[Federal Register Volume 62, Number 227 (Tuesday, November 25, 1997)]
[Proposed Rules]
[Pages 62928-62931]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-30941]



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Part VIII





Department of Housing and Urban Development





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24 CFR Part 5



Ceiling Rents for Public Housing; Proposed Rule

Federal Register / Vol. 62, No. 227 / Tuesday, November 25, 1997 / 
Proposed Rules

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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Part 5

[Docket No. FR-3880-P-02]
RIN: 2577-AB75


Ceiling Rents for Public Housing

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

ACTION: Proposed rule.

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SUMMARY: This proposed rule would permit public housing agencies (PHAs) 
to adopt caps on total tenant payments for public housing projects or 
dwelling units that are assisted under the United States Housing Act of 
1937 (1937 Act). The Balanced Budget Downpayment Act I (also known as 
the Continuing Resolution) amended the 1937 Act to permit the 
establishment of caps, or ceiling rents, on the income-based monthly 
total tenant payment that reflect the reasonable market value of the 
housing, but that are not less than the monthly costs: to operate the 
housing of the PHA; and to make a deposit to a replacement reserve (in 
the sole discretion of the PHA). The proposed rule would not amend 
HUD's Indian housing regulations. Further, this proposed rule would not 
apply to Section 8 assisted housing.

DATES: Comments due date: January 26, 1998.

ADDRESSES: Interested persons are invited to submit comments regarding 
this proposed rule to the Office of General Counsel, Rules Docket 
Clerk, Room 10276, Department of Housing and Urban Development, 451 
Seventh Street, SW, Washington, DC 20410-0500. Communications should 
refer to the above docket number and title. Facsimile (FAX) comments 
are not acceptable. A copy of each communication submitted will be 
available for public inspection and copying during regular business 
hours (7:30 a.m.-5:30 p.m. Eastern Time) at the above address.

FOR FURTHER INFORMATION CONTACT: Linda Campbell, Director, Marketing 
and Leasing Management Division, Office of Public and Indian Housing, 
Room 4206, Department of Housing and Urban Development, 451 Seventh 
Street, SW Washington, DC 20410, telephone (202) 708-0744 (this is not 
a toll-free number). Hearing or speech-impaired individuals may access 
this telephone number via TTY by calling the toll-free Federal 
Information Relay Service at 1-800-877-8339.

SUPPLEMENTARY INFORMATION:

I. Background

    A. Total Tenant Payment
    Section 3(a)(1) of the U.S. Housing Act of 1937 (42 U.S.C. 1437 et 
seq.) (1937 Act) establishes the monthly total tenant payment for 
tenants of public housing assisted under the 1937 Act as the highest 
of: (1) 30 percent of the family's monthly adjusted income; (2) 10 
percent of the family's monthly income; or (3) if a family receives 
welfare assistance and the welfare assistance is subject to adjustment 
in accordance with actual housing costs, the portion of that assistance 
specifically designated for housing costs. Further, section 402(a) of 
the Balanced Budget Downpayment Act, I (Pub.L. 104-99, 110 Stat. 40, 
approved January 26, 1996) (also known as the Continuing Resolution), 
as amended by section 201(c) of the Departments of Veterans Affairs and 
Housing and Urban Development, and Independent Agencies Appropriations 
Act, 1997 (Pub.L. 104-204, 110 Stat. 2874, approved September 26, 1996) 
requires that, notwithstanding section 3(a)(1) of the 1937 Act, each 
family assisted under the Public or Indian housing rental programs 
shall pay a monthly minimum rent of up to $50.
    B. Ceiling Rents Under Section 102 of the 1987 HCD Act
    Section 102 of the Housing and Community Development Act of 1987 
(Pub.L. 100-242, 101 Stat. 1815, approved February 5, 1988) (1987 HCD 
Act) added a new section 3(a)(2) to the 1937 Act which allows the 
establishment of caps (``ceiling rents'') on the income-based monthly 
total tenant payment, as calculated under section 3(a)(1). Under 
section 102 of the 1987 HCD Act, the ceiling rents could not be greater 
than the income-based formula, and not less than the average monthly 
amount of debt service and operating expenses attributable to units of 
similar size in other housing projects owned and operated by the Public 
Housing Agency (PHA).
    Ceiling rents are a useful tool in easing the rent burden on 
working families residing in public housing assisted under the 1937 
Act. Working families are generally regarded as having positive effects 
on housing projects by providing leadership and acting as role models 
for other tenants. Higher income families are often the resident 
leaders who help to ensure that the units are well-maintained and drug-
free. Working families also help create an economic and social mix that 
is desirable in preventing the isolation of the very poor in public 
housing projects. Without ceiling rents, these residents are often 
faced with the dilemma of leaving public housing or having total tenant 
payments that are above the market value of their units.
    On March 15, 1989, HUD published a notice for public housing (54 FR 
10733) announcing that it would consider applications from PHAs for 
waivers of the requirements of its regulations implementing section 
3(a)(1) of the 1937 Act, so that PHAs could adopt ceiling rents for 
projects or dwelling units owned and operated by the PHAs.

