[Federal Register Volume 59, Number 145 (Friday, July 29, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-18498]


[[Page Unknown]]

[Federal Register: July 29, 1994]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of the Secretary
[Docket No. N-94-3038; FR-2736-N-13]

 

Regulatory Waiver Requests Granted

AGENCY: Office of the Secretary, HUD.

ACTION: Public Notice of the Granting of Regulatory Waivers.

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SUMMARY: Under Section 106 of the Department of Housing and Urban 
Development Reform Act of 1989 (Reform Act), the Department is required 
to make public all approval actions taken on waivers of regulations. 
This Notice provides notification of waivers granted during the period 
from January 1 to March 31, 1994. It also includes waivers from the 
Office of Housing covering the period from October 1 to December 31, 
1993 that were not reported earlier.

FOR FURTHER INFORMATION CONTACT:
For general information about this Notice, contact Brenda W. Gladden, 
Acting Assistant General Counsel for Regulations, Room 10276, 
Department of Housing and Urban Development, 451 Seventh Street, SW, 
Washington, DC 20410; (202) 708-3055; (TDD) (202) 708-3259. (These are 
not toll-free numbers.) For information concerning a particular waiver 
action, contact the person whose name and address is set out for the 
particular item in the accompanying list of waiver-grant actions.

SUPPLEMENTARY INFORMATION: Section 106 of the Reform Act amended 
Section 7 of the Department of Housing and Urban Development Act (42 
U.S.C. 3535(q)(3)) to provide:
    1. Any waiver of a regulation must be in writing and must specify 
the grounds for approving the waiver;
    2. Authority to approve a waiver of a regulation may be delegated 
by the Secretary only to an individual of Assistant Secretary rank or 
equivalent rank, and person to whom authority to waive is delegated 
must also have authority to issue the particular regulation to be 
waived;
    3. Not less than quarterly, the Secretary must notify the public of 
all waivers of regulations that the Department has approved, by 
publishing a Notice in the Federal Register. These Notices (each 
covering the period since the most recent previous notification) shall:
    a. Identify the project, activity, or undertaking involved;
    b. Describe the nature of the provision waived, and the designation 
of the provision;
    c. Indicate the name and title of the person who granted the waiver 
request;
    d. Describe briefly the grounds for approval of the request;
    e. State how additional information about a particular waiver grant 
action may be obtained.
    Today's document notifies the public of HUD's waiver-grant activity 
from January 1 to March 31, 1994. The next Notice, which will be 
published in the near future, will cover the period from April 1 
through June 30, 1994.
    For ease of reference, waiver requests granted by departmental 
officials authorized to grant waivers are listed in a sequence keyed to 
the section number of the HUD regulation involved in the waiver action. 
For example, a waiver-grant action involving exercise of authority 
under 24 CFR 24.200 (involving the waiver of a provision in Part 24) 
would come early in the sequence, while waivers in the Section 8 and 
Section 202 programs (24 CFR Chapter VIII) would be among the last 
matters listed. Where more than one regulatory provision is involved in 
the grant of a particular waiver request, the action is listed under 
the section number of the first regulatory requirement in Title 24 that 
is being waived as part of the waiver-grant action. (For example, a 
waiver of both Sec. 811.105(b) and Sec. 811.107(a) would appear 
sequentially in the listing under Sec. 811.105(b).) Waiver-grant 
actions involving the same initial regulatory citation are in time 
sequence beginning with the earliest-dated waiver-grant action.
    Should the Department receive additional reports of waiver actions 
taken during the period covered by this report before the next report 
is published, the next updated report will include these earlier 
actions.
    Accordingly, information about approved waiver requests pertaining 
to regulations of the Department is provided in the Appendix to this 
Notice.

    Dated: July 15, 1994.
Henry G. Cisneros,
Secretary.

Appendix

    Listing of Waivers of Regulatory Requirements Granted by Officers 
of the Department of Housing and Urban Development January 1, 1994 
through March 31, 1994 and October 1, 1993 through December 31, 1993 
(Office of Housing).
    NOTE TO READER: The person to be contacted for additional 
information about these waivers is: James B. Mitchell, Director, 
Financial Services Division, Office of Housing, Department of Housing 
and Urban Development, 470 L'Enfant Plaza East, Room 3119, Washington, 
DC 20024, Phone: (202) 755-7450.
    REGULATION: 24 CFR Sections 811.106(d) and 811.107(d) of 1977 
Regulations.
    PROJECT/ACTIVITY: Outagamie County (Wisconsin) HA refunding of 
bonds which financed an uninsured Section 8 assisted project: HUD 
Project Number WI39-0037-012.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
    DATE GRANTED: October 21, 1993.
    REASONS WAIVED: The Part 811 regulations cited above prohibited 
refundings and required that excess reserve balances be used for 
project purposes. The issuer has requested HUD permission to release 
excess reserve balances from the 1977 Trust Indenture for use in its 
housing assistance programs for low- and moderate-income families. 
Issuance of 1993 refunding bonds under Section 103 of the Tax Code will 
not reduce project debt service nor generate Section 8 savings.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Greencastle, Indiana Housing, Inc., refunding of 
bonds which financed a Section 8 assisted project, Castlebury 
Apartments, FHA No. 073-35342.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing--
Federal Housing Commissioner.
    DATE GRANTED: October 6, 1993.
    REASONS WAIVED: The part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on August 3, 
1993. Refunding bonds have been priced to an average yield of 5.8%. The 
tax-exempt refunding bond issue of $2,615,000 at current low-interest 
rates will save Section 8 subsidy. The Treasury also gains long-term 
tax revenue benefits through replacement of outstanding tax-exempt 
coupons of 9.6%-10.3% at the call date in 1993 with tax-exempt bonds 
yielding 5.8%. The refunding will also substantially reduce the FHA 
mortgage interest rate at expiration of the HAP contract, from 10.3% to 
6.8%, thus reducing FHA mortgage insurance risk. The refunding serves 
the important public purposes of reducing HUD's Section 8 program 
costs, improving Treasury tax revenues, (helping reduce the budget 
deficit), and increasing the likelihood that projects will continue to 
provide housing for lower-income families after subsidies expire, a 
priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1), 
811.108(a)(3), 811.108(b)(1)(i), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Berkeley Township, New Jersey HA refunding of 
bonds which financed an uninsured Section 8 assisted project, Bayville 
Senior Citizens Apartments.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: October 20, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. This refunding proposal was approved by HUD on 
August 24, 1993. Refunding bonds have been priced to an average yield 
of 5.69%. The tax-exempt refunding bond issue of $3,915,000 at current 
low-interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.5% at the call date in 1993 with tax-exempt bonds 
yielding 5.69% The refunding serves the important public purposes of 
reducing HUD's Section 8 program costs, improving Treasury tax 
revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Richmond, Kentucky HDC refunding of bonds which 
financed a Section 8 assisted project, Madison Towers Apartments, FHA 
No. 083-35357.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: November 15, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on October 12, 
1993. Refunding bonds have been priced to an average yield of 5.64%. 
The tax-exempt refunding bond issue of $4,610,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt bonds at 12% on the call date in 1993 with tax-exempt bonds 
yielding 5.64%. The refunding will also substantially reduce the 
project debt service at expiration of the HAP contract, thus reducing 
FHA mortgage insurance risk. The refunding serves the important public 
purposes of reducing HUD's Section 8 program costs, improving Treasury 
tax revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Raeford, North Carolina HA refunding of bonds 
which financed a Section 8 assisted project, Yadkin Trail Homes, FHA 
No. 053-35446.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: November 22, 1993.
    REASON WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on April 7, 1993. 
