16572 Federal Register / Vol. 60, No. 62 / Friday, March 31, 1995 / Rules and Regulations

Director of the Single Family

Development Division, Room 9270,

Department of Housing and Urban

Development, 451 Seventh Street, SW,

Washington, DC 20410–8000, telephone,

voice: (202) 708–2720; (TDD) (202) 708–

4594. (These are not toll-free numbers.)

For multifamily programs: Linda

Cheatham, Director, Office of Insured

Multifamily Development, Room 6134,

Department of Housing and Urban

Development, 451 Seventh Street, SW,

Washington, DC 20410–8000,,

telephone, voice: (202) 708–3000; (TDD)

708–4594. (These are not toll-free

numbers).

SUPPLEMENTARY INFORMATION: On August

5, 1994 (59 FR 39956), the Department

published in the Federal Register a final

rule that revised, in its entirety, 24 CFR

Part 204. With that revision, only one

section (§ 204.1) remained in Part 204.

On October 3, 1994 (59 FR 50456), the

Department published a final rule

establishing minimum standards for real

estate appraisals made by staff, fee panel

and contract appraisers in determining

the maximum insurable mortgage

amount in most HUD/FHA single family

(one-to-four family) and multifamily

transactions; and establishing criteria

for the selection of appraisers by

mortgagees. The October 3 rule

erroneously revised a nonexistent 24

CFR 204.3(b). It also added a new part

267 to title 24 of the Code of Federal

Regulations.

In addition, on December 2, 1994 (59

FR 61800), the Department published a

correction document to the October 3

final rule. In the December 2 document,

§ 267.3 was corrected by removing the

paragraph designations for paragraphs

(c)(3)(i), (ii), and (iii) of that section, and

by running the text together to form a

single paragraph (c)(3). The document

failed, however, to remove two crossreferences to paragraph (c)(3)(iii), which

were contained in §§ 267.3(c)(1) and

(c)(2).

The purpose of this document is to

correct errors made in the October 3,

1994 final rule by removing the revision

to § 204.3(b), and by amending § 267.3

to remove cross-references contained in

§§ 267.3(c)(1) and (c)(2).

Accordingly, FR Doc. 94–24327, a

final rule published in the Federal

Register on October 3, 1994 (59 FR

50456), is corrected as follows:

§ 204.3 [Amended]

1. On page 50464, in column one,

amendatory instruction 6. and § 204.3(b)

are removed.

§ 267.3 [Amended]

2. On page 50465, in column one, in

§ 267.3, paragraph (c)(1) is corrected by

removing the phrase ‘‘paragraph

(c)(3)(iii) of this section.’’, and by

adding in its place ‘‘paragraph (c)(3) of

this section.’’

3. On page 50465, in column one, in

§ 267.3, paragraph (c)(2) is corrected by

removing the phrase ‘‘paragraph

(c)(3)(iii) of this section.’’, and by

adding in its place ‘‘paragraph (c)(3) of

this section.’’

Dated: March 28, 1995.

Camille E. Acevedo,

Assistant General Counsel for Regulations.

[FR Doc. 95–8053 Filed 3–30–95; 8:45 am]

BILLING CODE 4210–27–P

Office of the Assistant Secretary for

Housing—Federal Housing

Commissioner

24 CFR Parts 246 and 266

[Docket No. R–95–1685; FR–3383–F–04]

Housing Finance Agency Risk-Sharing

Program for Insured Affordable

Multifamily Project Loans: Conforming

Amendment

AGENCY: Office of Assistant Secretary for

Housing—Federal Housing

Commissioner, HUD.

ACTION: Final rule; Conforming

Amendment.

SUMMARY: On December 5, 1994, HUD

published a final rule that finalized the

standards and procedures of the

Housing Finance Agency Risk-Sharing

Program for Insured Affordable

Multifamily Project Loans, first

implemented by a December 3, 1993

interim rule.

The purpose of this final rule is to

make a conforming amendment to the

December 5, 1994 final rule that will

reflect the assumption of environmental

review responsibilities by States and

units of general local government as

provided in an interim rule published

by HUD on March 13, 1995.

DATES: May 1, 1995.