C. Section 402(b) of the Continuing Resolution

     Section 402(b) of the Continuing Resolution amended section 
3(a)(2) of the 1937 Act. Specifically, the Continuing Resolution 
permits the establishment of ceiling rents that reflect the reasonable 
market value of the housing, but that are not less than the monthly 
costs: (1) to operate the housing of the PHA; and (2) to make a deposit 
to a replacement reserve (in the sole discretion of the PHA). A 
replacement reserve may be used for major expenditures, such as the 
acquisition of capitalized equipment and structural repairs. Section 
402(b) of the Continuing Resolution does not mandate the establishment 
of a replacement reserve, but leaves the decision regarding the 
creation of such a reserve to each PHA.
    Section 402(b)(2)(B) of the Continuing Resolution provides that 
pending HUD's issuance of final regulations implementing the changes to 
section 3(a)(2), a ``transition rule'' will be in effect. Under the 
``transition rule,'' PHAs can implement ceiling rents, which must be 
not less than the monthly costs to operate the PHA's units and: (1) 
using the provisions of the prior law (i.e., section 3(a)(2) of the 
1937 Act as it existed prior to the Continuing Resolution); (2) equal 
to Fair Market Rents (FMRs) for the area in which the unit is located; 
or (3) equal to the 95th percentile of total tenant payments paid for a 
unit of comparable size by tenants in the same housing development or a 
group of comparable developments totalling 50 units or more. HUD has 
issued nonregulatory guidance (Notice PIH 96-6, February 13, 1996) to 
assist those PHAs wishing to establish ceiling rents prior to the 
issuance of a final rule implementing the amendments made by the 
Continuing Resolution.

D. Effectiveness of Continuing Resolution Beyond Fiscal Year 1997

    Section 402(f) of the Continuing Resolution limited the 
effectiveness of the ceiling rents and minimum rent

[[Page 62929]]

provisions to Fiscal Year (FY) 1996. Section 201(c)(2) of the 
Departments of Veterans Affairs and Housing and Urban Development, and 
Independent Agencies Appropriations Act, 1997 (Pub. L. 104-204, 110 
Stat. 2874, approved September 26, 1996) extended their effectiveness 
through FY 1997. Although section 402(b) of the Continuing Resolution 
will expire at the end of FY 1997 (September 30, 1997), HUD believes 
the burden of increased total tenant payments on many tenant families 
is significant enough to merit proceeding with the establishment of the 
necessary regulatory procedures for implementing ceiling rents. HUD is 
advocating the extension of the current statutory authority for ceiling 
rents.

II. This Proposed Rule

A. General

    This proposed rule would amend HUD's regulations governing total 
tenant payments for its public housing programs (24 CFR part 5, subpart 
F) to implement the changes made by the Continuing Resolution to 
section 3(a)(2) of the 1937 Act. The proposed rule would not amend the 
corresponding requirements for HUD's Indian housing programs (24 CFR 
part 950). The Native American Housing Assistance and Self-
Determination Act of 1996 (Pub. L. 104-330, 110 Stat. 4016; approved 
October 26, 1996) completely revises HUD's Indian housing programs. The 
regulations promulgated under the Native American Housing Assistance 
and Self-Determination Act of 1996 will address the applicability of 
the Continuing Resolution to HUD's Indian housing programs.