Refunding bonds have been priced to an average yield of 6.03%. The tax-
exempt refunding bond issue of $1,500,000 at current low-interest rates 
will save Section 8 subsidy. The Treasury also gains long-term tax 
revenue benefits through replacement of outstanding tax-exempt bonds at 
an interest rate of 10.75% on the call date in 1993 with tax-exempt 
bonds yielding 6.03%. The refunding will also substantially reduce the 
FHA mortgage interest rate at expiration of the HAP contract, from 
11.2% to 6.53%, thus reducing FHA mortgage insurance risk. The 
refunding serves the important public purposes of reducing HUD's 
Section 8 program costs, improving Treasury tax revenues, (helping 
reduce the budget deficit), and increasing the likelihood that projects 
will continue to provide for lower-income families after subsidies 
expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Rayville, Louisiana HDC refunding of bonds which 
financed a Section 8 assisted project, Rayville West Apartments.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: November 22, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. This refunding proposal was approved by HUD on 
October 6, 1993. Refunding bonds have been priced to an average yield 
of 5.74%. The tax-exempt refunding bond issue of $1,620,000 at current 
low-interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt bonds at 9.75% on the call date in 1993 with tax-exempt bonds 
yielding 5.74%. The refunding will also substantially reduce the FHA 
mortgage interest rate at expiration of the HAP contract, from 10% to 
6.45%, thus reducing FHA mortgage insurance risk. The refunding serves 
the important public purposes of reducing HUD's Section 8 program 
costs, improving Treasury tax revenues, (helping reduce the budget 
deficit), and increasing the likelihood that projects will continue to 
provide housing for lower-income families after subsidies expire, a 
priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Chicago, Metropolitan HDC refunding of bonds 
which financed two Section 8 assisted projects, Lafayette Terrace 
Apartments, FHA No. 071-35487 and Evergreen Terrace, FHA No. 071-35406.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: November 23, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on November 8, 
1993. Refunding bonds have been priced to an average yield of 6%. The 
tax-exempt refunding bond issue of $9,505,000 at current low-interest 
rates will save Section 8 subsidy. The Treasury also gains long-term 
tax revenue benefits through replacement of outstanding tax-exempt 
coupons of 9.85%-13% at the call date in 1993 with tax-exempt bonds 
yielding 6%. The refunding will also substantially reduce project debt 
service at expiration of the HAP contracts, thus reducing FHA mortgage 
insurance risk. The refunding serves the important public purposes of 
reducing HUD's Section 8 program costs, improving Treasury tax 
revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Noblesville, Indiana HA refunding of bonds which 
financed a Section 8 assisted project, Noblesville Manor Apartments.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: November 23, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. This refunding proposal was approved by HUD on 
October 29, 1993. Refunding bonds have been priced to an average yield 
of 6.04%. The tax-exempt refunding bond issue of $1,815,000 at current 
low-interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt bonds at a 9.5% interest rate on the call date in 1993 with tax-
exempt bonds yielding 6.04%. The refunding will also substantially 
reduce the FHA mortgage interest rate at expiration of the HAP 
contract, from 9.5% to 5.0%, thus reducing FHA mortgage insurance risk. 
The refunding serves the important public purposes of reducing HUD's 
Section 8 program costs, improving Treasury tax revenues, (helping 
reduce the budget deficit), and increasing the likelihood that projects 
will continue to provide housing for lower-income families after 
subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 
811.115(b).
    PROJECT/ACTIVITY: Jackson, MS HA refunding of bonds which financed 
a Section 8 assisted project, North Hills Apartments, FHA No. 065-35338
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: November 30, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on October 5, 
1993. Refunding bonds have been priced to an average yield of 5.69%. 
The tax-exempt refunding bond issue of $2,185,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.2%-11.5% at the call date in 1993 with tax-exempt 
bonds yielding 5.69%. The refunding will also substantially reduce the 
FHA mortgage interest rate at expiration of the HAP contract, from 12% 
to 6.6%, thus reducing FHA mortgage insurance risk. The refunding 
serves the important public purposes of reducing HUD's Section 8 
program costs, improving Treasury tax revenues, (helping reduce the 
budget deficit), and increasing the likelihood that projects will 
continue to provide housing for lower-income families after subsidies 
expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Newark, New Jersey HA refunding of bonds which 
financed two Section 8 assisted projects, Fairview Homes and Lock 
Street Apartments, FHA No. 031-35118.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: December 10, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. This refunding proposal was approved by HUD on 
October 20, 1993. Refunding bonds have been priced to an average yield 
of 6.28%. The tax-exempt refunding bond issue of $7,860,000 at current 
low-interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt bonds at a 10.5% interest rate on the call date in 1993 with 
tax-exempt bonds yielding 6.28%. The refunding will also substantially 
reduce the projects' debt service at expiration of the HAP contract, 
thus reducing FHA mortgage insurance risk. The refunding serves the 
important public purposes of reducing HUD's Section 8 program costs, 
improving Treasury tax revenues, (helping reduce the budget deficit), 
and increasing the likelihood that projects will continue to provide 
housing for lower-income families after subsidies expire, a priority 
HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1), 
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Newport Highlands (NY) HDC refunding of bonds 
which financed a Section 8 assisted project, Newport Highlands 
Apartments, FHA No. 014-35050.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: December 22, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. This refunding proposal was approved by HUD on 
December 8, 1993. Refunding bonds have been priced to an average yield 
of 6.10%. The tax-exempt refunding bond issue of $7,470,000 at current 
low-interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 8.6%-11.5% at the call date in 1993 with tax-exempt 
bonds yielding 6.10%. The refunding will also substantially reduce the 
FHA mortgage interest rate, thus reducing FHA mortgage insurance risk. 
The refunding serves the important public purposes of reducing HUD's 
Section 8 program costs, improving Treasury tax revenues, (helping 
reduce the budget deficit), and increasing the likelihood that projects 
will continue to provide housing for lower-income families after 
subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1), 
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Decatur, Mississippi HDC refunding of bonds which 
financed a Section 8 assisted project, Decatur Meadows Apartments, FHA 
No. 065-35363.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: December 22, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on November 18, 
1993. Refunding bonds have been priced to an average yield of 6.24%. 
The tax-exempt refunding bond issue of $1,225,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.5% at the call date in 1993 with tax-exempt bonds 
yielding 6.24%. The refunding will also substantially reduce the 
project debt service at expiration of the HAP contract, thus reducing 
FHA mortgage insurance risk. The refunding serves the important public 
purposes of reducing HUD's Section 8 program costs, improving Treasury 
tax revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1), 
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Lucas County, Ohio HA refunding of bonds which 
financed a Section 8 assisted project, Greenview Gardens Apartments, 
FHA No. 042-35357.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: December 27, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. This refunding proposal was approved by HUD on 
December 15, 1993. Refunding bonds have been priced to an average yield 
of 5.89%. The tax-exempt refunding bond issue of $4,400,000 at current 
low-interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 10.1% at the call date in 1993 with tax-exempt bonds 
yielding 5.89%. The refunding will also substantially reduce the FHA 
mortgage interest rate at expiration of the HAP contract, from 10.35% 
to 6.0%, thus reducing FHA mortgage insurance risk. The refunding 
serves the important public purposes of reducing HUD's Section 8 
program costs, improving Treasury tax revenues, (helping reduce the 
budget deficit), and increasing the likelihood that projects will 
continue to provide housing for lower-income families after subsidies 
expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Evansville, Indiana HA refunding of bonds which 
financed a Section 8 assisted project, Avondale I Apartments, FHA No. 
073-35488.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: December 28, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refunding bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on December 17, 
1993. Refunding bonds have been priced to an average yield of 6.0%. The 
tax-exempt refunding bond issue of $3,315,000 at current low-interest 
rates will save Section 8 subsidy. The Treasury also gains long-term 
tax revenue benefits through replacement of outstanding tax-exempt 
coupons of 10%-10.25% at the call date in 1993 with tax-exempt bonds 
yielding 6.0%. The refunding will also substantially reduce the project 
debt service at expiration of the HAP contract, thus reducing FHA 
mortgage insurance risk. The refunding serves the important public 
purposes of reducing HUD's Section 8 program costs, improving Treasury 
tax revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Evansville, Indiana HA refunding of bonds which 
financed a Section 8 assisted project, Avondale II Apartments, FHA No. 
073-35381.
