[Federal Register Volume 59, Number 235 (Thursday, December 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-30232]


[[Page Unknown]]

[Federal Register: December 8, 1994]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner

24 CFR Part 291

[Docket No. R-94-1670; FR-3253-C-03]
RIN 2502-AF75

 

Single Family Property Disposition Program; 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 September 22, 1994 (59 FR 48702), the Department published 
in the Federal Register, a final rule that governs the disposition of 
HUD-acquired single family properties and the circumstances under which 
HUD will accept such properties when they are occupied. The limitation 
of the provisions of Sec. 291.100(d) to revitalization areas was 
inadvertent, and intended to be removed by the final rule. The purpose 
of this document is to correct Sec. 291.100(d)(2) by adding the 
appropriate language to the preamble to make reference to the removal 
of ``revitalization areas'', and by removing a reference to 
``revitalization areas'' from that section.

EFFECTIVE DATE: October 24, 1994.

FOR FURTHER INFORMATION CONTACT: David H. Patton, Acting Director, 
Single Family Property Disposition, room 9172, Department of Housing 
and Urban Development, 451 Seventh Street, SW., Washington, DC 20410-
0500; telephone (202) 708-0740; TDD for hearing- and speech-impaired, 
(202) 708-4594. (These are not toll-free numbers.)

SUPPLEMENTARY INFORMATION: Title II of the National Housing Act (the 
Act) authorizes HUD to insure mortgages for single family residences 
through the Federal Housing Administration (FHA) single family mortgage 
insurance program. The disposition program for single family 
properties, acquired by HUD in exchange for payment of insurance 
claims, is authorized by section 204(g) of the Act. The regulations 
governing the disposition program are codified at 24 CFR part 291.
    In Sec. 291.100(d), purchase money mortgages (PMMs) in 
revitalization areas were made available for 85 percent of the purchase 
price, at current market interest rates, for a period not to exceed 
five years for direct sale purchases (i.e., governmental entities and 
private nonprofit organizations) meeting FHA mortgage credit standards 
and purchasing properties for ultimate resale to owner-occupant 
purchasers at or below 115 percent of median income.
    The limitation of the provisions of Sec. 291.100(d) to 
revitalization areas was inadvertent, and intended to be removed by the 
final rule. Additionally, the preamble to the final rule intended to 
make reference to the removal of ``revitalization aeas'' in 
Sec. 291.100(d). Accordingly, this document corrects Sec. 291.100(d)(2) 
by removing the reference to ``revitalization areas'' from that 
section, and by adding the appropriate language to the preamble.
    Accordingly, FR Doc. 94-23412, a final rule published in the 
Federal Register on September 22, 1994 (59 FR 48702), that amended 24 
CFR Part 291, Single Family Property Disposition Program, is corrected 
as follows:
    1. On page 48704, in the preamble, in the third column, under ``IV. 
Other Amendments'', the paragraph is corrected by adding the following 
sentence to the end of the paragraph, to read as follows:

IV. Other Amendments

    * * * Additionally, the Department has agreed that the provisions 
of Sec. 291.100(d)(2) should not be limited to revitalization areas, 
and the final rule makes this amendment.
    2. On page 48705, in Sec. 291.100, paragraph (d)(2) is corrected by 
removing the phrase ``In revitalization areas,'' from the beginning of 
the first sentence.

    Dated: December 2, 1994.
Nicolas P. Retsinas,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 94-30232 Filed 12-7-94; 8:45 am]
BILLING CODE 4210-27-P