[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 /
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[[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