    NATURE OF REQUIREMENT: The regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: December 28, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. This refunding proposal was approved by HUD on 
December 17, 1993. Refunding bonds have been priced to an average yield 
of 5.98%. The tax-exempt refunding bond issue of $2,245,000 at current 
low-interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.75% at the call date in 1993 with tax-exempt bonds 
yielding 5.98%. The refunding will also substantially reduce the 
project debt service at expiration of the HAP contract, thus reducing 
FHA mortgage insurance risk. The refunding serves the important public 
purposes of reducing HUD's Section 8 program costs, improving Treasury 
tax revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), and 811.117.
    PROJECT/ACTIVITY: Everett, Washington HA refunding of bonds which 
financed a Section 8 assisted project, Broadway Plaza East Apartments, 
FHA No. 127-35359.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: October 8, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions under Section 103 of the Tax Code. This 
refunding proposal was approved by HUD on September 23, 1993. Refunding 
bonds have been priced to an average yield of 5.01%. The tax-exempt 
refunding bond issue of $2,735,000 at current low-interest rates will 
save Section 8 subsidy. The Treasury also gains long-term tax revenue 
benefits through replacement of outstanding tax-exempt coupons of 
10.75% at the call date in 1993 with tax-exempt bonds yielding 5.01%. 
The refunding will also substantially reduce the FHA mortgage interest 
rate at expiration of the HAP contract, from 10.7% to 5.5%, thus 
reducing FHA mortgage insurance risk. The refunding serves the 
important public purposes of reducing HUD's Section 8 program costs, 
improving Treasury tax revenues, (helping reduce the budget deficit), 
and increasing the likelihood that projects will continue to provide 
housing for lower-income families after subsidies expire, a priority 
HUD objective.
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
    PROJECT/ACTIVITY: City of Los Angeles refunding of bonds which 
financed five Section 8 assisted insured projects: Beth Am, Bonita 
Ranch, Glen Oaks, Imogene Coop, and Robert Farrell Apartments.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: October 20, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions under Section 103 of the Tax Code. To credit 
enhance refunding bonds not fully secured by the FHA mortgage amount, 
HUD also agrees not to exercise its option under 24 CFR Section 
207.259(e) to call debentures prior to maturity. This refunding 
proposal was approved by HUD on October 20, 1993. Refunding bonds have 
been priced to an average yield of 5.37%. The tax-exempt refunding bond 
issue of $11,165,000 at current low-interest rates will save Section 8 
subsidy. The Treasury also gains long-term tax revenue benefits through 
replacement of 11.57% tax-exempt coupons at the call date in 1993 with 
tax-exempt bonds yielding 5.37%. The refunding will also substantially 
reduce the FHA mortgage interest rate at expiration of the HAP 
contract, from 11.835% to 7.4%, thus reducing FHA mortgage insurance 
risk. The refunding serves the important public purposes of reducing 
HUD's Section 8 program costs, improving Treasury tax revenues, 
(helping reduce the budget deficit), and increasing the likelihood that 
projects will continue to provide housing for lower-income families 
after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), and 811.117.
    PROJECT/ACTIVITY: Montgomery County (PA) HA refunding of bonds 
which financed a Section 8 assisted project, Pheasant Run Apartments, 
FHA No. 034-35203.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: October 27, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions under Section 103 of the Tax Code. This 
refunding proposal was approved by HUD on August 17, 1993. Refunding 
bonds have been priced to an average yield of 5.60%. The tax-exempt 
refunding bond issue of $5,650,000 at current low-interest rates will 
save Section 8 subsidy. The Treasury also gains long-term tax revenue 
benefits through replacement of outstanding tax-exempt coupons of 9%-
12% at the call date in 1993 with tax-exempt bonds yielding 5.60%. The 
refunding will also substantially reduce the FHA mortgage interest rate 
at expiration of the HAP contract, from 12% to 5.625%, thus reducing 
FHA mortgage insurance risk. The refunding serves the important public 
purposes of reducing HUD's Section 8 program costs, improving Treasury 
tax revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), and 811.117.
    PROJECT/ACTIVITY: City of Los Angeles refunding of bonds which 
financed two Section 8 assisted insured projects, Redwood Village and 
Strathern Court Apartments.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: October 28, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions under Section 103 of the Tax Code. To credit 
enhance refunding bonds not fully secured by the FHA mortgage amount, 
HUD also agrees not to exercise its option under 24 CFR Section 
207.259(e) to call debentures prior to maturity. This refunding 
proposal was approved by HUD on October 20, 1993. Refunding bonds have 
been priced to an average yield of 5.37%. The tax-exempt refunding bond 
issue of $9,605,000 at current low-interest rates will save Section 8 
subsidy. The Treasury also gains long-term tax revenue benefits through 
replacement of 10.53% tax-exempt coupons at the call date in 1993 with 
tax-exempt bonds yielding 5.37%. The refunding will also substantially 
reduce the FHA mortgage interest rate at expiration of the HAP 
contract, from 10.81% to 7.45%, thus reducing FHA mortgage insurance 
risk. The refunding serves the important public purposes of reducing 
HUD's Section 8 program costs, improving Treasury tax revenues, 
(helping reduce the budget deficit), and increasing the likelihood that 
projects will continue to provide housing for lower-income families 
after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), and 811.117.
    PROJECT/ACTIVITY: Mount Olive, North Carolina HA refunding of bonds 
which financed an uninsured Section 8 assisted project, Mount Olive 
Elderly Apartments, FHA No. NC19-H148-021.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: October 28, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions under Section 103 of the Tax Code. This 
refunding proposal was approved by HUD on September 2, 1993. Refunding 
bonds have been priced to an average yield of 5.5%. The tax-exempt 
refunding bond issue of $820,000 at current low-interest rates will 
save Section 8 subsidy. The Treasury also gains long-term tax revenue 
benefits through replacement of outstanding tax-exempt coupons of 11% 
at the call date in 1993 with tax-exempt bonds yielding 5.5%. The 
refunding serves the important public purposes of reducing HUD's 
Section 8 program costs and improving Treasury tax revenues (helping 
reduce the budget deficit).
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
    PROJECT/ACTIVITY: Community Housing Finance Corporation of 
Arlington County, Virginia refunding of bonds which financed a Section 
8 assisted project, Summer Hill Apartments, FHA No. 000-35248.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: November 11, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions under Section 103 of the Tax Code. To credit 
enhance refundings bonds not fully secured by the FHA mortgage amount, 
HUD also agrees not to exercise its option under 24 CFR Section 
207.259(e) to call debentures prior to maturity. This refunding 
proposal was approved by HUD on November 3, 1993. Refunding bonds have 
been priced to an average yield of 6%. The tax-exempt refunding bond 
issue of $635,000 at current low-interest rates will save Section 8 
subsidy. The Treasury also gains long-term tax revenue benefits through 
replacement of outstanding tax-exempt coupons of 11%-11.5% at the call 
date in 1993 with tax-exempt bonds yielding 6%. The refunding will also 
substantially reduce the FHA mortgage interest rate at expiration of 
the HAP contract, from 10.65% to 6.25%, thus reducing FHA mortgage 
insurance risk. The refunding serves the important public purposes of 
reducing HUD's Section 8 program costs, improving Treasury tax 
revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for lower-
income facilities after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
    PROJECT/ACTIVITY: Community Housing Finance Corporation of 
Arlington County, Virginia refunding of bonds which financed a Section 
8 assisted project, Colonial Village Apartments, FHA No. 000-35305.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: December 3, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions under Section 103 of the Tax Code. This 
refunding proposal was approved by HUD on November 3, 1993. Refunding 
bonds have been priced to an average yield of 6%. The tax-exempt 
refunding bond issue of $3,020,000 at current low-interest rates will 
save Section 8 subsidy. The Treasury also gains long-term tax revenue 
benefits through replacement of outstanding tax-exempt coupons of 11%-
11.5% at the call date in 1993 with tax-exempt bonds yielding 6%. The 
refunding will also substantially reduce the FHA mortgage interest rate 
at expiration of the HAP contract, from 11.78% to 6.25%, thus reducing 
FHA mortgage insurance risk. The refunding serves the important public 
purposes of reducing HUD's Section 8 program costs, improving Treasury 
tax revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
    PROJECT/ACTIVITY: City of Los Angeles, Housing Department, Los 
Angeles, California refunding of bonds which financed two Section 8 
assisted projects, Diane Apartments, FHA No. 122-35554, and Stevenson 
Manor, FHA No. 122-35518.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: December 8, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions under Section 103 of the Tax Code. This 
refunding proposal was approved by HUD on November 19, 1993. Refunding 
bonds have been priced to an average yield of 5.86%. The tax-exempt 
refunding bond issue of $5,380,000 at current low-interest rates will 
save Section 8 subsidy. The Treasury also gains long-term tax revenue 
benefits through replacement of outstanding tax-exempt coupons of 
11.57% and 11.80% at the call date in 1993 with tax-exempt bonds 
yielding 5.86%. The refunding will also substantially reduce the FHA 
mortgage interest rate at expiration of the HAP contract, from 12% to 
7.125%, thus reducing FHA mortgage insurance risk. The refunding serves 
the important public purposes of reducing HUD's Section 8 program 
costs, improving Treasury tax revenues, (helping reduce the budget 
deficit), and increasing the likelihood that projects will continue to 
provide housing for lower-income families after subsidies expire, a 
priority HUD objective.