B. Applicability

    This rule proposes to establish a new 24 CFR 5.614 which would 
describe the policies and procedures governing the establishment of 
ceiling rents. Section 5.614 would apply to public housing rental 
projects. It would not apply to: (1) homeownership programs (such as 
the Turnkey III program--24 CFR part 904); (2) applicants and tenants 
assisted under sections 10(c) and 23 of the 1937 Act as in effect 
before amendment by the Housing and Community Development Act of 1974 
(42 U.S.C. 1410 and 1421b (1970 ed.)); or (3) the Section 8 Rental 
Voucher and Rental Certificate Programs.

C. Calculating Ceiling Rents

    This proposed rule would permit a PHA to establish ceiling rents 
which reflect the reasonable market value of the housing and which are 
not less than the statutory minimum: the monthly cost to operate the 
housing of the PHA and to make a deposit to a replacement reserve (in 
the sole discretion of the PHA).
    In determining the reasonable market value of the housing, a PHA 
may utilize: (1) the 95th percentile of the total tenant payments paid 
for a unit of comparable size by tenants in the same public housing 
development or group of comparable developments totalling 50 units or 
more or having at least 15 units of the same unit size (number of 
bedrooms) for which ceiling rents would be applied; (2) the FMRs for 
the area in which the unit is located; or (3) any other similar 
indicator of reasonable market value, such as a comparability study. 
The comparability study would have to analyze relevant factors for the 
community in which the unit is located, including unassisted rents for 
housing of similar age, location, condition, amenities, design, and 
size.
    For purposes of determining the minimum ceiling rent, the average 
monthly operating expense would equal one-twelfth (1/12) of the sum of 
all annual operating expenses reported on the Statement of Operating 
Receipts and Expenditures (SORE) for the PHA's most recent fiscal year 
and the aggregate annual utility allowances for all tenant-paid 
utilities; minus the sum of excess utility charges and annual costs, if 
any, associated with units approved for deprogramming.
    The sum of the operating expenses would be distributed over all of 
the PHA's public housing dwelling units, except those approved for 
deprogramming, whether or not ceiling rents are adopted for all units, 
with an adjustment only for unit size (number of bedrooms). Operating 
expenses would be allocated according to unit size with larger units 
receiving a larger portion of the operating expenses than smaller 
units.
    Under this proposed rule, HUD would establish the two-bedroom unit 
as the base total tenant payment. The allocation of operating expenses 
for a particular unit will be calculated by multiplying the base total 
tenant payment by an adjustment factor. The adjustment factors will 
vary from 70 percent of the base total tenant payment for an efficiency 
to 182 percent of the base total tenant payment for a six-bedroom unit. 
HUD uses this method to adjust total tenant payments by unit size in 
establishing the FMRs (24 CFR 888.113(c).)
    The Appendix to this proposed rule demonstrates how the statutory 
minimum is calculated in establishing ceiling rents.

D. Establishing Ceiling Rents

    This proposed rule would permit a PHA to establish ceiling rents 
for: (1) all dwelling units in its inventory; (2) all of the units in 
one or more projects; or (3) some of its units in one or more projects, 
based on bedroom size. The rule would allow a PHA to implement, change 
the amount of, or revoke ceiling rents after giving reasonable notice 
to the affected tenants. If the amount of the ceiling rent is changed, 
the new amount would have to conform with the provisions of this rule.
    Since section 402(b) of the Continuing Resolution authorizes, 
rather than mandates ceiling rents, a PHA has the discretion to decide 
whether to establish ceiling rents. If a PHA elects to establish 
ceiling rents, however, each tenant family admitted to or living in a 
dwelling unit subject to a ceiling rent is eligible for the ceiling 
rent. This proposed rule also provides that a family residing in a 
dwelling unit subject to a ceiling rent may not be charged an amount 
that exceeds the amount the family would pay under the income-based 
calculation of 24 CFR 5.613(a), as required by the Continuing 
Resolution. Therefore, a family residing in a dwelling unit with a 
ceiling rent will be charged the lesser of the income-based total 
tenant payment or the ceiling rent set for the unit; however, in all 
cases the family must pay the minimum rent established by the PHA.
    A PHA must ensure that the ceiling rents it has established are not 
less than the statutory minimum (i.e., the monthly cost to operate the 
housing of the PHA and, in the sole discretion of the PHA, to make a 
deposit to any replacement reserve) at the time it prepares its 
Statement of Operating Receipts and Expenses each fiscal year, and must 
update the ceiling rents accordingly. PHAs are also reminded that in 
establishing ceiling rents, they must abide by Federal laws prohibiting 
discrimination on the basis of race, religion, sex, color, national 
origin, age, disability, and familial status.
    The final rule may require that a PHA maintain records regarding 
its calculation and establishment of ceiling rents. Further, the final 
rule may require a PHA to notify HUD that it has established or revoked 
ceiling rents. HUD invites comment on what would be the least 
burdensome recordkeeping and notification methods

E. Continued Effectiveness of Existing Ceiling Rents

    Section 102 of the 1987 HCD Act originally limited the 
effectiveness of ceiling rents for a period of 36 months.

