3094 Federal Register / Vol. 74, No. 11 / Friday, January 16, 2009 / Notices 

SUMMARY: This Notice identifies 

unutilized, underutilized, excess, and 

surplus Federal property reviewed by 

HUD for suitability for possible use to 

assist the homeless. 

DATES: Effective Date: January 16, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Kathy Ezzell, Department of Housing 

and Urban Development, 451 Seventh 

Street SW., Room 7262, Washington, DC 

20410; telephone (202) 708–1234; TTY 

number for the hearing- and speechimpaired (202) 708–2565, (these 

telephone numbers are not toll-free), or 

call the toll-free Title V information line 

at 800–927–7588. 

SUPPLEMENTARY INFORMATION: In 

accordance with the December 12, 1988 

court order in National Coalition for the 

Homeless v. Veterans Administration, 

No. 88–2503–OG (D.D.C.), HUD 

publishes a Notice, on a weekly basis, 

identifying unutilized, underutilized, 

excess and surplus Federal buildings 

and real property that HUD has 

reviewed for suitability for use to assist 

the homeless. Today’s Notice is for the 

purpose of announcing that no 

additional properties have been 

determined suitable or unsuitable this 

week. 

Dated: January 8, 2009. 

Mark R. Johnston, 

Deputy Assistant Secretary for Special Needs. 

[FR Doc. E9–564 Filed 1–15–09; 8:45 am] 

BILLING CODE 4210–67–P 

DEPARTMENT OF HOUSING AND 

URBAN DEVELOPMENT 

[Docket No. FR–5276–N–01] 

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. 

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 Administration 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 6-month 

period beginning January 1, 2009, is 33⁄4

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 insurance, 

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 6-month period beginning 

January 1, 2009, is 41⁄8 percent. 

However, as a result of an amendment 

to section 224 of the Act, if an insurance 

claim relating to a mortgage insured 

under sections 203 or 234 of the Act and 

endorsed for insurance after January 23, 

2004, is paid in cash, the debenture 

interest rate for purposes of calculating 

a claim shall be the monthly average 

yield, for the month in which the 

default on the mortgage occurred, on 

United States Treasury Securities 

adjusted to a constant maturity of 10 

years. 

FOR FURTHER INFORMATION CONTACT: 

Yong Sun, Department of Housing and 

Urban Development, 451 Seventh Street, 

SW., Room 5148, Washington, DC 

20410–8000; telephone (202) 402–4778 

(this is not a toll-free number). 

Individuals with speech or hearing 

impairments may access this number 

through TTY by calling the toll-free 

Federal Information Relay Service at 

(800) 877–8339. 

SUPPLEMENTARY INFORMATION: Section 

224 of the National Housing Act (12 

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. These regulatory 

provisions state 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, 2009, is 41⁄8

percent; and (2) has approved the 

establishment of the debenture interest 

rate by the Secretary of HUD at 41⁄8

percent for the 6-month period 

beginning January 1, 2009. 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 insurance commitment or 

endorsement date (as applicable) within 

the first 6 months of 2009. 

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 

mstockstill on PROD1PC66 with NOTICES

Federal Register / Vol. 74, No. 11 / Friday, January 16, 2009 / Notices 3095 

Effective 

interest rate On or after Prior to 

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 

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 

71⁄8 ........................................................................................................................................................................... July 1, 1997 Jan. 1, 1998 

63⁄8 ........................................................................................................................................................................... Jan. 1, 1998 July 1, 1998 

61⁄8 ........................................................................................................................................................................... July 1, 1998 Jan. 1, 1999 

51⁄2 ........................................................................................................................................................................... Jan. 1, 1999 July 1, 1999 

61⁄8 ........................................................................................................................................................................... July 1, 1999 Jan. 1, 2000 

61⁄2 ........................................................................................................................................................................... Jan. 1, 2000 July 1, 2000 

61⁄2 ........................................................................................................................................................................... July 1, 2000 Jan. 1, 2001 

6 ............................................................................................................................................................................... Jan. 1, 2001 July 1, 2001 

57⁄8 ........................................................................................................................................................................... July 1, 2001 Jan. 1, 2002 

51⁄4 ........................................................................................................................................................................... Jan. 1, 2002 July 1, 2002 

53⁄4 ........................................................................................................................................................................... July 1, 2002 Jan. 1, 2003 

5 ............................................................................................................................................................................... Jan. 1, 2003 July 1, 2003 

41⁄2 ........................................................................................................................................................................... July 1, 2003 Jan. 1, 2004 

51⁄8 ........................................................................................................................................................................... Jan. 1, 2004 July 1, 2004 

51⁄2 ........................................................................................................................................................................... July 1, 2004 Jan. 1, 2005 

47⁄8 ........................................................................................................................................................................... Jan. 1, 2005 July 1, 2005 

41⁄2 ........................................................................................................................................................................... July 1, 2005 Jan. 1, 2006 

47⁄8 ........................................................................................................................................................................... Jan. 1, 2006 July 1, 2006 

53⁄8 ........................................................................................................................................................................... July 1, 2006 Jan. 1, 2007 

43⁄4 ........................................................................................................................................................................... Jan. 1, 2007 July 1, 2007 

5 ............................................................................................................................................................................... July 1, 2007 Jan. 1, 2008 

41⁄2 ........................................................................................................................................................................... Jan. 1, 2008 July 1, 2008 

45⁄8 ........................................................................................................................................................................... July 1, 2008 Jan. 1, 2009 

41⁄8 ........................................................................................................................................................................... Jan. 1, 2009 July 1, 2009 

Section 215 of Division G, Title II of 

Public Law 108–199, enacted January 

23, 2004 (HUD’s 2004 Appropriations 

Act) amended section 224 of the Act, to 

change the debenture interest rate for 

purposes of calculating certain 

insurance claim payments made in cash. 

Therefore, for all claims paid in cash on 

mortgages insured under section 203 or 

234 of the National Housing Act and 

endorsed for insurance after January 23, 

2004, the debenture interest rate will be 

the monthly average yield, for the 

month in which the default on the 

mortgage occurred, on United States 

Treasury Securities adjusted to a 

constant maturity of 10 years, as found 

in Federal Reserve Statistical Release 

H–15. The Federal Housing 

Administration has codified this 

provision in HUD regulations at 24 CFR 

203.405(b) and 24 CFR 203.479(b). 

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’’ 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 8- to 12-year 

maturities, for the 6-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 221.255 and 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 6-month 

period beginning January 1, 2009, is 33⁄4

percent. 

The subject matter of this notice falls 

within the categorical exemption from 

HUD’s environmental clearance 

procedures set forth in 24 CFR 

50.19(c)(6). For that reason, no 

environmental finding has been 

prepared for this notice. 

Authority: Sections 211, 221, 224, National 

Housing Act, 12 U.S.C. 1715b, 1715l, 1715o; 

Section 7(d), Department of HUD Act, 42 

U.S.C. 3535(d). 

Dated: January 12, 2009. 

Brian D. Montgomery, 

Assistant Secretary for Housing—Federal 

Housing Commissioner. 

[FR Doc. E9–991 Filed 1–15–09; 8:45 am] 

BILLING CODE 4210–67–P 

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