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
    PROJECT/ACTIVITY: The Housing Authority of Alameda, California 
refunding of bonds which financed two Section 8 assisted projects, 
Parrot Village Apartments, FHA No. 121-35662, and Play del Alameda, FHA 
No. 121-35760.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: December 14, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original Section 11(b) bond financing transactions and do not fit 
the terms of refunding transactions under Section 103 of the Tax Code. 
The refunding proposal was approved by HUD on December 2, 1993. 
Refunding bonds have been priced to an average yield of 5.88%. The tax-
exempt refunding bond issue of $4,510,000 at current low-interest rates 
will save Section 8 subsidy. The Treasury also gains long-term tax 
revenue benefits through replacement of outstanding tax-exempt coupons 
of 9.5% and 15% at the call date in 1993 with tax-exempt bonds yielding 
5.88%. The refunding will also substantially reduce the FHA mortgage 
interest rates at expiration of the HAP contracts, from 11.5% and 7.25% 
to 6%, thus reducing FHA mortgage insurance risk. The refunding serves 
the important public purposes of reducing HUD's Section 8 program 
costs, improving Treasury tax revenues, (helping reduce the budget 
deficit), and increasing the likelihood that projects will continue to 
provide housing for lower-income families after subsidies expire, a 
priority HUD objective.
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
    PROJECT/ACTIVITY: Wayne County, Pennsylvania HA refunding of bonds 
which financed a Section 8 assisted uninsured project, Barker Street 
Apartments.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: December 27, 1993.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions under Section 103 of the Tax Code. This 
refunding proposal was approved by HUD on November 10, 1993. Refunding 
bonds have been priced to an average yield of 5.26%. The tax-exempt 
refunding bond issue of $2,860,000 at current low-interest rates will 
save Section 8 subsidy. The Treasury also gains long-term tax revenue 
benefits through replacement of outstanding tax-exempt coupons of 7.4%-
8.75% at the call date in 1993 with tax-exempt bonds yielding 5.26%. 
The refunding serves the important public purposes of reducing HUD's 
Section 8 program costs, improving Treasury tax revenues, (helping 
reduce the budget deficit), and increasing the likelihood that projects 
will continue to provide housing for lower-income families after 
subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.106(d) and 811.107(d) of 1977 
Regulations.
    PROJECT/ACTIVITY: City of Winona (Minnesota) HRA refunding of bonds 
which financed an uninsured Section 8 assisted project: Winhaven Court, 
HUD Project Number MN46-8023-0007.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
    DATE GRANTED: March 28, 1994.
    REASONS WAIVED: The Part 811 regulations cited above prohibited 
refundings and required that excess reserve balances be used for 
project purposes. The issuer has requested HUD permission to refund the 
1978 Bonds to transfer ownership and finance rehabilitation of the 
project. Issuance of 1994 refunding bonds under Section 103 of the Tax 
Code will not reduce project debt service nor generate Section 8 
savings.
    REGULATION: 24 CFR Sections 811.106(d) and 811.107(d) of 1977 
Regulations.
    PROJECT/ACTIVITY: Hinesville (Georgia) HA refunding of bonds which 
financed an uninsured Section 8 assisted project: Regency Park 
Apartments, Number GA06-0009-014.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
    DATE GRANTED: March 29, 1994.
    REASONS WAIVED: The Part 811 regulations cited above prohibited 
refundings and required that excess reserve balances be used for 
project purposes. The issuer has requested HUD permission to release 
excess reserve balances from the 1977 Trust Indenture for use in its 
housing assistance programs and to finance repairs to this project. 
Issuance of 1994 refunding bonds under Section 103 of the Tax Code will 
not reduce project debt service nor generate Section 8 savings.
    REGULATION: 24 CFR Sections 811.106(d) and 811.107(d) of 1977 
Regulations.
    PROJECT/ACTIVITY: St. Petersburg, Florida refunding of bonds which 
financed an uninsured Section 8 assisted project: Graham Park Addition, 
HUD Project Number FL29-0006-002.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
    DATE GRANTED: March 29, 1994.
    REASONS WAIVED: The Part 811 regulations cited above prohibited 
refundings and required that excess reserve balances be used for 
project purposes. The issuer has requested HUD permission to release 
excess reserve balances from the 1978 Trust Indenture for use in its 
Housing assistance programs for low- and moderate-income families. 
Issuance of 1994 refunding bonds under Section 103 of the Tax Code will 
not reduce project debt service nor generate Section 8 savings.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Greater Kentucky HAC refunding of bonds which 
financed eight Section 8 assisted insured projects in 1980.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: January 14, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on December 8, 
1993. Refunding bonds have been priced to an average yield of 6.38% for 
forward delivery at the call date in September 1995. The tax-exempt 
refunding bond issue of $10,630,000 at current low-interest rates will 
save Section 8 subsidy. The Treasury also gains long-term tax revenue 
benefits through replacement of outstanding tax-exempt coupons of 9.4% 
to 10.1% at the call date in 1995 with tax-exempt bonds yielding 6.38%. 
The refunding will also substantially reduce the FHA mortgage interest 
rates at expiration of the HAP contracts, from 11.36% to 6.65%, thus 
reducing FHA mortgage insurance risk. The refunding serves the 
important public purposes of reducing HUD's Section 8 program costs, 
improving Treasury tax revenues, (helping reduce the budget deficit), 
and increasing the likelihood that projects will continue to provide 
housing for lower-income families after subsidies expire, a priority 
HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Oneonta, New York HDC refunding of bonds which 
financed a Section 8 assisted project, the Oneonta Housing Project (FHA 
No. 013-35102).
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: January 14, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on December 6, 
1993. Refunding bonds have been priced to an average yield of 5.47%. 
The tax-exempt refunding bond issue of $1,130,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 10%-15% at the call date in 1993 with tax-exempt 
bonds yielding 5.47%. The refunding will also substantially reduce the 
FHA mortgage interest rate at expiration of the HAP contract, from 
10.5% to 6.5%, thus reducing FHA mortgage insurance risk. The refunding 
serves the important public purposes of reducing HUD's Section 8 
program costs, improving Treasury tax revenues, (helping reduce the 
budget deficit), and increasing the likelihood that projects will 
continue to provide housing for low-income families after subsidies 
expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(b)(3), 811.114(d), 
811.115(b).
    PROJECT/ACTIVITY: Boston, Massachusetts HA refunding of bonds which 
financed two Section 8 assisted insured projects, Viviendas La Victoria 
and Madison Park IV Apartments.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: January 27, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on January 21, 
1994. Refunding bonds have been priced to an average yield of 5.51%. 
The tax-exempt refunding bond issue of $17,990,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 9.23% to 11.78% at the call date with tax-exempt 
bonds yielding 5.51%. The refunding will also substantially reduce the 
FHA mortgage interest rates at expiration of the HAP contract, from 
9.23% and 12% to 5.7%, thus reducing FHA mortgage insurance risk. The 
refunding serves the important public purposes of reducing HUD's 
Section 8 program costs, improving Treasury tax revenues, (helping 
reduce the budget deficit), and increasing the likelihood that projects 
will continue to provide housing for lower-income families after 
subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Prichard, Alabama HA refunding of bonds which 
financed a Section 8 assisted project, the Woodlands Apartments (FHA 
No. 062-35342).
