[Federal Register Volume 72, Number 242 (Tuesday, December 18, 2007)]
[Notices]
[Pages 71619-71620]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-24425]


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DEPARTMENT OF AGRICULTURE

Rural Housing Service


Notice of Request for Extension of a Currently Approved 
Information Collection

AGENCY: Rural Housing Service, USDA.

ACTION: Proposed collection; Comments requested.

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SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this 
notice announces the Rural Housing Service's intention to request an 
extension for a currently approved information collection in support of 
the program for the Guaranteed Rural Rental Housing Program.

DATES: Comments on this notice must be received by February 19, 2008 to 
be assured of consideration.

FOR FURTHER INFORMATION CONTACT: Arlene Nunes, Senior Loan Specialist, 
Multi-Family Housing Processing Guaranteed Loan Division, Rural Housing 
Service, USDA, Stop 0781, 1400 Independence Avenue, SW., Washington, DC 
20250, telephone, (202) 401-2307.

SUPPLEMENTARY INFORMATION:
    Title: Guaranteed Rural Rental Housing Program.
    OMB Number: 0575-0174.
    Expiration Date of Approval: October 31, 2008.
    Type of Request: Extension of a Currently Approved Information 
Collection.
    Abstract: On March 28, 1996, President Clinton signed the ``Housing 
Opportunity Program Extension Act of 1996.'' One of the provisions of 
the Act was the authorization of the section 538 Guaranteed Rural 
Rental Housing Loan Program, adding the program to the Housing Act of 
1949. The program has been designed to increase the supply of 
affordable multifamily housing through partnerships between RHS and 
major lending sources, as well as state and local housing finance 
agencies and bond issuers. Qualified lenders will be authorized to 
originate, underwrite, and close loans for multifamily housing 
projects. To be considered, these projects must be either new 
construction or acquisition with rehabilitation with at least $6,500 
per unit.
    The housing must be available for occupancy only to low or moderate 
income families or persons, whose incomes at the time of initial 
occupancy do not exceed 115 percent of the median income of the area. 
After initial occupancy, the tenant's income may exceed these limits; 
however, rents, including utilities, are restricted to no more than 30 
percent of the 115 percent of area median income for the term of the 
loan.
    The Secretary is authorized under section 510 (k) to prescribe 
regulations to ensure that these federally funded loans are made to 
eligible applicants for authorized purposes. The lender must evaluate 
the eligibility, cost, benefits, feasibility, and financial performance 
of

[[Page 71620]]

the proposed project. The Agency collects this information from the 
lender to determine if funds are being used to meet the goals and 
mission of Rural Development. The information submitted by the lender 
to the Agency is used by the Agency to manage, plan, evaluate, and 
account for Government resources.
    Estimate of Burden: Public reporting burden for this collection of 
information is estimated to average 1 hour per response.
    Respondents: Nonprofit and for-profit lending corporations and 
public bodies.
    Estimated Number of Respondents: 462.
    Estimated Number of Responses per Respondent: 6.5.
    Estimated Number of Responses: 3020.
    Estimated Total Annual Burden on Respondents: 1,588 hours.
    Copies of this information collection can be obtained from Cheryl 
Thompson, Regulations and Paperwork Management Branch, at (202) 692-
0042.

Comments

    Comments are invited on: (a) 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; (b) the accuracy of the Agency's 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 Cheryl 
Thompson, 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: November 16, 2007.
James C. Alsop,
Acting Administrator, Rural Housing Service.
[FR Doc. E7-24425 Filed 12-17-07; 8:45 am]
BILLING CODE 3410-XV-P