[Federal Register Volume 75, Number 222 (Thursday, November 18, 2010)]
[Rules and Regulations]
[Pages 70582-70583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-29134]


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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Part 905

[Docket No. FR-4843-C-03]
RIN 2577-AC49


Use of Public Housing Capital Funds for Financing Activities

AGENCY: Office of the Assistant Secretary for Public and Indian 
Housing, HUD.

ACTION: Final rule; correction.

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SUMMARY: This publication makes a technical correction to the preamble 
of the final rule on Capital Fund Financing, published on October 21, 
2010. That preamble erroneously included a paragraph in the ``Findings 
and Certifications'' section'' headed ``Congressional Review of Final 
Rules.'' That paragraph is only relevant where a rule is deemed 
economically significant, which this rule is not. Therefore, this 
paragraph should not have been included in the ``Findings and 
Certifications'' section of the preamble. Removing this paragraph makes 
no substantive change to the rule.

DATES: Effective Date: December 20, 2010.

FOR FURTHER INFORMATION CONTACT: Jeffrey Riddel, Director, Office of 
Capital Improvements, Office of Public and Indian Housing, Department 
of Housing and Urban Development, 451 7th Street, SW., Washington, DC 
20410-8000; telephone number 202-708-1640, extension 4999 (this is not 
a toll-free number). Hearing- or speech-impaired individuals may access 
this number through TTY by calling the toll-free Federal Information 
Relay Service at 800-877-8339.

SUPPLEMENTARY INFORMATION: On October 21, 2010 (75 FR 65198), HUD 
published a final rule that implements the Capital Fund Finance Program 
(CFFP) to allow public housing agencies (PHAs) to use a portion of 
their Capital Funds for financing activities, including modernization 
and development activities along with the payment of

[[Page 70583]]

debt service on the financing. This final rule followed a proposed rule 
published on July 18, 2007 (72 FR 39546), that included financing 
options under both the Capital Fund and the Operating Fund, and that 
provided a 60-day period for public comment. Ultimately, only the 
Capital Fund portion became a final rule.
    During the period when HUD was responding to public comments and 
producing the final rule, the Department held discussions internally on 
the issue of whether this rule would have an annual effect on the 
economy of $1 million or more, and therefore was an economically 
significant rule under Executive Order 12866 (Regulatory Planning and 
Review), and a major rule under the Congressional Review Act (5 U.S.C. 
801 et seq. See, specifically, the 5 U.S.C. 804 definition of ``major 
rule''). The Department concluded that this rule would not have an 
annual effect on the economy of $1 million or more, and the Office of 
Management and Budget (OMB) agreed with HUD's final assessment while 
the rule was under OMB review in accordance with Executive Order 12866. 
The economic impact of this rule is addressed in Section IV (Findings 
and Certifications) of the preamble to the final rule at 75 FR 65206 
through 65208.
    Following HUD's final assessment that the rule was not economically 
significant, HUD failed to remove the ``Congressional Review of Final 
Rules,'' paragraph from the preamble (see 75 FR 65208), which is used 
by HUD in the case of major, economically significant rules under the 
Congressional Review Act and the Executive Order. This paragraph and 
its heading should not have been included in this preamble. This 
document corrects this error. This correction does not substantively 
change the rule.
    Accordingly, FR Doc. 2010-26404, Use of Public Housing Capital 
Funds for Financing Activities (FR-4843-F-02), published in the Federal 
Register on October 21, 2010 (75 FR 65198), is corrected as follows:
    On page 65208, in the second column, the paragraph entitled 
``Congressional Review of Final Rules'' is removed.

    Dated: November 15, 2010.
Aaron Santa Anna,
Assistant General Counsel for Regulations.
[FR Doc. 2010-29134 Filed 11-17-10; 8:45 am]
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