[Federal Register Volume 89, Number 72 (Friday, April 12, 2024)]
[Notices]
[Pages 25862-25863]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-07782]


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 Notices
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 This section of the FEDERAL REGISTER contains documents other than rules 
 or proposed rules that are applicable to the public. Notices of hearings 
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  Federal Register / Vol. 89, No. 72 / Friday, April 12, 2024 / 
Notices  

[[Page 25862]]



DEPARTMENT OF AGRICULTURE

Rural Housing Service

[Docket No.: RHS-24-MFH-0007]


60-Day Notice of Proposed Information Collection: Supervised Bank 
Accounts; OMB Control No.: 0575-0158

AGENCY: Rural Housing Service, USDA.

ACTION: Notice; request for comments.

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SUMMARY: The United States Department of Agriculture (USDA), Rural 
Housing Service (RHS) announces its' intention to request a revision of 
a currently approved information collection and invites comments on 
this information collection.

DATES: Comments on this notice must be received by June 11, 2024 to be 
assured of consideration.

ADDRESSES: Comments may be submitted electronically by the Federal 
eRulemaking Portal, http://www.regulations.gov. In the ``Search for 
dockets and documents on agency actions'' box, enter the docket number 
``RHS-24-MFH-0007,'' and click the ``Search'' button. From the search 
results: click on or locate the document title: ``60-Day Notice of 
Proposed Information Collection: Supervised Bank Accounts; OMB Control 
No.: 0575-0158'' and select the ``Comment'' button. Before inputting 
comments, commenters may review the ``Commenter's Checklist'' 
(optional). To submit a comment: Insert comments under the ``Comment'' 
title, click ``Browse'' to attach files (if available), input email 
address, select box to opt to receive email confirmation of submission 
and tracking (optional), select the box ``I'm not a robot,'' and then 
select ``Submit Comment.''
    Information on using Regulations.gov, including instructions for 
accessing documents, submitting comments, and viewing the docket after 
the close of the comment period, is available through the site's 
``FAQ'' link.
    All comments will be available for public inspection online at the 
Federal eRulemaking Portal (https://www.regulations.gov).

FOR FURTHER INFORMATION CONTACT: Barbara Chism, Finance and Loan 
Analyst, Multi-Family Housing Asset Management Division, Policy and 
Budget Branch, STOP 0782-Room 1263S, U.S. Department of Agriculture, 
1400 Independence Avenue SW, Washington, DC 20250-0782. Telephone: 
(202) 690-1436. Email: [email protected].

SUPPLEMENTARY INFORMATION: 
    Title: 7 CFR 1902-A, Supervised Bank Accounts.
    OMB Number: 0575-0158.
    Expiration Date of Approval: December 31, 2024.
    Type of Request: Revision of a currently approved information 
collection.
    Estimate of Burden: Public reporting burden for this information 
collection is estimated to average 0.83 hours per response.
    Respondents: Small Business.
    Estimated Number of Respondents: 13,052.
    Estimated Number of Annual Responses: 4,625.
    Estimated Total Annual Burden Hours of Respondents: 5.33.
    Abstract: The Agency extends financial assistance to applicants 
that do not qualify for loans under commercial rates and terms.
    The Agency uses Supervised Bank Account (SBA) as a mechanism to: 
(1) ensure correct disbursement and expenditure of funds designated for 
a project; (2) help a borrower properly manage its financial affairs; 
(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 requires 
prior approval from an Agency Loan Servicing official. Countersignature 
from an Agency Loan Servicing official may or may not be required.
    This regulation prescribes the policies and responsibilities for 
the use of SBAs. In carrying out the 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 or rehabilitation) work 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 MFH reserve account funds in a manner that may require 
Agency co-signature for withdrawals. MFH reserve account funds are held 
in a reserve account for the future capital improvement needs for MFH 
properties. 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 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.
    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.
    Copies of this information collection can be obtained from Crystal 
Pemberton, Rural Development Innovation Center--Regulations Management 
Division, at (202) 202-260-8621. Email: [email protected].

[[Page 25863]]

    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.

Joaquin Altoro,
Administrator, Rural Housing Service.
[FR Doc. 2024-07782 Filed 4-11-24; 8:45 am]
BILLING CODE 3410-XV-P