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This period was subsequently extended to 60 months by section 302 of 
the Department of Housing and Urban Development Reform Act of 1989 
(Pub. L. 101-235; 103 Stat. 1987, approved December 15, 1989) (HUD 
Reform Act). Section 102 of the Housing and Community Development Act 
of 1992 (Pub. L. 102-550; 106 Stat. 3672, approved October 28, 1992) 
removed the 60 month limit and extended the ceiling rents in effect 
prior to the date of enactment of the HUD Reform Act without time 
limitation. Accordingly, this proposed rule would not impact the 
effectiveness of those ceiling rents that were approved by a HUD 
regulatory waiver under the March 15, 1989 Federal Register notice. 
These ceiling rents are valid indefinitely, as long as they cover 
current operating expenses and the PHA wants to have them. Further, HUD 
also considers any ceiling rents adopted under the transition rule and 
HUD Notice 96-6 as being valid for an indefinite period of time, as 
long as they cover current operating expenses and the PHA wants to have 
them (subject to the extension of the statutory authority for ceiling 
rents beyond September 30, 1997).
    A PHA with HUD-approved ceiling rents under the March 15, 1989 
Federal Register notice may opt to switch to PHA-adopted ceiling rents 
under the provisions of the transition rule (or later, under the 
provisions of HUD's final rule on ceiling rents). However, although 
ceiling rents adopted under the March 15, 1989 notice are valid for an 
indefinite period of time (so long as they cover current operating 
expenses and the PHA wants to have them), any ceiling rents adopted 
under the transition notice or HUD's final rule are valid only until 
September 30, 1997, unless extended by law.

III. Findings and Certifications

Environmental Impact

    A Finding of No Significant Impact with respect to the environment 
has been made in accordance with HUD regulations at 24 CFR part 50, 
implementing section 102(2)(C) of the National Environmental Policy Act 
of 1969 (42 U.S.C. 4332). The Finding of No Significant Impact is 
available for public inspection during business hours in the Office of 
the Rules Docket Clerk, Room 10276, Department of Housing and Urban 
Development, 451 Seventh Street, SW, Washington, DC 20410-0500.

Executive Order 12612, Federalism

    The General Counsel, as the Designated Official under section 6(a) 
of Executive Order 12612, Federalism, has determined that the policies 
contained in this rule have no Federalism implications, and that the 
policies are not subject to review under the Order. Specifically, this 
proposed rule would permit PHAs to adopt ceiling rents for public 
housing projects or dwelling units that are assisted under the 1937 
Act. It will effect no changes in the current relationships between the 
Federal government, the States and their political subdivisions.

Regulatory Flexibility Act

    The Secretary, in accordance with the Regulatory Flexibility Act (5 
U.S.C. 605(b)) has reviewed and approved this rule, and in so doing 
certifies that this rule will not have a significant economic impact on 
a substantial number of small entities. This proposed rule will have no 
adverse or disproportionate economic impact on small entities. Each PHA 
will make the decision whether to implement ceiling rents and is not 
expected to do so if ceiling rents will have a significant economic 
effect on the PHA. Furthermore, the procedures for administering 
ceiling rents should not entail significantly greater expense to the 
PHA than the PHA would normally incur in administering income-based 
rents.

Unfunded Mandates Reform Act

    The Secretary has reviewed this rule before publication and by 
approving it certifies, in accordance with the Unfunded Mandates Reform 
Act of 1995 (2 U.S.C. 1532), that this rule does not impose a Federal 
mandate that will result in the expenditure by State, local, and tribal 
governments, in the aggregate, or by the private sector, of $100 
million or more in any one year.

Executive Order 13045, Protection of Children From Environmental Health 
Risks and Safety Risks

    This proposed rule would not pose an environmental health risk or 
safety risk on children.

