[Federal Register Volume 72, Number 22 (Friday, February 2, 2007)]
[Notices]
[Pages 5073-5074]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-1682]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

[Docket No. FR-5121-N-02]


Notice of Proposed Information Collection: Comment Request; 
Financial Statement of Corporate Applicant for Cooperative Housing 
Mortgage

AGENCY: Office of the Assistant Secretary for Housing--Federal Housing 
Commissioner, HUD.

ACTION: Notice.

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SUMMARY: The proposed information collection requirement described 
below will be submitted to the Office of Management and Budget (OMB) 
for review, as required by the Paperwork Reduction Act. The Department 
is soliciting public comments on the subject proposal.

DATES: Comments Due Date: April 3, 2007.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposal. Comments should refer to the proposal by name and/or OMB 
Control Number and should be sent to: Lillian Deitzer, Reports 
Management Officer, Department of Housing and Urban Development, 451 
7th Street, SW., Room 4178, Washington, DC 20410 or [email protected].

FOR FURTHER INFORMATION CONTACT: Joseph Malloy, Deputy Director, Office 
of Multifamily Housing Development, Department of Housing and Urban 
Development, 451 7th Street, SW., Washington, DC 20410, telephone (202)

[[Page 5074]]

708-1142, (this is not a toll free number) for copies of the proposed 
forms and other available information.

SUPPLEMENTARY INFORMATION: The Department is submitting the proposed 
information collection to OMB for review, as required by the Paperwork 
Reduction Act of 1995 (44 U.S.C. Chapter 35, as amended).
    This Notice is soliciting comments from members of the public and 
affected agencies concerning the proposed collection of information to: 
(1) Evaluate 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; (2) 
Evaluate the accuracy of the agency's estimate of the burden of the 
proposed collection of information; (3) Enhance the quality, utility, 
and clarity of the information to be collected; and (4) Minimize the 
burden of the collection of information on those who are to respond; 
including the use of appropriate automated collection techniques or 
other forms of information technology, e.g., permitting electronic 
submission of responses.
    This Notice also lists the following information:
    Title of Proposal: Financial Statement of Corporate Applicant for 
Cooperative Housing Mortgage.
    OMB Control Number, if applicable: 2502-0058.
    Description of the need for the information and proposed use: 
Sections 213 and 221(d)(3) of the National Housing Act, as amended, 
authorizes the Secretary of the Department of Housing and Urban 
Development to insure mortgages covering property held by a non-profit 
cooperative ownership-housing corporation. The Act states: ``any 
mortgages insured under this Section shall provide for complete 
amortization by periodic payments within such terms as the Secretary 
may prescribe, but not to exceed forty years from the beginning of 
amortization of the mortgage * * *'' In order to determine the capacity 
of the borrower corporation and the individual members to meet the 
statutory requirement for repayment, the Department is required to 
examine the credit reports of individual members and their personal 
financial statements to determine the members' credit standing, ability 
to pay, and stability of employment. This analysis assists the 
Department in accurately assessing the credit risk regarding the loan 
amount and amortization period.
    Agency form numbers, if applicable: HUD-93232-A.
    Estimation of the total numbers of hours needed to prepare the 
information collection including number of respondents, frequency of 
response, and hours of response: An estimation of the total burden 
hours needed to prepare the information collection is 25. The number of 
respondents is 100 generating approximately 100 annual responses; the 
frequency of response is on occasion; and the estimated time needed to 
prepare the response is 15 minutes.
    Status of the proposed information collection: Extension of a 
currently approved collection.

    Authority: The Paperwork Reduction Act of 1995, 44 U.S.C. 
Chapter 35, as amended.

    Dated: January 26, 2007.
Frank L. Davis,
General Deputy Assistant Secretary for Housing--Deputy Federal Housing 
Commissioner.
 [FR Doc. E7-1682 Filed 2-1-07; 8:45 am]
BILLING CODE 4210-67-P