[Federal Register Volume 69, Number 112 (Thursday, June 10, 2004)]
[Notices]
[Page 32487]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-13164]



[[Page 32487]]

-----------------------------------------------------------------------

DEPARTMENT OF AGRICULTURE

Rural Housing Service

Rural Business-Cooperative Service

Rural Utilities Service

Farm Service Agency


Notice of Request for Extension of a Currently Approved 
Information Collection

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

ACTION: Proposed Collection; Request for comments.

-----------------------------------------------------------------------

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

DATES: Comments on this notice must be received by August 9, 2004, to 
be assured of consideration.

FOR FURTHER INFORMATION CONTACT: Janet Stouder, Deputy Director, Multi-
Family Housing Portfolio Management Division, RHS, STOP 0782, U.S. 
Department of Agriculture, 1400 Independence Avenue, SW., Washington, 
DC 20250-0782. Telephone: (202) 720-9728.

SUPPLEMENTARY INFORMATION:
    Title: 7 CFR 1902-A, Supervised Bank Accounts.
    OMB Number: 0575-0158.
    Expiration Date of Approval: January 31, 2005.
    Type of Request: Extension of a Currently Approved 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funds withdrawn for disbursement for an authorized purpose require a 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: 26,260 hours.
    Copies of this information collection can be obtained from Tracy 
Givelekian, 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 Givelekian, 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.

    Dated: June 1, 2004.
James R. Little,
Administrator, Farm Service Agency.
    Dated: May 20, 2004.
Hilda Legg,
Administrator, Rural Utilities Service.
    Dated: May 18, 2004.
James C. Alsop.
Administrator, Rural Housing Service.
    Dated: May 19, 2004.
John Hosso,
Administrator, Rural Business-Cooperative Service.
[FR Doc. 04-13164 Filed 6-9-04; 8:45 am]
BILLING CODE 3410-XV-P