[Federal Register Volume 63, Number 195 (Thursday, October 8, 1998)]
[Notices]
[Page 54107]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-27020]
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DEPARTMENT OF AGRICULTURE
Rural Housing Service
Notice of Request for Extension of a Currently Approved
Information Collection
AGENCY: Rural Housing Service (RHS), USDA.
ACTION: Proposed collection; Comments requested.
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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this
notice announces the Rural Housing Service's intention to seek a
regular three-year clearance from the Office of Management and Budget
(OMB) of new reporting and recordkeeping requirements in support of the
Guaranteed Rural Rental Housing Program Origination and Servicing
Handbook. These requirements have been approved by emergency clearance
by OMB under OMB control number 0575-0175.
DATES: Comments on this notice must be received by December 7, 1998 to
be assured of consideration.
FOR FURTHER INFORMATION CONTACT: Carl Wagner, Senior Loan Specialist,
Multi-Family Housing Processing Division, Rural Housing Service, USDA,
Room 1243, Stop 0781, 1400 Independence Avenue, SW., Washington, DC
20250, telephone, (202) 720-1627.
SUPPLEMENTARY INFORMATION:
Title: Guaranteed Rural Rental Housing Program Origination and
Servicing Handbook.
OMB Number: 0575-0175.
Expiration Date of Approval: February 28, 1999.
Type of Request: Extension of a Currently Approved Information
Collection.
Abstract: On March 28, 1996, President Clinton signed the ``Housing
Opportunity Program Extension Act of 1996.'' One of the provisions of
the Act was the authorization of the Section 538 Guaranteed Rural
Rental Housing Loan Program, adding the program to the Housing Act of
1949. The program has been designed to increase the supply of
affordable multifamily housing through partnerships between RHS and
major lending sources, as well as State and local housing finance
agencies and bond issuers. Qualified lenders will be authorized to
originate, underwrite, and close loans for multifamily housing projects
requiring new construction or acquisition with rehabilitation of at
least $15,000 per unit will be considered.
The housing must be available for occupancy only by low or moderate
income families or persons, whose incomes at the time of initial
occupancy do not exceed 115 percent of the median income of the area.
After initial occupancy, a tenant's income may exceed these limits;
however, rents, including utilities, are restricted to no more than 30
percent of the 115 percent of area Median Income for the term of the
loan.
Units must be located in rural areas considered eligible as defined
in 7 CFR 3550.10 (not just the designated areas as defined in 7 CFR
1944.228).
The purpose of this Guaranteed Rural Rental Housing Program
Origination and Servicing Handbook is to provide lenders and Agency
personnel with the ``how-to'' administrative guidance needed to aid
them in the implementation of 7 CFR part 3565, Guaranteed Rural Rental
Housing Program (GRRHP). Throughout the Handbook, the user will find
reference to the applicable corresponding action in 7 CFR part 3565.
The references will be in italicized brackets and a copy of this
regulation is provided in Appendix 1 of the Handbook. In accordance
with the Paperwork Reduction Act of 1995, the reporting and
recordkeeping requirements for 7 CFR part 3565 have been approved by
emergency clearance by OMB under OMB control number 0575-0174.
Estimate of Burden: Public reporting burden for this collection of
information is estimated to range from 5 minutes to 2 hours per
response.
Respondents: Business or other for-profit entities and not-for-
profit institutions.
Estimated Number of Respondents: 50.
Estimated Number of Responses per Respondent: 250.56.
Estimated Total Annual Burden on Respondents: 854.75.
A complete copy of the information collection package and Handbook
can be obtained from Tracy Gillin, Regulations and Paperwork Management
Branch, at (202) 692-0039.
Comments
Comments are invited on: (a) Whether the proposed collection of
information is necessary for the proper performance of the functions of
the Agency, including whether the information will have practical
utility; (b) the accuracy of the Agency'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 via the
U.S. Postal Service to Tracy Gillin, Regulations and Paperwork
Management Branch, U.S. Department of Agriculture, Rural Development,
STOP 0742, 1400 Independence Ave. SW., Washington, DC 20250-0742.
Comments may also be sent via Federal Express to Tracy Gillin,
Regulations and Paperwork Management Branch, USDA-Rural Development,
3rd Floor, 300 E. St., SW., Washington, DC 20546. 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. A comment is
best assured of having its full effect if the Agency receives it within
30 days of publication of this notice.
Dated: September 22, 1998.
Jan E. Shadburn,
Administrator, Rural Housing Service.
[FR Doc. 98-27020 Filed 10-7-98; 8:45 am]
BILLING CODE 3410-XV-U