[Federal Register: May 2, 2002 (Volume 67, Number 85)]
[Notices]
[Page 22051]
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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 (RHS), 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 July 1, 2002 to be
assured of consideration.
FOR FURTHER INFORMATION CONTACT: Joyce Allen, Deputy Director, Multi-
Family Housing Processing Guaranteed Loan Division, Rural Housing
Service, USDA, Room 1263, Stop 0781, 1400 Independence Avenue SW,
Washington, DC 20250, telephone, (202) 690-4499.
SUPPLEMENTARY INFORMATION:
Title: Guaranteed Rural Rental Housing Program.
OMB Number: 0575-0174.
Expiration Date of Approval: July 31, 2002.
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
requiring new construction or acquisition with rehabilitation of at
least $15,000 per unit will be considered.
The housing must be available for occupancy only by 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, a 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 the proposed project. The information submitted by the lender to the
Agency is used by the Agency to manage, plan, evaluate, and account for
Government resources. This information is required to ensure the proper
and judicious use of public funds.
Estimate of Burden: Public reporting burden for this collection of
information is estimated to average .53 man hours per response.
Respondents: Nonprofit and for-profit lending corporations and
public bodies.
Estimated Number of Respondents: 50.
Estimated Number of Responses per Respondent: 60.
Estimated Number of Responses: 3005.
Estimated Total Annual Burden on Respondents: 1,581 hours.
Copies of this information collection can be obtained from Tracy
Gillin, Regulations and Paperwork Management Branch, at (202) 692-0039.
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 Tracy
Gillin, 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: April 19, 2002.
Arthur A. Garcia,
Administrator, Rural Housing Service.
[FR Doc. 02-10838 Filed 5-1-02; 8:45 am]
BILLING CODE 3410-XV-P
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