[Federal Register Volume 59, Number 231 (Friday, December 2, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-29685]


[[Page Unknown]]

[Federal Register: December 2, 1994]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner

24 CFR Parts 200, 203, 204, 206, and 267

[Docket No. R-94-1626; FR-3027-C-04]
RIN 2502-AF25

 

Appraisals and Property Valuation, Final Rule; Correction

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

ACTION: Final rule; correction.

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SUMMARY: On October 3, 1994 (59 FR 50456), the Department published in 
the Federal Register, a final rule that established minimum standards 
for real estate appraisals made by staff, fee panel and contract 
appraisers in determining the maximum insurable mortgage amount in most 
HUD/FHA single family (one-to-four family) and multifamily 
transactions; and established criteria for the selection of appraisers 
by mortgagees. The rule also distinguished those appraisals that may be 
performed by state licensed appraisers from those that must be 
performed by state certified appraisers.
    The purpose of this document is to correct several minor technical 
errors contained in the preamble and text of the October 3, 1994, final 
rule. It also corrects Sec. 267.1(a) to clarify the limited 
applicability of part 267 to the risk-sharing program.

DATES: Effective date: December 2, 1994.

    Applicability date: Section 267.10 is applicable to HUD employees 
who qualify as certified general appraisers not later than December 31, 
1994, unless the Assistant Secretary-Commissioner specifies otherwise 
in a specific case.

FOR FURTHER INFORMATION CONTACT: For single family programs: Morris 
Carter, Director, Single Family Development Division, Room 9270, 
Department of Housing and Urban Development, 451 Seventh Street, SW., 
Washington, DC 20410-8000, telephone, voice: (202) 708-2720; (TDD) 
(202) 708-4594. (These are not toll-free numbers.)
    For multifamily programs: Linda Cheatham, Director, Office of 
Insured Multifamily Development, Room 6134, Department of Housing and 
Urban Development, Room 6134, Department of Housing and Urban 
Development, 451 Seventh Street, SW., Washington, DC 20410-8000, 
telephone, voice: (202) 708-3000; (TDD) 708-4594. (These are not toll-
free numbers.)

SUPPLEMENTARY INFORMATION: This document corrects several minor 
technical errors contained in the preamble and text of a final rule on 
Appraisals and Property Valuation, that was published in the Federal 
Register on October 3, 1994 (59 FR 50456). Section 267.1(a) is also 
being corrected to clarify the limited applicability of part 267 to the 
risk-sharing program.
    Although the final rule, in Sec. 267.1(a), limited part 267 to 
National Housing Act mortgage insurance programs, it was the 
Department's intention that the multifamily risk-sharing program under 
part 266 (which is not a National Housing Program) would also be 
covered by provisions in Sec. 267.3(c) regarding a reporting 
requirement for the gender and minority classification for appraisers. 
This is made clear in references to the risk-sharing program that 
appear in Sec. 267.3(c). Section 267.1(a) is being corrected to clarify 
this limited applicability of part 267 to the risk-sharing program.
    Accordingly, FR Doc. 94-24327, a final rule on Appraisals and 
Property Valuation, published in the Federal Register on October 3, 
1994 (59 FR 50456), that amended 24 CFR parts 200, 203, 204, and 206, 
and added a new part 267, is corrected as follows:
    1. On page 50457, in the preamble, in column one, in paragraph two 
following the subpart A heading, that refers to the definition for 
``FIRREA'', remove ``(d)'' after the word ``definition''.
    2. On page 50457, in the preamble, in column one, in paragraph 
three, following the subpart A heading, that refers to the definition 
for ``Single family program'', remove ``(j)'' after the word 
``definition''.
    3. On page 50457, in paragraph four, in column one, following the 
subpart A heading, that refers to the definition ``USPAP'', remove 
``(l)'' after the word ``definition''.
    4. On page 50457, in the preamble, in column three, in paragraph 
one following the subpart B heading, in line three, remove ``(a)'' 
after the word ``paragraph''.
    5. On page 50457, in the preamble, in column three, in paragraph 
two following the subpart B heading, in line 10, remove ``(c)'' after 
the word ``definition''.
    6. On page 50457, in the preamble, in column three, in paragraph 
two following the subpart B heading, correct the last sentence in the 
paragraph to read, ``Note that there is no parallel definition of 
multifamily property in subpart C, which simply includes property in 
all National Housing Act mortgage and loan insurance programs that are 
excluded from the ``one-to-four- family residential property'' 
definition, unless completely excluded from the rule under 
Sec. 267.1(b).''
    7. On page 50461, in the preamble, in the third column, 12 lines 
from the bottom, correct the cross-reference ``Sec. 267.3(b)(2)'' to 
read ``Sec. 267.3(c)(2)''.
    8. On page 50464, in column two, in Sec. 267.1, paragraph (a) is 
corrected by adding a sentence at the end to read as follows:


Sec. 267.1  Applicability.

    (a) * * * Some provisions of Sec. 267.3(c) also apply to the 
multifamily risk-sharing program under part 266 of this chapter as 
provided in Sec. 266.15(b)(8) of this chapter.


Sec. 267.2  [Corrected]

    9. On page 50464, in column three, in Sec. 267.2, in the definition 
for ``Single family program'', ``Sec. 267.5(c)'' is corrected to read, 
``Sec. 267.5''.


Sec. 267.3  [Corrected]

    10. On page 50465, in column one, in Sec. 267.3, paragraph (c)(3) 
is corrected by removing the paragraph designations for paragraphs 
(c)(3) (i), (ii), and (iii), and running the text together to form a 
single paragraph (c)(3).


Sec. 267.9  [Corrected]

    11. On page 50468, in column one, in Sec. 267.9, in line 15, 
correct ``Appraisal Foundation'' to read ``Appraisal Subcommittee''.


Sec. 267.12  [Corrected]

    12. On page 50468, in column three, Sec. 267.12 is corrected by 
adding a period at the end of paragraph (a)(3) after the word 
``Order'', and by removing ``; or'' and paragraph (a)(4).
    13. On page 50469, beginning in column one, Sec. 267.12 is 
corrected by removing paragraph (b)(3).

    Dated: November 28, 1994.
Nicolas P. Retsinas,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 94-29685 Filed 12-1-94; 8:45 am]
BILLING CODE 4210-27-P