section 248.101 is amended by revising paragraph (8)(i) of the 
definition of ``Community-Based Nonprofit Organization'' to read as 
follows:


Sec. 248.101  Definitions.

* * * * *
    Community-Based Nonprofit Organization.
    * * *
    (8) Maintains accountability to low-income community residents by:
    (i) Maintaining at least one-third of its governing board's 
membership for low-income neighborhood residents, other low-income 
community residents, or elected representatives of low-income 
neighborhood organizations. For urban areas, ``community'' may be a 
neighborhood or neighborhoods, city, county, or metropolitan area; for 
rural areas, ``community'' may be a neighborhood or neighborhoods, 
town, village, county, or multi-county area (but not the entire State); 
and
* * * * *
    Dated: March 21, 1994.
Nicolas P. Retsinas,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 94-7157 Filed 3-25-94; 8:45 am]
BILLING CODE 4210-27-M