[Federal Register Volume 59, Number 238 (Tuesday, December 13, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-30527]
Federal Register / Vol. 59, No. 238 / Tuesday, December 13, 1994 /
[[Page Unknown]]
[Federal Register: December 13, 1994]
VOL. 59, NO. 238
Tuesday, December 13, 1994
RESOLUTION TRUST CORPORATION
12 CFR Part 1609
RIN 3205-AA03
Affordable Housing Disposition Program
AGENCY: Resolution Trust Corporation.
ACTION: Final rule.
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SUMMARY: The Resolution Trust Corporation (RTC) is adopting the interim
final rule which was published on October 19, 1994, as a final rule
without change. The rule provides policies and procedures, required
under subsections (c)(3) of section 21A of the Federal Home Loan Bank
Act, for the marketing of properties under the Affordable Housing
Disposition Program (AHDP). The rule is necessary because the
Resolution Trust Corporation Refinancing, Restructuring and Improvement
Act of 1991 (Refinancing Act), the Departments of Veterans Affairs,
Housing and Urban Development and Independent Agencies Appropriations
Act of 1992 (1992 Appropriations Act), the Housing and Community
Development Act of 1992 (1992 Housing Act) and the Resolution Trust
Corporation Completion Act of 1993 (Completion Act) changed the manner
in which the RTC is to identify, market and sell certain properties
under the AHDP. This rule also clarifies certain policies of the RTC
regarding the disposition of assets in the AHDP and reflects certain
comments received with respect to a previously published interim final
rule. By implementing the statutory changes required by the Refinancing
Act, the 1992 Appropriations Act, the 1992 Housing Act, and the
Completion Act, and clarifying certain provisions of the AHDP and
making the other changes set forth herein, these regulations will
enhance the availability and affordability of residential real property
for very-low income, lower-income and moderate-income families and
individuals.
EFFECTIVE DATE: This final rule is effective January 12, 1995.
FOR FURTHER INFORMATION CONTACT: Stephen S. Allen, Director, Affordable
Housing Disposition Program, (202) 416-7348, or Barry Wides, Deputy
Director, Affordable Housing Disposition Program, (202) 416-7138.
(These are not toll-free numbers).
SUPPLEMENTARY INFORMATION:
Regulatory Procedure
On August 31, 1990 (55 FR 35564), the RTC published a final rule
establishing the procedures to be followed by the RTC in connection
with the sale of eligible residential properties to qualifying
purchasers under the AHDP. Those procedures were established in
accordance with the affordable housing provisions of section 21A(c) of
the Federal Home Loan Bank Act, as amended be section 501 of the
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
(FIRREA) (12 U.S.C. 1441a).
On May 6, 1992 (57 FR 19500), the RTC published an interim final
rule and requested comments (May 6, 1992 Interim Rule). That
publication implemented some of the statutory changes made to the AHDP
by the Refinancing Act and clarified the RTC's policies on a number of
issues relating to the disposition of assets in the AHDP.
On June 12, 1992 (57 FR 24937), the RTC published an interim
statement of policy titled Lower Income Occupancy Requirements for Bulk
Sales in the Multifamily Affordable Housing Disposition Program. That
publication provided that when more than one multifamily property is
purchased from the RTC under the AHDP, the RTC will require that not
less than 15 percent of the dwelling units in each separate multifamily
property purchased in bulk be made available to low or very-low income
individuals. The final statement of policy was published on August 19,
1992 (57 FR 37581) and reflected no changes from the interim statement
of policy.
On October 19, 1994, (59 FR 52669) the RTC published an interim
Final Rule which implemented several statutory changes made to the AHDP
by the Refinancing Act and not reflected in the May 6, 1992 interim
final rule, implemented a number of statutory changes made to the AHDP
by the enactment of the 1992 Appropriations Act, the 1992 Housing Act,
and the Completion Act, and, it further clarified RTC policies relating
to the disposition of assets within the AHDP.
Comments
The RTC received written comments only from the Savings and
Community Bankers of America (``SCBA''). SCBA endorsed the interim
final rule and suggested no changes to the rule.
Final Rule
The RTC is making no changes to the interim final rule in the
adoption of the final rule. The supplementary information accompanying
the interim final rule provides an explanation of 12 CFR part 1609 and
the reasons for its adoption.
Final Regulatory Flexibility Analysis
As required by the Regulatory Flexibility Act, 5 U.S.C. 601, et
seq., the following regulatory flexibility analysis is provided:
1. A succinct statement of the need for, and the objective of, the
rule. The objective of the rule is to implement changes made to the
AHDP by enactment of the 1992 Appropriations Act, the Housing Act, and
the Completion Act, which establishes certain requirements for the RTC
in the marketing and selling of real estate assets. The rule is needed
in order to implement the requirements of the cited statutes.
2. A summary of the issues raised by public comments in response to
the initial regulatory flexibility analysis, a summary of the
assessment by the agency of such issue, and a statement of any changes
made in the interim final rule as a result of such comments. The one
public comment received by the RTC endorsed the regulations as drafted
in the interim final rule. No changes were made as a result of that
comment.
3. A description of each of the significant alternatives to the
rule consistent with the stated objectives of applicable statutes and
designed to minimize any significant economic impact of the rule on
small entities which was considered by the agency, and a statement of
the reasons why each one of such alternatives was rejected. The rule
has no significant impact on small entities, and therefore, no
alternatives to the rule were identified or considered.
List of Subjects in 12 CFR Part 1609
Low and moderate income housing, Reporting and recordkeeping
requirements, Savings associations.
Accordingly, the interim final rule revising 12 CFR part 1609 which
was published at 59 FR 52671 on October 19, 1994, is adopted as a final
rule without change.
By order of the Deputy and Acting Chief Executive Officer.
Dated at Washington, D.C., this 7th day of December 1994.
Resolution Trust Corporation.
John M. Buckley, Jr.,
Secretary.
[FR Doc. 94-30527 Filed 12-12-94; 8:45 am]
BILLING CODE 6714-01-M