[Federal Register Volume 67, Number 205 (Wednesday, October 23, 2002)]
[Notices]
[Pages 65139-65140]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-26892]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-4768-C-03]


Notice of Funding Availability for Revitalization of Severely 
Distressed Public Housing, HOPE VI Revitalization Grants, Fiscal Year 
2002; Notice of Technical Corrections

AGENCY: Office of Public and Indian Housing, HUD.

ACTION: Notice of Funding Availability for Revitalization of Severely 
Distressed Public Housing, HOPE VI Revitalization Grants, Notice of 
Technical Corrections.

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SUMMARY: This notice makes a number of technical corrections to HUD's 
Fiscal Year (FY) 2002 Notice of Funding Availability for Revitalization 
of Severely Distressed Public Housing, HOPE VI Revitalization Grants.

DATES: Application Due Date. Revitalization grant applications are due 
to HUD Headquarters on or before 5:15 p.m., Eastern Time, on December 
6, 2002.

FOR FURTHER INFORMATION CONTACT: Milan Ozdinec, Deputy Assistant 
Secretary for Public Housing Investments, Department of Housing and 
Urban Development, 451 Seventh Street, SW., Room 4130, Washington, DC 
20410; telephone (202) 401-8812; fax (202) 401-2370 (these are not toll 
free numbers). Persons with hearing-or speech-impairments may call via 
TTY by calling the Federal Information Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION: On July 31, 2002 (67 FR 49766), HUD 
published its Fiscal Year (FY) 2002 Notice of Funding Availability for 
Revitalization of Severely Distressed Public Housing, HOPE VI 
Revitalization Grants (HOPE VI NOFA), which announced the availability 
of approximately $492.5 million in FY 2002 funds for the HOPE VI 
Revitalization Program. The July 31, 2002 HOPE VI NOFA provided an 
application due date of November 29, 2002. Because November 29, 2002, 
falls on the Friday after Thanksgiving, HUD extended the application 
due date under the July 31, 2002 HOPE VI NOFA for one week to Friday, 
December 6, 2002, in a notice published on September 27, 2002 (67 FR 
61150). This notice makes a number of technical corrections to the July 
31, 2002 HOPE VI NOFA.
    In Section VI(A)(1), the reference to ``Section IV(A)(2)'' is 
corrected to ``Section VI(A)(2)'' instead, changing the ``IV'' to 
``VI.''
    Section VIII (B)(4) is corrected to make explicit that the average 
market rental costs calculated from apartment listings is based upon 
the rent for 3-bedroom apartments.
    In the last sentence of Section IX(D)(10), ``allocated'' is changed 
to ``reserved,'' and in the first sentence of Section IX(D)(10)(a), 
``allocation'' is changed to ``reservation.'' Both changes are made to 
correctly express the tax credit procedure involved.
    A sentence is added to Section IX(D)(10)(b)(ii) to provide that a 
letter from the investor may be used to document the dollar amount 
expected from the sale of equity.
    In Section IX(G)(1)(c), the reference to ``1:20'' should be to 
``1:2.0'' instead, adding a decimal point that had been omitted 
inadvertently from the ratio.
    In Section IX(G)(3)(a), the ratio is corrected from ``1:1.0'' to 
``.1:1.0'' adding a decimal point before the first

[[Page 65140]]

