[Federal Register Volume 59, Number 185 (Monday, September 26, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-23710]


[[Page Unknown]]

[Federal Register: September 26, 1994]


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Part III





Department of Housing and Urban Development





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Office of the Secretary



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Office of the Assistant Secretary for Public and Indian Housing



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Delegation and Redelegation of Authority for Issuing Loan Guarantees; 
Notices
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Office of the Secretary
[Docket No. D-94-1071; FR-3781-D-01]

 

Delegation of Authority for Issuing Loan Guarantees

AGENCY: Office of the Secretary, HUD.

ACTION: Notice of delegation of authority.

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SUMMARY: Within this notice, the Secretary is delegating his authority 
under the Section 184 Loan Guarantees for Indian Housing program, 12 
U.S.C. 1715z-13a, to the Assistant Secretary for Public and Indian 
Housing. In this program, the Department guarantees certain housing 
loans made to Indian families and Indian housing authorities.

EFFECTIVE DATE: September 19, 1994.

FOR FURTHER INFORMATION CONTACT: Dominic A. Nessi, Director, Office of 
Native American Programs, Office of Public and Indian Housing, 
Department of Housing and Urban Development, Room B-133, 451 7th 
Street, SW, Washington, DC 20410, telephone (202) 755-0032 or (202) 
708-0850 (voice/TDD). (These are not toll free numbers.)

SUPPLEMENTARY INFORMATION: Section 184 of the Housing and Community 
Development Act of 1992 (Public Law 102-550, approved October 28, 
1992), codified at 12 U.S.C. 1715z-13a, authorizes the establishment of 
the Indian Housing Loan Guarantee Fund (the Fund) to provide access to 
sources of private financing to Indian families and Indian housing 
authorities who otherwise could not acquire housing financing because 
of the unique legal status of Indian trust land. In general, these 
lands, held in trust by the United States for the benefit of an Indian 
or Indian tribe, are inalienable. Trust lands under this program also 
include lands to which the title is held by an Indian tribe subject to 
a restriction against alienation imposed by the United States. Because 
the title to individual plots does not convey, and liens do not attach, 
conventional mortgage lending practices do not operate in this forum.
    The Fund addresses these obstacles to mortgage financing by 
guaranteeing loans made to Indian families or Indian housing 
authorities to construct, acquire, or rehabilitate 1- to 4-family 
dwellings that are standard housing and are located on trust land or 
land located in an Indian or Alaska Native area. The guarantee of the 
loan will cover 100 percent of the unpaid principal and interest. 
Borrowers will be required to pay a 1% guarantee fee at closing. A loan 
term of up to 30 years is permitted by statute, but is not required.
    The statute authorizes the Secretary of the Department of Housing 
and Urban Development to approve loans for guarantee, issue 
certificates as evidence of the guarantees, and carry out other 
responsibilities associated with the program. To facilitate the 
administration of this program, the Secretary is delegating all of his 
power and authority under section 184 to the Assistant Secretary for 
Public and Indian Housing.
    Therefore, the Secretary delegates as follows:

Section A. Authority Delegated

    The Secretary of Housing and Urban Development delegates to the 
Assistant Secretary for Public and Indian Housing all power and 
authority of the Secretary with respect to the Loan Guarantees for 
Indian Housing program, 12 U.S.C. 1715z-13a (Section 184 of the Housing 
and Community Development Act of 1992).

    Authority: Section 7(d) Department of Housing and Urban 
Development Act, 42 U.S.C. Section 3535(d).

    Dated: September 19, 1994.
Henry G. Cisneros,
Secretary.
[FR Doc. 94-23710 Filed 9-23-94; 8:45 am]
BILLING CODE 4210-32-P