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: January 27, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on November 9, 
1993. Refunding bonds have been priced to an average yield of 5.79%. 
The tax-exempt refunding bond issue of $1,240,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11%-12% at the call date in 1993 with tax-exempt 
bonds yielding 5.79%. The refunding will also substantially reduce the 
FHA mortgage interest rates at expiration of the HAP contract, from 12% 
to 6.22, thus reducing FHA mortgage insurance risk. The refunding 
serves the important public purposes of reducing HUD's Section 8 
program costs, improving Treasury tax revenues, (helping reduce the 
budget deficit), and increasing the likelihood that projects will 
continue to provide housing for low-income families after subsidies 
expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1), 
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Springfield, Massachusetts HA refunding of bonds 
which financed a Section 8 assisted project, the St. James Apartments 
(FHA No. 023-35275).
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: February 15, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on May 24, 1993. 
Refunding bonds have been priced to an average yield of 5.90%. The tax-
exempt refunding bond issue of $2,040,000 at current low-interest rates 
will save Section 8 subsidy. The Treasury also gains long-term tax 
revenue benefits through replacement of outstanding tax-exempt coupons 
of 12% at the call date in 1994 with tax-exempt bonds yielding 5.90%. 
The refunding will also substantially reduce the FHA mortgage interest 
rate at expiration of the HAP contract, from 12% to 6.5, thus reducing 
FHA mortgage insurance risk. The refunding serves the important public 
purposes of reducing HUD's Section 8 program costs, improving Treasury 
tax revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for low-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Holiday Square HDC refunding of bonds which 
financed a Section 8 assisted project, the Holiday Square Apartments 
(FHA No. 012-35580), Babylon, New York.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P.Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: February 17, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on June 10, 1993. 
Refunding bonds have been priced to an average yield of 5.95%. The tax-
exempt refunding bond issue of $4,445,000 at current low-interest rates 
will save Section 8 subsidy. The Treasury also gains long-term revenue 
benefits through replacement of outstanding tax-exempt coupons of 
10.85% at the call date with tax-exempt bonds yielding 5.95%. The 
refunding will also substantially reduce the FHA mortgage interest rate 
at expiration of the HAP contract, from 11% to 6.25%, thus reducing FHA 
mortgage insurance risk. The refunding serves the important public 
purposes of reducing HUD's Section 8 program costs, improving Treasury 
tax revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for low-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Scranton, PA refunding of bonds which financed a 
Section 8 assisted project, the Finch Tower Apartments (FHA No. 034-
35174).
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: February 24, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on July 21, 1993. 
Refunding bonds have been priced to an average yield of 6.05%. The tax-
exempt refunding bond issue of $2,040,000 at current low-interest rates 
will save Section 8 subsidy. The Treasury also gains long-term tax 
revenue benefits through replacement of outstanding tax-exempt coupons 
of 10.25%-11% at the call date with tax-exempt bonds yielding 6.05%. 
The refunding will also substantially reduce the FHA mortgage interest 
rate at expiration of the HAP contract, from 11.5% to 6.75, thus 
reducing FHA mortgage insurance risk. The refunding serves the 
important public purposes of reducing HUD's Section 8 program costs, 
improving Treasury tax revenues, (helping reduce the budget deficit), 
and increasing the likelihood that projects will continue to provide 
housing for low-income families after subsidies expire, a priority HUD 
objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Ashtabula, Ohio Housing Authority refunding of 
bonds which financed a Section 8 assisted project, the Conneaut 
Apartments (FHA No. 041-10006).
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: February 25, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on January 14, 
1994. Refunding bonds have been priced to an average yield of 5.625%. 
The tax-exempt refunding bond issue of $2,090,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 9.5%-12.3% at the call date with tax-exempt bonds 
yielding 5.625%. The refunding will also substantially reduce the FHA 
mortgage interest rate at expiration of the HAP contract, from 12.5% to 
6.125%, thus reducing FHA mortgage insurance risk. The refunding serves 
the important public purposes of reducing HUD's Section 8 program 
costs, improving Treasury tax revenues, (helping reduce the budget 
deficit), and increasing the likelihood that projects will continue to 
provide housing for low-income families after subsidies expire, a 
priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Kaufman, Texas HA refunding of bonds which 
financed a Section 8 assisted project, the Village Apartment (FHA No. 
112-35331).
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: February 25, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. This refunding proposal was approved by HUD on 
February 25, 1993. Refunding bonds have been priced to an average yield 
of 5.87%. The tax-exempt refunding bond issue of $1,775,000 at current 
low-interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 9.5%-10% at the call date with tax-exempt bonds 
yielding 5.87%. The refunding will also substantially reduce the FHA 
mortgage interest rate at expiration of the HAP contract, from 10.3% to 
6.13, thus reducing FHA mortgage insurance risk. The refunding serves 
the important public purposes of reducing HUD's Section 8 program 
costs, improving Treasury tax revenues, (helping reduce the budget 
deficit), and increasing the likelihood that projects will continue to 
provide housing for low-income families after subsidies expire, a 
priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Morristown, Tennessee HDC refunding of bonds 
which financed a Section 8 assisted project, the Indian Hills 
Apartments (FHA No. 087-35149).
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: February 28, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on October 20, 
1993. Refunding bonds have been priced to an average yield of 6%. The 
tax-exempt refunding bond issue of $1,180,000 at current low-interest 
rates will save Section 8 subsidy. The Treasury also gains long-term 
tax revenue benefits through replacement of outstanding tax-exempt 
coupons of 10.5%-14% at the call date with tax-exempt bonds yielding 
6%. The refunding will also substantially reduce the FHA mortgage 
interest rate at expiration of the HAP contract, from 11.75% to 5.84%, 
thus reducing FHA mortgage insurance risk. The refunding serves the 
important public purposes of reducing HUD's Section 8 program costs, 
improving Treasury tax revenues, (helping reduce the budget deficit), 
and increasing the likelihood that projects will continue to provide 
housing for low-income families after subsidies expire, a priority HUD 
objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1), 
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Woodland, Indiana HDC refunding of bonds which 
financed a Section 8 assisted project, Woodland East III Apartments 
(FHA No. 073-35464).
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: March 4, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on July 21, 1993. 
Refunding bonds were priced to an averaged yield of 6.2%. The tax-
exempt refunding bond issue of $1,480,000 at current low-interest rates 
will save Section 8 subsidy. The Treasury also gains long-term tax 
revenue benefits through replacement of outstanding tax-exempt coupons 
of 10.5% at the call date with tax-exempt bonds yielding 6.2%. The 
refunding will also substantially reduce the FHA mortgage interest rate 
at expiration of the HAP contract, from 20.9% to 7.9%, thus reducing 
FHA mortgage insurance risk. The refunding serves the important public 
purposes of reducing HUD's Section 8 program costs, improving Treasury 
tax revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Ohio Capital Corporation for Housing refunding of 
bonds which financed a Section 8 assisted project, the Six Chimneys 
Apartments (FHA No. 042-35368).
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: March 9, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. To credit enhance refundings bonds not fully 
secured by the FHA mortgage amount, HUD also agrees not to exercise its 
option under 24 CFR Section 207.259(e) to call debentures prior to 
maturity. This refunding proposal was approved by HUD on January 11, 
1994. Refunding bonds have been priced to an average yield of 6%. The 
tax-exempt refunding bond issue of $1,720,000 at current low-interest 
rates will save Section 8 subsidy. The Treasury also gains long-term 
tax revenue benefits through replacement of outstanding tax-exempt 
coupons of 12% at the call date with tax-exempt bonds yielding 6%. The 
refunding will also substantially reduce the FHA mortgage interest rate 
at expiration of the HAP contract, from 12.25% to 6.8%, thus reducing 
FHA mortgage insurance risk. The refunding serves the important public 
purposes of reducing HUD's Section 8 program costs, improving Treasury 
tax revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for low-
income families after subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1), 
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Keansburg, New Jersey HA refunding of bonds which 
financed a Section 8 uninsured project, the McGrath Towers Apartments.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: March 9, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. This refunding proposal was approved by HUD on 
January 11, 1994. Refunding bonds have been priced to an averaged yield 
of 5.67%. The tax-exempt refunding bond issue of $3,500,000 at current 
low-interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 7.75% at the call date with tax-exempt bonds yielding 
5.67%. The refunding serves the important public purposes of reducing 
HUD's Section 8 program costs, improving Treasury tax revenues, 
(helping reduce the budget deficit), and increasing the likelihood that 
projects will continue to provide housing for low-income families after 
subsidies expire, a priority HUD objective.
    REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b), 
811,108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
    PROJECT/ACTIVITY: Webster County, West Virginia HDC refunding of 
bonds which financed a Section 8 assisted project, the Circle Brook 
Apartments (FHA No. 045-35139).
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: March 28, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions. This refunding proposal was approved by HUD on 
March 4, 1994. Refunding bonds have been priced to an average yield of 
6.46%. The tax-exempt refunding bond issue of $1,565,000 at current 
low-interest rates will save Section 8 subsidy. The Treasury also gains 
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11%-11.75% at the call date with tax-exempt bonds 
yielding 6.46%. The refunding will also substantially reduce the FHA 
mortgage interest rate at expiration of the HAP contract, from 11.9% to 
4.45%, thus reducing FHA mortgage insurance risk. The refunding serves 
the important public purposes of reducing HUD's Section 8 program 
costs, improving Treasury tax revenues, (helping reduce the budget 
deficit), and increasing the likelihood that projects will continue to 
provide housing for low-income families after subsidies expire, a 
priority HUD objective.
    REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
    PROJECT/ACTIVITY: Industrial Development Board of Nashville and 
Davidson County, Tennessee refunding of bonds which financed a Section 
8 assisted project, Margaret Robertson Apartments, FHA No. 086-35179.
    NATURE OF REQUIREMENT: The Regulations set conditions under which 
HUD may grant a Section 11(b) letter of exemption of multifamily 
housing revenue bonds from Federal income taxation and authorize call 
of debentures prior to maturity.
    GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
    DATE GRANTED: March 14, 1994.
    REASONS WAIVED: The Part 811 regulations cited above were intended 
for original bond financing transactions and do not fit the terms of 
refunding transactions under Section 103 of the Tax Code. To credit 
enhance refundings bonds not fully secured by the FHA mortgage amount, 
HUD also agrees not to exercise its option under 24 CFR Section 
207.259(e) to call debentures prior to maturity. This refunding 
proposal was approved by HUD on February 3, 1994. Refunding bonds have 
been priced to an average yield of 6%. The tax-exempt refunding bond 
issue of $3,255,000 at current low-interest rates will save Section 8 
subsidy. The Treasury also gains long-term tax revenue benefits through 
replacement of outstanding tax-exempt coupons of 11%-11.2% at the call 
date in 1994 with tax-exempt bonds yielding 6.17%. The refunding will 
also substantially reduce the FHA mortgage interest rate at expiration 
of the HAP contract, from 11.5% to 6.0%, thus reducing FHA mortgage 
insurance risk. The refunding serves the important public purposes of 
reducing HUD's Section 8 program costs, improving Treasury tax 
revenues, (helping reduce the budget deficit), and increasing the 
likelihood that projects will continue to provide housing for low-
income families after subsidies expire, a priority HUD objective.
    NOTE TO READER: The person to be contacted for additional 
information about these waivers is: Madeline Hastings, Director, 
Moderate Rehabilitation Division, Department of Housing and Urban 
Development, 451 Seventh Street, SW, Washington, DC 20410, Phone: (202) 
708-2841. (This is not a toll-free number).
    REGULATION: 24 CFR 882.103(b) and 882.201(b)(3)
    PROJECT/ACTIVITY: Deny owner participation in the Section 8 Rental 
Assistance Programs if the owner has been convicted of engaging in 
drug-trafficking; i.e., felonious manufacture, sale or distribution, or 
the possession with intent to manufacture, sell, or distribute, of a 
controlled substance, Jersey County Public Housing Authority.
    NATURE OF REQUIREMENT: 24 CFR 882.103(b) and 887.201(b)(3) 
prohibits a public housing agency (HA) from directly or indirectly 
reducing, either in the provision of assistance to any family in 
finding a unit or by any other action, any family's opportunity to 
choose among the available units in the housing market.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and 
Indian Housing.
    DATE GRANTED: February 17, 1994.
    REASON WAIVED: The Department is aware of an HA's need to weigh the 
unsuitability of certain landlords against the family's ability to take 
advantage of a wide range of housing choices. The proposed conforming 
rule for the Section 8 certificate and voucher program provides 
specific cases where an HA may refuse to accept an owner in its program 
including where an owner has engaged in drug-trafficking. This waiver 
was determined to be in the public interest of the Section 8 program, 
and does not appear to result in any significant reduction to the 
housing choices available to families.
    REGULATION: 882.107; 882.112; 882.203; 882.204; 882.205; 882.206 
(a); 882.206 (b); 882.205 (c); 82.207; 882.209(a0(7) 882.209(a0(8); 
882.209(a)(o); 882.209(a)(10); 882.209(b)(3); 882.209(m); 887.153(a); 
889.101(a)
    STATUTE: Section 8(c)(9) and Section 8 (t) of the United States 
Housing Act of 1937.
    Section 213(c) of the Housing and Community Development Act of 
1974.
    PROJECT/ACTIVITY: Use of Section 8 rental assistance to aid victims 
of the Northridge earthquake.
    NATURE OF REQUIREMENT: The above regulations and laws deal with 
processing procedures and general program requirements under the 
Section 8 certificate program.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and 
Indian Housing.
    DATE GRANTED: January 26, February 3, and February 23, 1994.
    REASON WAIVED: Under the Emergency Supplemental Appropriations Act 
of 1994 (the Act), additional rental assistance under the Section 8 
program was provided to aid victims of the Northridge earthquake. The 
regulations and laws pertaining to the rental certificate program are 
waived to allow participating public housing agencies to provide 
immediate rental certificate assistance to earthquake victims having 
urgent housing needs consistent with the purpose of the Act. Waiver of 
the cited laws and regulations is justified to eliminate undue 
administrative burdens imposed by these laws and regulations under 
emergency circumstances caused by a natural disaster, and to modify 
certain legal and regulatory requirements to comport with the intent of 
the Act.
    REGULATION: 24 CFR 882.209(d)(2).
    PROJECT/ACTIVITY: Expiration of Section 8 Certificate, Riverhead 
Housing Development Corporation (RHDC).
    NATURE OF REQUIREMENT: 24 CFR 882.209(d)(2) limits extensions of 
the term of a rental certificate to not more than 60 additional days.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and 
Indian Housing.
    DATE GRANTED: March 25, 1994.
    REASON GRANTED: This waiver was requested on behalf of the HA in 
order to assist a physically disabled applicant who was unsuccessful in 
finding housing due to a number of extenuating circumstances. The RHDC 
and the HUD New York Field Office both recommended that good cause 
existed for granting this waiver, and reported that the applicant's 
chances of finding an eligible unit if the additional extension was 
granted were excellent, as several potential units had been identified.
    The waiver provided an additional extension not to exceed sixty 
days of the applicant's certificate.
    REGULATION: 24 CFR 882.708(d).
    PROJECT/ACTIVITY: Camden Apartments, Camden, NJ waiver of site and 
neighborhood standards, Project-Based Certificate (PBC) Program.
    NATURE OF REQUIREMENT: Sites in areas with a high proportion of 
low-income and assisted persons cannot be approved for PBC new 
construction projects.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and 
Indian Housing.
    DATE GRANTED: March 25, 1994.
    REASON GRANTED: The project complements other public and private 
efforts to revitalize the city of Camden and will help to assure the 
benefits of the revitalization for the project neighborhood.
    REGULATION: 24 CFR 984.306(b).
    PROJECT/ACTIVITY: County of Kauai Housing Agency, Hawaii Family 
Self-Sufficiency Program (FSS)
    NATURE OF REQUIREMENT: A Section 8 FSS program participant cannot 
exercise portability within the first year of execution of the FSS 
contract of participation.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and 
Indian Housing.
