5482 Federal Register / Vol. 62, No. 24 / Wednesday, February 5, 1997 / Notices

Total Estimated Burden Hours:

30,000.

Status: Reinstatement, without

changes.

Contact: Barbara D. Hunter, HUD,

(202) 708–3944, Joseph F. Lackey, Jr.,

OMB, (202) 395–7316.

Dated: January 28, 1997.

[FR Doc. 97–2793 Filed 2–4–97; 8:45 am]

BILLING CODE 4210–01–M

[Docket No. FR–4027–N–03]

Mortgage and Loan Insurance

Programs Under the National Housing

Act; Debenture Interest Rates

AGENCY: Office of the Assistant

Secretary for Housing-Federal Housing

Commissioner, (HUD).

ACTION: Notice of change in debenture

interest rates.

SUMMARY: This notice announces

changes in the interest rates to be paid

on debentures issued with respect to a

loan or mortgage insured by the Federal

Housing Commissioner under the

provisions of the National Housing Act

(the ‘‘Act’’). The interest rate for

debentures issued under Section

221(g)(4) of the Act during the sixmonth period beginning January 1,

1997, is 63⁄8 percent. The interest rate

for debentures issued under any other

provision of the Act is the rate in effect

on the date that the commitment to

insure the loan or mortgage was issued,

or the date that the loan or mortgage was

endorsed (or initially endorsed if there

are two or more endorsements) for

instance, whichever rate is higher. The

interest rate for debentures issued under

these other provisions with respect to a

loan or mortgage committed or endorsed

during the six-month period beginning

January 1, 1997, is 63⁄4 percent.

FOR FURTHER INFORMATION CONTACT:

James B. Mitchell, Department of

Housing and Urban Development, 451

7th Street, S.W., Room 6164,

Washington, D.C. 20010, telephone

(202) 708–1220 ext. 2612, (this is not a

toll-free number). A

telecommunications device for hearingand speech-impaired individuals (TTY)

is available at 1–800–877–8339 (Federal

Information Relay Service).

SUPPLEMENTARY INFORMATION: Section

224 of the National Housing Act (24

U.S.C. 1715o) provides that debentures

issued under the Act with respect to an

insured loan or mortgage (except for

debentures issued pursuant to Section

221(g)(4) of the Act) will bear interest at

the rate in effect on the date the

commitment to insure the loan or

mortgage was issued, or the date the

loan or mortgage was endorsed (or

initially endorsed if there are two or

more endorsements) for insurance,

whichever rate is higher. This provision

is implemented in HUD’s regulations at

24 CFR 203.405, 203.479, 207.259(e)(6),

and 220.830. Each of these regulatory

provisions states that the applicable

rates of interest will be published twice

each year as a notice in the Federal

Register.

Section 224 further provides that the

interest rate on these debentures will be

set from time to time by the Secretary

of HUD, with the approval of the

Secretary of the Treasury, in an amount

not in excess of the annual interest rate

determined by the Secretary of the

Treasury pursuant to a statutory formula

based on the average yield of all

outstanding marketable Treasury

obligations of maturities of 15 or more

years.

The Secretary of the Treasury (1) has

determined, in accordance with the

provisions of Section 224, that the

statutory maximum interest rate for the

period beginning January 1, 1997, is 63⁄4

percent (2) has approved the

establishment of the debenture interest

rate by the Secretary of HUD at 63⁄4

percent for the six-month period

beginning January 1, 1997. This interest

rate will be the rate borne by debentures

issued with respect to any insured loan

or mortgage (except for debentures

issued pursuant to Section 221(g)(4))

with an insurance commitment or

endorsement date (as applicable) within

the first six months of 1997.

For convenience of reference, HUD is

publishing the following chart of

debenture interest rates applicable to

mortgages committed or endorsed since

January 1, 1980:

Effective interest rate On or after Prior to

91⁄2 .............. Jan. 1, 1980 .. July 1, 1980.

97⁄8 .............. July 1, 1980 .. Jan. 1, 1981.