Executive Order 12866, Regulatory Planning and Review

    The Office of Management and Budget (OMB) reviewed this rule under 
Executive Order 12866, Regulatory Planning and Review. OMB determined 
that this rule is a ``significant regulatory action,'' as defined in 
section 3(f) of the Order (although not economically significant, as 
provided in section 3(f)(1) of the Order). Any changes made to the 
proposed rule subsequent to its submission to OMB are identified in the 
docket file, which is available for public inspection in the office of 
the Department's Rules Docket Clerk, Room 10276, 451 Seventh Street, 
SW, Washington, DC 20410-0500.

Catalog of Federal Domestic Assistance Number

    The Catalog of Federal Domestic Assistance Number for Public and 
Indian Housing is 14.850.

List of Subjects in 24 CFR Part 5

    Administrative practice and procedure, Aged, Claims, Drug abuse, 
Drug traffic control, Grant programs--housing and community 
development, Grant programs--Indians, Grant programs--low and moderate 
income housing, Indians, Individuals with disabilities, 
Intergovernmental relations, Loan programs--housing and community 
development, Low and moderate income housing, Mortgage insurance, 
Penalties, Pets, Public housing, Rent subsidies, Reporting and 
recordkeeping requirements, Social security, Unemployment compensation, 
Wages.

    Accordingly, 24 CFR part 5 would be amended as follows:

PART 5--GENERAL HUD PROGRAM REQUIREMENTS; WAIVERS

    1. The authority citation for 24 CFR part 5 continues to read as 
follows:

    Authority: 42 U.S.C. 3535(d), unless otherwise noted.

Subpart F--Income Limits, Annual Income, Adjusted Income, Rent, and 
Examinations for the Public Housing and Section 8 Programs

    2. The authority citation for subpart F continues to read as 
follows:

    Authority: 42 U.S.C. 1437a, 1437c, 1437d, 1437f, 1437n, and 
3535(d).

    3. A new Sec. 5.614 is added to read as follows:


Sec. 5.614  Ceiling rents for public housing.

    (a) Applicability. This section applies to public housing rental 
projects. This section does not apply to:
    (1) Homeownership programs, such as the Turnkey III program;
    (2) Applicants and tenants assisted under sections 10(c) and 23 of 
the 1937 Act as in effect before amendment by the Housing and Community 
Development Act of 1974 (42 U.S.C. 1410 and 1421b (1970 ed.)); or
    (3) Section 8 assisted housing.
    (b) Calculating ceiling rents. (1) General. A PHA may establish 
caps on total tenant payments (as described in Sec. 5.613) for the 
dwelling units described in Sec. 5.614(c)(1) that reflect the

[[Page 62931]]

