[Federal Register Volume 61, Number 145 (Friday, July 26, 1996)]
[Notices]
[Pages 39117-39118]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-19061]


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DEPARTMENT OF AGRICULTURE
Rural Housing Service


Notice of Request for Extension of a Currently Approved 
Information Collection

AGENCY: The Rural Housing Service, USDA.

ACTION: Proposed collection; comments request.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this 
notice announces the Rural Housing Service's (RHS) intention to request 
an extension for a currently approved information collection in support 
of the program for Prepayment and Displacement Prevention of Multiple 
Family Housing Loans.

DATES: Comments on this notice must be received by September 24, 1996 
to be assured of consideration.

FOR FURTHER INFORMATION CONTACT: Booker T. Reaves, Senior Loan Officer, 
Multi-Family Housing Portfolio Management Division, RHS, U.S. 
Department of Agriculture, Stop 0782, Washington, D.C. 20250, Telephone 
(202) 720-1617.

SUPPLEMENTARY INFORMATION:

    Title: Prepayment and Displacement Prevention of Multiple Family 
Housing Loans
    OMB Number: 0575-0155.
    Expiration Date of Approval: September 1996.
    Type of Request: Extension of a currently approved information 
collection.
    Abstract: The Rural Housing Service (RHS) is authorized under 
sections 514, 515, 516, and 521 of Title V of the Housing Act of 1949, 
as amended, to provide loans and grants to eligible recipients for the 
development of rural rental housing. Such multiple family housing 
projects are intended to meet the housing needs of persons or families 
having low- to moderate-incomes, senior citizens, the handicapped, and 
domestic farm laborers.
    RHS has the responsibility of assuring the public that the housing 
projects financed are owned and operated as mandated by Congress. FmHA 
Instruction 1965-E regulation was issued to insure proper servicing 
actions are accomplished for projects financed with multiple family 
housing loan and grant funds. Minimal requirements have been 
established as deemed necessary to assure that applicable laws and 
authorities are carried out as intended and to improve the Agency's 
ability to assure the continued availability of the facilities financed 
under RHS multiple housing programs to eligible users.

[[Page 39118]]

    Without the provisions of this regulation, RHS would be unable to 
provide the necessary guidance to the RHS field staff to assist 
borrowers in processing servicing actions affecting their projects. RHS 
also would not be able to quickly respond to servicing requests from 
borrowers, initiate servicing actions or establish a uniform procedure 
for processing such requests from borrowers. RHS must be able to assure 
Congress and the general public that all projects financed with 
multiple family housing funds will be maintained for the purposes for 
which they are intended and for the benefit of those they are mandated 
to serve.
    The Housing and Community Development Act of 1987 required that 
rural rental housing borrowers wishing to prepay their RHS financed 
loans must be offered a fair incentive to not prepay the loan when RHS 
makes the decision that the housing continues to be needed to serve 
low- and moderate-income tenants. If the borrower rejects the 
incentive, the housing must be offered for sale to a non-profit 
organization. Prepayment can only be accepted if RHS decided there is 
no need for the housing or if no nonprofit organization can be found to 
purchase the project at fair market value.
    The information required is collected on a project-by-project basis 
and is in accordance with the Housing Act of 1949, as amended, so that 
RHS can provide guidance and be assured of compliance with the terms 
and conditions of loan, grant, and/or subsidy agreements.
    Estimate of Burden: Public reporting burden for this collection of 
information is estimated to average 1.3 hours per response.
    Respondents: Individuals or households, state or local governments, 
farms, businesses or other for-profits, non-profit institutions, 
existing borrowers, transferors and/or transferees.
    Estimated Number of Respondents: 300.
    Estimated Number of Responses per Respondent: 1.4.
    Estimated Total Annual Burden on Respondents: 547 hours.
    Copies of this information collection can be obtained from Barbara 
Williams, Regulations and Paperwork Management Division, at (202) 720-
9725.

Comments

    Comments are invited on: (a) whether the proposed collection of 
information is necessary for the proper performance of the functions of 
RHS, including whether the information will have practical utility; (b) 
the accuracy of RHS's estimate of the burden of the proposed collection 
of information including the validity of the methodology and 
assumptions used; (c) ways to enhance the quality, utility and clarity 
of the information to be collected; and (d) ways to minimize the burden 
of the collection of information on those who are to respond, including 
through the use of appropriate automated, electronic, mechanical, or 
other technological collection techniques or other forms of information 
technology. Comments may be sent to Barbara Williams, Regulations and 
Paperwork Management Division, U.S. Department of Agriculture, Rural 
Development, Stop 0743, Washington, DC 20250. All responses to this 
notice will be summarized and included in the request for OMB approval. 
All comments will also become a matter of public record.

    Dated: July 14, 1996.
Maureen Kennedy,
Administrator, Rural Housing Service.
[FR Doc. 96-19061 Filed 7-25-96; 8:45 am]
BILLING CODE 3410-07-U