113⁄4 ............ Jan. 1, 1981 .. July 1, 1981.

127⁄8 ............ July 1, 1981 .. Jan. 1, 1982.

123⁄4 ............ Jan. 1, 1982 .. Jan. 1, 1983.

101⁄4 ............ Jan. 1, 1983 .. July 1, 1983.

103⁄8 ............ July 1, 1983 .. Jan. 1, 1984.

111⁄2 ............ Jan. 1, 1984 .. July 1, 1984.

133⁄8 ............ July 1, 1984 .. Jan. 1, 1985.

115⁄8 ............ Jan. 1, 1985 .. July 1, 1985.

111⁄8 ............ July 1, 1985 .. Jan. 1, 1986.

101⁄4 ............ Jan. 1, 1986 .. July 1, 1986.

81⁄4 .............. July 1, 1986 .. Jan. 1, 1987.

8 ................. Jan. 1, 1987 .. July 1, 1987.

9 ................. July 1, 1987 .. Jan. 1, 1988.

91⁄8 .............. Jan. 1, 1988 .. July 1, 1988.

93⁄8 .............. July 1, 1988 .. Jan. 1, 1989.

91⁄4 .............. Jan. 1, 1989 .. July 1, 1989.

Effective interest rate On or after Prior to

9 ................. July 1, 1989 .. Jan. 1, 1990.

81⁄8 .............. Jan. 1, 1990 .. July 1, 1990.

9 ................. July 1, 1990 .. Jan. 1, 1991.

83⁄4 .............. Jan. 1, 1991 .. July 1, 1991.

81⁄2 .............. July 1, 1991 .. Jan. 1, 1992.

8 ................. Jan. 1, 1992 .. July 1, 1992.

8 ................. July 1, 1992 .. Jan. 1, 1993.

73⁄4 .............. Jan. 1, 1993 .. July 1, 1993.

7 ................. July 1, 1993 .. Jan. 1, 1994.

65⁄8 .............. Jan. 1, 1994 .. July 1, 1994.

73⁄4 .............. July 1, 1994 .. Jan. 1, 1995.

83⁄8 .............. Jan. 1, 1995 .. July 1, 1995.

71⁄4 .............. July 1, 1995 .. Jan. 1, 1996.

61⁄2 .............. Jan. 1, 1996 .. July 1, 1996.

71⁄4 .............. July 1, 1996 .. Jan. 1, 1997.

63⁄4 .............. Jan. 1, 1997 .. July 1, 1997.

Section 221(g)(4) of the Act provides

that debentures issued pursuant to that

paragraph (with respect to the

assignment of an insured mortgage to

the Secretary) will bear interest at the

‘‘going Federal rate’’ of interest in effect

at the time the debentures are issued.

The term ‘‘going Federal rate’’ is defined

to mean the interest rate that the

Secretary of the Treasury determines,

pursuant to a statutory formula based on

the average yield on all outstanding

marketable Treasury obligations of

eight- to twelve-year maturities, for the

six-month periods of January through

June and July through December of each

year. Section 221(g)(4) is implemented

in the HUD regulations at 24 CFR

221.790.

The Secretary of the Treasury has

determined that the interest rate to be

borne by debentures issued pursuant to

Section 221(g)(4) during the six-month

period beginning January 1, 1997, is 63⁄8

percent.

HUD expects to publish its next

notice of change in debenture interest

rates in July 1997.

The subject matter of this notice falls

within the categorical exclusion from

HUD’s environmental clearance

procedures set forth in 24 CFR 50.20(l).

For that reason, no environmental

finding has been prepared for this

notice.

(Secs. 211, 221, 224, National Housing Act,

12 U.S.C. 1715b, 1715l, 1715o; sec. 7(d),

Department of HUD Act, 42 U.S.C. 3535(d))

Dated: January 28, 1997.

Nicolas P. Retsinas,

Assistant Secretary for Housing-Federal

Housing Commissioner.

[FR Doc. 97–2790 Filed 2–4–97; 8:45 am]

BILLING CODE 4210–27–M