reasonable market value of the housing, but that are not less than:
    (i) The average monthly amount of operating expenses attributed to 
units of similar size in public housing projects owned by the PHA; and
    (ii) The monthly cost to make a deposit to a replacement reserve 
(in the sole discretion of the PHA).
    (2) Reasonable market value. The reasonable market value of the 
housing is equal to:
    (i) The 95th percentile of the total tenant payments paid for a 
unit of comparable size by tenants in the same public housing 
development or group of comparable developments totalling 50 units or 
more or having at least 15 units of the same unit size (number of 
bedrooms) for which ceiling rents would be applied;
    (ii) The Fair Market Rents (FMRs) for the area in which the unit is 
located (See 24 CFR part 888); or
    (iii) Any other similar indicator of reasonable market value 
utilized by the PHA, such as a comparability study.
    (3) Average monthly operating expenses. The average monthly 
operating expenses is one-twelfth (\1/12\) of the sum of:
    (i) All annual operating expenses reported on the Statement of 
Operating Receipts and Expenditures as of the end of the PHA's most 
recent fiscal year and the aggregate annual utility allowances for all 
tenant paid utilities; minus the sum of:
    (ii) Excess utility charges and annual costs, if any, associated 
with units approved for deprogramming.
    (4) Distributing the average monthly amount of operating expenses. 
The total average monthly amount of operating expenses must be 
distributed over all of the PHA's public housing dwelling units, except 
those approved for deprogramming, whether or not ceiling rents are 
proposed for all units, and adjusted only for unit size (i.e., number 
of bedrooms), in accordance with paragraph (b)(5) of this section.
    (5) Unit adjustment factors. The adjustment for unit size is 
determined by using a percentage relationship based on the rent of a 
two-bedroom unit as an adjustment factor. Adjustment factors for all 
units are as follows:
    (i) Zero-bedroom units (efficiencies)--0.70;
    (ii) One-bedroom units--0.85;
    (iii) Two-bedroom units--1.00;
    (iv) Three-bedroom units--1.25;
    (v) Four-bedroom units--1.40;
    (vi) Five-bedroom units--1.61; and
    (vii) Six-bedroom units--1.82.
    (c) Establishing ceiling rents. (1) A PHA may establish ceiling 
rents for:
    (i) All dwelling units in its inventory;
    (ii) All of the units in one or more projects; or
    (iii) Some of its units in one or more projects, based on bedroom 
size.
    (2) A PHA may implement, change the amount of, or revoke ceiling 
rents after giving reasonable notice to the affected tenants. If the 
amount of the ceiling rent is changed, the new amount would have to 
conform with the provisions of this section.
    (3) The total tenant payment of a family residing in a dwelling 
unit subject to a ceiling rent is the lesser of the income-based total 
tenant payment or the ceiling rent for such dwelling unit; however, the 
total tenant payment may not be lower than the minimum rent established 
by the PHA.
    (4) A PHA must ensure that the ceiling rents it has established are 
not less than the statutory minimum (i.e., the monthly cost to operate 
the housing of the PHA and, in the sole discretion of the PHA, to make 
a deposit to any replacement reserve) at the time it prepares its 
Statement of Operating Receipts and Expenses each fiscal year, and must 
update the ceiling rents accordingly.
    (5) In establishing ceiling rents, a PHA is reminded that it must 
abide by Federal laws prohibiting discrimination on the basis of race, 
religion, sex, color, national origin, age, disability, and familial 
status.

    Date: August 22, 1997.
Kevin Emanuel Marchman,
Acting Assistant Secretary for Public and Indian Housing.

Appendix--to 24 CFR Part 5

    Note: This appendix will not be codified in title 24 of the Code 
of Federal Regulations.

Example of Calculating the Statutory Minimum in Establishing 
Ceiling Rents

Step 1

1. Operating expenses (Line 620) from the Statement of Operating 
Receipts and Expenditures for the PHA's most recent fiscal year. 
________________ $190,000
2. Cost of utility allowances for tenant-paid utilities for the 
PHA's most recent fiscal year. ________________ $30,000
3. Add line 1 and line 2. ________________ $220,000
4. Excess utility charges (Line 070) from HUD-52599 for the PHA's 
most recent fiscal year. ________________ $5,200
5. Costs associated with deprogramming units, if any, for the PHA's 
most recent fiscal year. ________________ $0
6. Add line 4 and line 5. ________________ $5,200
7. Subtract line 6 from line 3. ________________ $214,800
8. Total average monthly operating expenses (line 7 divided by 12). 
________________ $17,900

Step 2

    Number of units owned by PHA Times Adjustment Factor *

0-bedroom units 20  x  0.70..........................................14
1-bedroom units 40  x  0.85..........................................34
2-bedroom units 20  x  1.00..........................................20
3-bedroom units 20  x  1.25..........................................25
4-bedroom units 0  x  1.40............................................0
5-bedroom units 0  x  1.61............................................0
6-bedroom units 0  x  1.82............................................0
      Total..........................................................93

    * Whether or not a ceiling rent is proposed for these units.

Step 3

    Calculate the two-bedroom minimum monthly rent:

1. Enter Line 8 from Step 1. ________________ $17,900
2. Enter Total from Step 2. ________________ 93
3. Calculate the 2-bedroom minimum monthly rent (line 1 divided by 
line 2) ________________ $192.47
4. Calculate the minimum rent for other size units:

a. 0-bedroom (line 3  x  .70)...................................$134.73
b. 1-bedroom (line 3  x  .85)...................................$163.69
c. 3-bedroom (line 3  x  1.25)..................................$240.59
d. 4-bedroom (line 3  x  1.40)......................................N/A
e. 5-bedroom (line 3  x  1.61)......................................N/A
f. 6-bedroom (line 3  x  1.82)......................................N/A

[FR Doc. 97-30941 Filed 11-24-97; 8:45 am]
BILLING CODE 4210-33-P