digit; in Section IX(G)(3)(b), the ratio is corrected from ``1:.1'' to 
``.1:1.0'' reversing the order of the digits; and in Section 
IX(G)(4)(b), the ratio is corrected from ``1:.1'' to ``1:1.0'' removing 
the decimal point before the second digit.
    In Section XII(E)(3), the reference to ``Section (1)'' is changed 
to ``Section (2).''
    Accordingly, FR Doc. 02-19276, the Fiscal Year (FY) 2002 Notice of 
Funding Availability for Revitalization of Severely Distressed Public 
Housing, HOPE VI Revitalization Grants, published in the Federal 
Register on July 31, 2002 (67 FR 49766) is corrected as follows:
    1. On page 49769, in column 3, revise Section VI(A)(1) to read as 
follows:
    (1) The total amount you may request in your Revitalization 
application is limited to $20 million or the sum of the amounts in 
Section VI(A)(2), whichever is lower.
    2. On page 49775, in column 2, revise Section VIII(B)(4) to read as 
follows:
    (4) Need for Affordable Housing in the Community--3 Points.
    The applicant must demonstrate the need for affordable housing in 
the community. The need for affordable housing in the community is 
measured by a lack of supply of private market housing that can be 
rented at the Section 8 fair market rent (FMR), as adjusted by HUD, and 
in the community. To make this calculation, use the most recently 
published FMR, as adjusted, for a 3-bedroom apartment and apartment 
listings in a newspaper of general circulation that serves the majority 
of the community (the jurisdiction covered by the FMR). In the 
apartment listings, track and tabulate the rents for 3-bedroom 
apartments for a period of 30 consecutive days during the application 
preparation period, counting each 3-bedroom apartment once for the 
period of days it appears in the listings (e.g., if the same apartment 
appears in the listings every day for a period of 7 days, you would 
count it one time). Calculate the average market rental costs, based on 
your tabulations, and compare them to the FMR, as adjusted, for a 3-
bedroom apartment. In your application you will document information 
about your analysis. Points will be awarded in accordance with one of 
the following, based on your analysis:
    (a) You will receive 3 Points if the average market rental costs 
are over 130 percent of FMR.
    (b) You will receive 2 Points if the average market rental costs 
are over 120 percent of FMR.
    (c) You will receive 1 Point if the average market rental costs are 
over 110 percent of FMR.
    (d) You will receive 0 Points if the average market rental costs 
are 110 percent or less of FMR or if there is inadequate information to 
rate this factor.
    3. On page 49776, in column 2, revise the last sentence of Section 
IX(D)(10) to read as follows:
    (10) * * * Tax credits are generally reserved annually through 
State Housing Finance Agencies, a directory of which can be found at 
http://www.ncsha.org/ncsha/public/statehfadirectory/index.htm
    4. On page 49776, in column 3, revise the first sentence of Section 
IX(D)(10)(a) to read as follows:
    (a) If you propose to include LIHTC equity as a development 
resource for your first phase of development, your application must 
include a LIHTC reservation letter from your State or local Housing 
Finance Agency. * * *.
    5. On page 49776, in column 3, revise Section IX(D)(10)(b)(ii) to 
read as follows:
    (ii) The dollar amount expected from the sale of equity. If this 
information is not provided, HUD will count 80 percent of the total tax 
credit amount. The dollar amount expected from the sale of equity may 
be detailed in a letter from the investor, instead of in a letter from 
your State or local Housing Finance Agency. All other criteria in 
Section IX(D)(10)(b)(i)-(vii) must be included in a commitment letter 
from your State or local Housing Finance Agency.
    6. On page 49777, in column 2, revise Section IX(G)(1)(c) to read 
as follows:
    (c) You will receive 5 Points if the ratio is between 1:2.0 and 
1:2.49.
    7. On page 49777, in column 3, revise Section IX(G)(3)(a) to read 
as follows:
    (a) You will receive 2 Points if the ratio of your documented 
anticipatory resources to the amount of HOPE VI funds requested for 
physical development activities (not including CSS or administration) 
is .1:1.0 or higher.
    8. On page 49777, in column 3, revise Section IX(G)(3)(b) to read 
as follows:
    (b) You will receive 0 Points if the ratio of your documented 
anticipatory resources to the amount of HOPE VI funds requested for 
physical development activities (not including CSS or administration) 
resources is less than .1:1.0.
    9. On page 49777, in column 3, revise Section IX(G)(4)(b) to read 
as follows:
    (b) You will receive 0 Points if the ratio of your documented 
collateral resources to the amount of HOPE VI funds requested for 
physical development activities (not including CSS or administration) 
is less than 1:1.0.
    10. On page 49780, in column 3, revise Section XII(E)(3) to read as 
follows:
    (3) You will receive 2 points if you meet only one of the factors 
described in Section (2) above.

    Dated: October 15, 2002.
Michael Liu,
Assistant Secretary for Public and Indian Housing.
[FR Doc. 02-26892 Filed 10-22-02; 8:45 am]
BILLING CODE 4210-33-P