    DATE GRANTED: March 21, 1994.
    REASON GRANTED: Medical condition of the participant.
    REGULATION: 24 CFR 984.306(b)
    PROJECT/ACTIVITY: Grant County Housing Authority, Washington Family 
Self-Sufficiency (FSS) program.
    NATURE OF REQUIREMENT: A Section 8 FSS program participant cannot 
exercise portability within the first year of execution of the FSS 
contract of participation.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and 
Indian Housing.
    DATE GRANTED: March 25, 1994.
    REASON GRANTED: To allow the participant to escape the harassment 
of former spouse and to allow participant to relocate near other family 
members.
    NOTE TO READER: The person to be contacted for additional 
information about these waivers is: Mr. Dom Nessi, Director, Office of 
Native American Programs, Office of Public and Indian Housing, 
Department of Housing and Urban Development, 451 Seventh Street, SW, 
Washington, DC 20410, Phone: (202) 708-1015, TDD: (202) 708-0850 (These 
are not toll-free numbers).
    REGULATION: 24 CFR 905.325.
    PROJECT/ACTIVITY: Establishment of ceiling rents for the Utah 
Paiute Tribal Housing Authority.
    NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is 
required to allow establishment of ceiling rents for their Rental 
program.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
    DATE GRANTED: January 3, 1994.
    REASON WAIVED: This waiver was requested and granted to allow the 
Utah Paiute Tribal Housing Authority to establish ceiling rents for 
their rental program in accordance with PIH Notice 89-21, which 
provides for the establishment of ceiling rents in a rental Indian 
housing program.
    REGULATION: 24 CFR 905.325.
    PROJECT/ACTIVITY: Establishment of ceiling rents for the Karuk 
Tribe Housing Authority.
    NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is 
required to allow establishment of ceiling rents for their Rental 
Program.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
    DATE GRANTED: March 15, 1994.
    REASON WAIVED: This waiver was requested and granted to allow the 
Karuk Tribe Housing Authority to establish ceiling rents for their 
rental program in accordance with PIH Notice 89-21, which provides for 
the establishment of ceiling rents in a rental Indian housing program.
    REGULATION: 24 CFR 905.325.
    PROJECT/ACTIVITY: Establishment of ceiling rents for the Jicarilla 
Apache Housing Authority.
    NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is 
required to allow establishment of ceiling rents for their Rental 
Program.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
    DATE GRANTED: March 15, 1994.
    REASON WAIVED: This waiver was requested and granted to allow the 
Jicarilla Apache Housing Authority to establish ceiling rents for their 
rental program in accordance with PIH Notice 89-21, which provides for 
the establishment of ceiling rents in a rental Indian housing program.
    REGULATION: 24 CFR 905.325.
    PROJECT/ACTIVITY: Establishment of ceiling rents for the Menominee 
Tribal Housing Authority.
    NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is 
required to allow establishment of ceiling rents for their Rental 
Program.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
    DATE GRANTED: November 6, 1993.
    REASON WAIVED: This waiver was requested and granted to allow the 
Menominee Tribal Housing Authority to establish ceiling rents for their 
rental program in accordance with PIH Notice 89-21, which provides for 
the establishment of ceiling rents in a rental Indian housing program.
    REGULATION: 24 CFR 905.602(e).
    PROJECT/ACTIVITY: Modernization of Mutual Help Homeownership 
Program Units under the Comprehensive Grant Program for Chippewa Cree 
Housing Authority.
    NATURE OF REQUIREMENT: Waiver of the regulation cited above is 
required to repair Mutual Help homeownership units which have been paid 
off by the homebuyer.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
    DATE GRANTED: March 15, 1994.
    REASON WAIVED: The waiver was requested and granted to enable the 
Chippewa Cree Housing Authority to rehabilitate Mutual Help 
Homeownership Opportunity Program units which have been paid off by the 
homebuyers but not conveyed. The units are in deplorable condition, 
unsafe and unsanitary, do not meet code on electrical wiring and do not 
meet handicap accessibility requirements.
    REGULATION: 24 CFR 905.730 (c)(F)(3).
    PROJECT/ACTIVITY: Extension of the deadline date to Submit Request 
for Recalculation of Allowable Expense Level.
    NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is 
required to allow recalculation of the Allowable Expense Level.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
    DATE GRANTED: March 15, 1994.
    REASON WAIVED: This waiver was requested and granted to allow the 
Quinault Housing Authority to request an adjustment of their Allowable 
Expense Level.
    REGULATION: 24 CFR 905.730 (c)(F)(3).
    PROJECT/ACTIVITY: Extension of the deadline date to Submit Request 
for Recalculation of Allowable Expense Level.
    NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is 
required to allow recalculation of the Allowable Expense Level.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
    DATE GRANTED: March 15, 1994.
    REASON WAIVED: This waiver was requested and granted to allow the 
Coeur D'Alene Tribal Housing Authority to request an adjustment of 
their Allowable Expense Level.
    REGULATION: 24 CFR 905.730 (c)(F)(3).
    PROJECT/ACTIVITY: Extension of the deadline date to Submit Request 
for Recalculation of Allowable Expense Level.
    NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is 
required to allow recalculation of the Allowable Expense Level.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
    DATE GRANTED: March 15, 1994.
    REASON WAIVED: This waiver was requested and granted to allow the 
Colville Indian Housing Authority to request an adjustment of their 
Allowable Expense Level.
    NOTE TO READER: The person to be contacted for additional 
information about these waivers is: Gary Van Buskirk, Director, 
Homeownership Division, Office of Resident Initiatives, Department of 
Housing and Urban Development, 451 Seventh Street, S.W., Room 4112, 
Washington, D.C. 20410, Phone: (202) 708-4233 (This is not a toll-tree 
number).
    REGULATION: 24 CFR 904 Subpart B (Turnkey III Homeownership 
Opportunity Program) and Corresponding Provisions of the Turnkey III 
Handbook (7495.3).
    PROJECT/ACTIVITY: The Cambridge, Massachusetts Housing Authority 
(CHA), Turnkey III Homeownership Opportunity Program Project MA 3-15.
    NATURE OF REQUIREMENT: 24 CFR 904 Subpart B and the Turnkey III 
Handbook require that upon sale of a homeownership unit that the monies 
received be remitted to HUD to reduce the capital indebtedness on the 
project. Excess Residual Receipts and or Operating Reserves are also to 
be remitted to HUD.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and 
Indian Housing, P.
    DATE GRANTED: March 10, 1994.
    REASON WAIVED: Project debt forgiveness was authorized by the 
provisions of Section 3004 of the Housing and Community Development 
Reconciliation Amendments of 1985, (the Amendments) P.L. 99-272 (April 
7, 1986) which amends Section 4 of the United States Housing Act of 
1937. The Amendments authorized the Secretary of HUD to forgive 
outstanding principal and interest on loans made by the Secretary to 
Public Housing Agencies (PHAs)/Indian Housing Authorities (IHAs) and to 
cancel the terms of any contract with respect to repayment.
    Turnkey III debt forgiveness, as authorized above, is implemented 
according to existing HUD procedures.
    The housing authority has shown good cause and demonstrated 
compliance with all applicable regulatory requirements for debt 
forgiveness.
    REGULATION: 24 CFR 904 Subpart B (Turnkey III Homeownership 
Opportunity Program) and Corresponding Provisions of the Turnkey III 
Handbook (7495.3).
    PROJECT/ACTIVITY: The Kankakee County, Illinois Housing Authority, 
Turnkey III Homeownership Opportunity Program Project 39-5
    NATURE OF REQUIREMENT: 24 CFR 904 Subpart B and the Turnkey III 
Handbook require that upon sale of a homeownership unit that the monies 
received be remitted to HUD to reduce the capital indebtedness on the 
project. Excess Residual Receipts and or Operating Reserves are also to 
be remitted to HUD.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and 
Indian Housing, P.
    DATE GRANTED: March 24, 1994.
