[Federal Register Volume 72, Number 131 (Tuesday, July 10, 2007)]
[Proposed Rules]
[Pages 37500-37501]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 07-3357]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Part 203

[Docket No. FR-5087-N-02]
RIN 2502-AI52


Standards for Mortgagor's Investment in Mortgaged Property: 
Extension of Public Comment Period

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

[[Page 37501]]


ACTION: Notice: Extension of Public Comment Period.

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SUMMARY: This notice extends the public comment period for an 
additional 30-day period for HUD's proposed rule on Standards for 
Mortgagor's Investment in Mortgaged Property, published on May 11, 
2007.

DATES: The comment period for the proposed rule published a 72 FR 
27048, May 11, 2007, is extended until August 10, 2007.

ADDRESSES: Interested persons are invited to submit comments regarding 
this rule to the Regulations Division, Office of General Counsel, 
Department of Housing and Urban Development, 451 Seventh Street, SW., 
Room 10276, Washington, DC 20410-0500. Communications should refer to 
the above docket number and title.
    Comment by Mail. Please note that due to security measures at all 
federal agencies, submission of comments by mail often results in 
delayed delivery.
    Electronic Submission of Comments. HUD now accepts comments 
electronically. Interested persons may now submit comments 
electronically through the Federal eRulemaking Portal at 
www.regulations.gov. HUD strongly encourages commenters to submit 
comments electronically. Electronic submission of comments allows the 
commenter maximum time to prepare and submit a comment, ensures timely 
receipt by HUD, and enables HUD to make them immediately available for 
public viewing. Commenters should follow the instructions provided at 
www.regulations.gov to submit comments electronically.
    No Facsimile Comments. Facsimile (Fax) comments are not acceptable. 
In all cases, communications must refer to the docket number and title.
    Public Inspection of Public Comments. All comments and 
communications submitted will be available, without revision, for 
inspection and downloading at www.regulations.gov. Comments are also 
available for public inspection and copying between 8 a.m. and 5 p.m. 
weekdays at the Office of Regulations. Due to security measures at the 
HUD Headquarters building, please schedule an appointment to review the 
comments by calling the Regulations Division at (202) 708-3055 (this is 
not a toll-free number).

FOR FURTHER INFORMATION CONTACT: James Beavers, Acting Director, Office 
of Single Family Program Development, Department of Housing and Urban 
Development, 451 Seventh Street, SW., Washington, DC 20410; telephone 
(202) 708-2121 (this is not a toll-free number). Persons with hearing 
or speech impairments may access this number through TTY by calling the 
toll-free Federal Information Relay Service at (800) 877-8339.

SUPPLEMENTARY INFORMATION:

Background

    HUD published a proposed rule entitled ``Standards for Mortgagor's 
Investment in Mortgaged Property'' on May 11, 2007 (72 FR 27048). 
Through this rule, HUD proposes to codify in regulation specific 
standards governing a mortgagor's investment in property for which the 
mortgage is insured by the Federal Housing Administration (FHA). 
Specifically, this proposed rule would codify HUD's longstanding 
practice, authorized by statute, of allowing a mortgagor's investment 
to be derived from gifts by family members and certain organizations.
    The standards would address a situation in which the mortgagor's 
investment is derived from a gift, loan, or other payment that is 
provided by any donor, including an individual or an organization, and 
would also specify prohibited sources for a mortgagor's investment. The 
proposed rule would establish that a prohibited source of downpayment 
assistance is a payment that consists, in whole or in part, of funds 
provided by any of the following parties before, during, or after 
closing of the property sale: (1) The seller, or any other person or 
entity that financially benefits from the transaction; or (2) any third 
party or entity that is reimbursed directly or indirectly by any of the 
parties listed in clause (1).

Extension of Public Comment Period

    HUD's May 11, 2007, proposed rule provides for the public comment 
period to end on July 10, 2007. Due to significant interest in this 
rule, HUD is extending the public comment period, for an additional 30-
day period, to August 10, 2007.

    Dated: July 5, 2007.
Brian D. Montgomery,
Assistant Secretary for Housing--Federal Housing Commissioner.
[FR Doc. 07-3357 Filed 7-6-07; 11:24 am]
BILLING CODE 4210-67-P