[Federal Register Volume 65, Number 248 (Tuesday, December 26, 2000)]
[Rules and Regulations]
[Pages 81325-81326]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-32712]


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DEPARTMENT OF AGRICULTURE

Rural Housing Service

Rural Business-Cooperative Service

Rural Utilities Service

Farm Service Agency

7 CFR Part 1951

RIN 0560-AF78


Farm Loan Programs Account Servicing Policies--Servicing Shared 
Appreciation Agreements

AGENCY: Farm Service Agency.

ACTION: Correction to final rule.

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SUMMARY: On August 18, 2000, (65 FR 50401) the Agency published a final

[[Page 81326]]

rule, which reduced the term of future Shared Appreciation Agreements 
(SAA), lowered the interest rate on amortized SAA recapture, and 
deducted the value of certain capital improvements from the shared 
appreciation calculation. This document contains a correction to that 
rule.

DATES: Effective December 26, 2000.

FOR FURTHER INFORMATION CONTACT: Michael Cumpton, telephone (202) 690-
4014; electronic mail: [email protected].

SUPPLEMENTARY INFORMATION: The Farm Service Agency published a document 
amending part 1951 in the Federal Register on August 18, 2000, (65 FR 
50401). This document corrects the Federal Register as it appeared. In 
rule FR Doc. 00-20679, the Agency is correcting Sec. 1951.914(c)(1)(A) 
to clarify that the increase in square footage that is being considered 
is ``living area'' square footage.

    In rule FR Doc. 00-20679 published on August 18, 2000, make the 
following correction:

PART 1951--[CORRECTED]


Sec. 1951.914  [Corrected]

    1. On page 50404, in the third column, in 
Sec. 1951.914(c)(1)(iii)(A), the second sentence is removed and two new 
sentences are added in its place to read as follows:


Sec. 1951.914  Servicing shared appreciation agreements.

* * * * *
    (c) * * *
    (1) * * *
    (iii) * * *
    (A) * * * If the new residence is affixed to the real estate 
security as a replacement for a home which existed on the security 
property when the Shared Appreciation Agreement was originally 
executed, or the living area square footage of the original dwelling 
was expanded, only the value added to the real property by the new or 
expanded portion of the original dwelling (if it added value) will be 
deducted from the current market value. Living area square footage will 
not include square footage of patios, porches, garages, and similar 
additions.
* * * * *

    Signed in Washington, DC, on December 18, 2000.
August Schumacher, Jr.
Under Secretary for Farm and Foreign Agricultural Services.
[FR Doc. 00-32712 Filed 12-22-00; 8:45 am]
BILLING CODE 3410-05-P