[Federal Register Volume 66, Number 139 (Thursday, July 19, 2001)]
[Notices]
[Page 37637]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-18064]


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 Notices
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 This section of the FEDERAL REGISTER contains documents other than rules 
 or proposed rules that are applicable to the public. Notices of hearings 
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  Federal Register / Vol. 66, No. 139 / Thursday, July 19, 2001 / 
Notices  

[[Page 37637]]


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DEPARTMENT OF COMMERCE

Rural Housing Service, et al.


Request for Reinstatement of a Previously Approved Information 
Collection

AGENCIES: Rural Housing Service, Rural Business-Cooperative Service, 
Rural Utilities Service, and Farm Service Agency, USDA.

ACTION: Notice and request for comment.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this 
notice announces the Agencies' intention to request reinstatement of a 
previously approved information collection in support of the Agencies' 
use of supervised bank accounts (SBA).

DATES: Comments on this notice must be received by September 17, 2001 
to be assured of consideration.

FOR FURTHER INFORMATION CONTACT: James E. Vollmer, Senior Loan 
Specialist, Multi-Family Housing Portfolio Management Division, RHS, 
STOP 0782, U.S. Department of Agriculture, 1400 Independence Avenue 
SW., Washington, DC 20250-0782. Telephone: (202) 720-1060.

SUPPLEMENTARY INFORMATION:
    Title: 7 CFR 1902-A, Supervised Bank Accounts.
    OMB Number: 0575-0158.
    Type of Request: Reinstatement of information collection.
    Abstract: The Agencies extend financial assistance to applicants 
that do not qualify for loans under commercial rates and terms.
    The Agencies use SBAs as a temporary mechanism to (1) ensure 
correct disbursement and expenditure of all funds designated for a 
project; (2) help a borrower properly manage its financial affairs; and 
(3) ensure that the Government's security is protected adequately from 
fraud, waste, and abuse.
    SBAs are mandatory for Multi-Family Housing (MFH) reserve accounts. 
The MFH funds must be kept in the SBA for the full term of a loan. Any 
funds withdrawn for disbursement for an authorized purpose require a 
countersignature from an Agency official.
    This regulation prescribes the policies and responsibilities for 
the use of SBAs. In carrying out their mission as a supervised credit 
Agency, this regulation authorizes the use of supervised accounts for 
the disbursement of funds. The use may be necessitated to disburse 
Government funds consistent with the various stages of any development 
(construction) work actually achieved. On limited occasions, a 
supervised account is used to provide temporary credit counseling and 
oversight of those being assisted who demonstrate an inability to 
handle their financial affairs responsibly. Another use is for 
depositing multi-housing reserve account funds in a manner requiring 
Agency co-signature for withdrawals. Multi-housing reserve account 
funds are held in a sinking fund for the future capital improvement 
needs for apartment projects. Supervised accounts are established to 
ensure Government security is adequately protected against fraud, 
waste, and abuse.
    The legislative authority for requiring the use of supervised 
accounts is contained in Section 339 of the Consolidated Farm and Rural 
Development Act (CON ACT), as amended (7 U.S.C. 1989), and Section 510 
of the Housing Act of 1949, as amended (42 U.S.C. 1480). These 
provisions authorize the Secretary of Agriculture to make such rules 
and regulations as deemed necessary to carry out the responsibilities 
and duties the Government is charged with administering.
    Estimate of Burden: Public reporting burden for this information 
collection is estimated to average .42 hours per response.
    Respondents: The primary respondents are small businesses.
    Estimated Number of Respondents: 20,000.
    Estimated Number of Responses per Respondent: 3.1.
    Estimated Number of Responses: 62,000.
    Estimated Total Annual Burden on Respondents: 26,040 hours.
    Copies of this information collection 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 Agencies, including whether the information will have practical 
utility; (b) the accuracy of Agencies' 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 Tracy 
Gillin, Regulations and Paperwork Management Branch, U.S. Department of 
Agriculture, Rural Development, STOP 0742, 1400 Independence Ave. SW., 
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.

    July 11, 2001.
John W. Williams,
Acting Administrator, Farm Service Agency.

    July 12, 2001.
Blaine D. Stockton,
Acting Administrator, Rural Utilities Service.

    July 12, 2001.
James C. Alsop,
Acting Administrator, Rural Housing Service.

    July 13, 2001.
William F. Hagy III,
Acting Administrator, Rural Business-Cooperative Service.
[FR Doc. 01-18064 Filed 7-18-01; 8:45 am]
BILLING CODE 3410-XV-U