    REASON WAIVED: Project debt forgiveness was authorized by the 
provisions of Section 3004 of the Housing and Community Development 
Reconciliation Amendments of 1985, (the Amendments) P.L. 99-272 (April 
7, 1986) which amends Section 4 of the United States Housing Act of 
1937. The Amendments authorized the Secretary of HUD to forgive 
outstanding principal and interest on loans made by the Secretary to 
Public Housing Agencies (PHAs)/Indian Housing Authorities (IHAs) and to 
cancel the terms of any contract with respect to repayment.
    Turnkey III debt forgiveness, as authorized above, is implemented 
according to existing HUD procedures.
    The housing authority has shown good cause and demonstrated 
compliance with all applicable regulatory requirements for debt 
forgiveness.
    REGULATION: HOPE for Public and Indian Housing Homeownership (HOPE 
1) Program, Guidelines, Section 301(b)(1) as published on January 14, 
1992 (57 FR 1522).
    PROJECT/ACTIVITY: To permit a HOPE 1 mini-planning grantee, the 
Hartford, CT. housing authority, to use remaining grant funds for other 
grant activity line items listed in Section 305 of the HOPE 1 Program 
Guidelines which would be of benefit to the residents participating in 
homeownership planning.
    NATURE OF REQUIREMENT: Section 302(b)(1) of the HOPE 1 Program 
Guidelines limit a HOPE 1 mini-planning grantee to only use grant funds 
for the eligible activities listed in Section 305(a)-(c), and (f).
    GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and 
Indian Housing, P.
    DATE GRANTED: February 14, 1994.
    REASON WAIVED: Pursuant to Section 901 of the HOPE 1 Guidelines, a 
regulatory provision that is ``not otherwise required by law'' may be 
waived by the Assistant Secretary for Public and Indian Housing upon a 
determination of good cause, and upon documentation of the pertinent 
facts and grounds supporting the waiver.
    Good cause was exhibited as follows:
    The HHA received two HOPE 1 mini-planning grants in 1992. It 
essentially completed the activities that it outlined in its 
application and because of a cost savings, a portion of the grant 
remained. HHA wished to spend the remaining amount on other grant 
activities which would be eligible under a full planning grant. Each of 
the additional activities would make it possible for the HHA to proceed 
further in planning for homeownership. In addition the Department has 
decided not to make further HOPE 1 funds available for HOPE 1 planning 
grants thereby precluding the possibility that the HHA would be able to 
obtain further funding under a full HOPE 1 planning grant. The fact 
that the HHA would not be able to secure a full planning grant and that 
it will be engaging in activities that will further its homeownership 
program constituted good cause for granting this waiver.
    NOTE TO READER: The person to be contacted for additional 
information about these is: John Comerford, Director, Financial 
Management Division, Office of Public and Indian Housing, Department of 
Housing and Urban Development, 451 Seventh Street, S.W., Washington, 
D.C. 20410, Phone: (202) 708-1872, TDD: (202) 708-0850 (These are not 
toll-free numbers)
    REGULATION: 24 CFR 990.104.
    PROJECT/ACTIVITY: Bemidji, MN, Housing Authority. In determining 
the operating subsidy eligibility, a request was made to extend the 
deadline for submission of a request for adjustment to the Allowable 
Expense Level.
    NATURE OF REQUIREMENT: The Final Rule for PFS Allowable Expense 
Level appeals imposed a sixty day deadline on submission of requests 
for adjustment.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary.
    DATE GRANTED: January 25, 1994.
    REASON WAIVED: The housing authority was combined with City 
programs and a very limited amount of time was devoted to the Public 
Housing Program. Due to a very recent restructuring in which the 
Housing Authority was split from the city, the housing authority staff 
is resolved to reduce their backlog and this item arose at the on-site 
visit. This waiver was granted based on the Housing Agency's 
eligibility for an adjustment and its need for this funding to support 
its operations.
    REGULATION: 24 CFR 990.104.
    PROJECT/ACTIVITY: Jasper, AL, Housing Authority. In determining the 
operating subsidy eligibility, a request was granted for funding for 2 
units approved for non-dwelling use to promote an anti-drug program.
    NATURE OF REQUIREMENT: The operating subsidy calculation excludes 
funding for units removed from the dwelling rental inventory.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary.
    DATE GRANTED: February 17, 1994.
    REASON WAIVED: To allow additional subsidy for units approved for 
non-dwelling use to promote anti-drug programs pending publication of a 
final rule implementing this change to the regulation.
    REGULATION: 24 CFR 990.104.
    PROJECT/ACTIVITY: Raleigh, NC, Housing Authority. In determining 
the operating subsidy eligibility, a request was granted for funding 
for nine units approved for non-dwelling use to promote economic self-
sufficiency and anti-drug programs.
    NATURE OF REQUIREMENT: The operating subsidy calculation excludes 
funding for units removed from the dwelling rental inventory.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary.
    DATE GRANTED: March 21, 1994.
    REASON WAIVED: To allow additional subsidy for units approved for 
non-dwelling use to promote economic self-sufficiency services and 
anti-drug programs pending publication of a final rule implementing 
this change to the regulation.
    REGULATION: 24 CFR 990.104.
    PROJECT/ACTIVITY: Denver, CO, Housing Authority. In determining the 
operating subsidy eligibility, a request was granted for funding for 17 
units approved for non-dwelling use to promote economic self-
sufficiency and anti-drug programs.
    NATURE OF REQUIREMENT: The operating subsidy calculation excludes 
funding for units removed from the dwelling rental inventory.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary.
    DATE GRANTED: March 23, 1994.
    REASON WAIVED: To allow additional subsidy for units approved for 
non-dwelling use to promote economic self-sufficiency services and 
anti-drug programs pending publication of a final rule implementing 
this change to the regulation.
    REGULATION: 24 CFR 990.109(b)(3)(iv).
    PROJECT/ACTIVITY: Charleston Housing Authority, SC. In determining 
operating subsidy eligibility, a request was made to use an occupancy 
percentage of 88% for the fiscal year ending September 30, 1993 and 
September 30, 1994.
    NATURE OF REQUIREMENT: The regulation requires a Low Occupancy PHA 
without an approved Comprehensive Occupancy Plan (COP) to use a 
projected occupancy percentage of 97%.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary.
    DATE GRANTED: January 3, 1994.
    REASON WAIVED: The reason for the occupancy level of less than 97% 
is a direct result of the vacating of a project in 1991 following an 
assessment South Carolina Department of Health and Environmental 
Control which indicated that the soil at the project site and at an 
adjoining park also owned by the housing authority was contaminated and 
could result in illness, disease, or other harmful effects to human 
health and the environment. As a result, the EPA entered into a Consent 
Order in January 1993 with the housing authority, the City of 
Charleston, and the South Carolina Electric and Gas Company. The Order 
calls for the participants to undertake a more rigorous environmental 
investigation of the site and to prepare a feasibility study of the 
remediation of contamination at the site, if necessary. The studies are 
not expected to be completed until July or August 1994.
    REGULATION: 24 CFR 990.109(b)(3)(iv).
    PROJECT/ACTIVITY: A request was made by the Blue Earth City, MN 
Housing and Redevelopment Authority to use its actual occupancy rate of 
73% in determining its operating subsidy eligibility for its fiscal 
year ending 6/30/94.
    NATURE OF REQUIREMENT: A Housing Authority that has completed a 
Comprehensive Occupancy Plan (COP) without achieving a 97% occupancy 
percentage or having an average of five or fewer vacant units must use 
a projected occupancy rate of 97%.
    GRANTED BY: Joseph Shuldiner, Assistant Secretary.
    DATE GRANTED: February 9, 1994.
    REASON WAIVED: The Blue Earth City Housing and Redevelopment 
Authority is a small Authority with 59 units of elderly housing. It has 
been experiencing a vacancy problem for the past several years 
attributable to small unit size, lack of upgrades, and competition from 
other subsidized projects. The housing authority has developed an 
Implementation Plan with a five year timetable in which it will seek 
funding for needed renovations and will undertake other vacancy 
reduction strategies such as increasing advertising and improving 
maintenance practices.

[FR Doc. 94-18498 Filed 7-28-94; 8:45 am]
BILLING CODE 4210-32-M