FOR FURTHER INFORMATION CONTACT:

Jane Luton, Acting Director, Policies

and Procedures Division, Office of

Insured Multifamily Housing

Development, Room 6116, (202) 708–

2556. Hearing- and speech-impaired

persons may call (202) 708–4594. (The

above listed telephone numbers are not

toll-free.)

SUPPLEMENTARY INFORMATION:

I. Background

On December 5, 1994 (59 FR 52514),

HUD published a final rule that

finalized the standards and procedures

of the Housing Finance Agency RiskSharing Program for Insured Affordable

Multifamily Project Loans, a program

that was implemented by a December 3,

1993 interim rule (58 FR 64032). The

preamble to the December 5, 1994 final

rule stated that 24 CFR part 266 would

be amended upon publication of the

changes made to 24 CFR part 58 (See 59

FR 62517, column one).

On March 13, 1995 (60 FR 13518)

HUD published an interim rule

amending 24 CFR part 58, entitled

‘‘Environmental Review Procedures for

Recipients Assuming HUD

Responsibilities.’’ Section 58.1(c)(8) of

the March 13, 1995 interim rule adds

the FHA Multifamily Housing Finance

Agency Risk Sharing Pilot Program

under section 542(c) of the Housing and

Community Development Act of 1992 as

one of the programs and activities for

which States and units of general local

government are authorized to assume

responsibility of environmental review

(in lieu of HUD).

Accordingly, § 266.210(b) of the

December 5, 1994 final rule, which

identifies environmental reviews as a

HUD-retained review function, is

amended by this final rule to be

consistent with § 58.1(c)(8) of the March

13, 1995 interim rule.

II. Justification for Final Rule

In general, the Department publishes

a rule for public comment before issuing

a rule for effect, in accordance with its

own regulations on rulemaking, 24 CFR

part 10. However, part 10 does provide

for exceptions from that general rule

where the agency finds good cause to

omit advance notice and public

participation. The good cause

requirement is satisfied with prior

public procedure is ‘‘impracticable,

unnecessary, or contrary to the public

interest.’’ (24 CFR 10.1) The Department

finds that good cause exists to publish

this rule for effect without first

soliciting public comment, in that prior

public procedure is unnecessary and

contrary to the public interest. In the

December 5, 1994 final rule, the public

was advised that this amendment would

be made to the HFA Risk Sharing rule

as soon as the changes to part 58 were

made. This rule is also technical in

nature, since it makes a conforming

amendment to part 266 to make it

consistent with the recently issued

changes to part 58. Additionally, it is

contrary to public interest to first seek

public comment before issuing this rule

for effect because it is in the interest of

the HFA Risk Sharing Program, and the

participants and beneficiaries thereof, to

be able to utilize as soon as possible the

amended environmental review

procedures of part 58.
Federal Register / Vol. 60, No. 62 / Friday, March 31, 1995 / Rules and Regulations 16573

III. Other Matters

Impact on the Environment

A Finding of No Significant Impact

with respect to the environment was

made in accordance with HUD

regulations at 24 CFR part 50 that

implement section 102(2)(C) of the

National Environmental Policy Act of

1969, 42 U.S.C. 4332, in connection

with the HFA Risk Sharing final rule.

That Finding of No Significant Impact

remains applicable to this technical

confirming rule, and is available for

public inspection and copying during

regular business hours (7:30 a.m. to 5:30

p.m.) in the Office of the Rules Docket

Clerk, room 10276, 451 Seventh Street,

SW, Washington, DC 20410–0500.

Federalism Impact

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 do not have significant

impact on States or their political

subdivisions since the requirements of

the rule are limited to technical

amendments necessary to carry out

accurately the provisions of programs

whose regulations were not amended in

the original Consolidated Plan rule.

Impact on the Family

The General Counsel, as the

Designated Official under Executive

Order 12606, The Family, has

determined that this rule does not have

potential for significant impact on

family formation, maintenance, and

general well-being, and, thus is not

subject to review under the Order since

it is only a technical, confirming rule.

Impact on Small Entities

The Secretary, in accordance with the

Regulatory Flexibility Act (5 U.S.C.

605(b)), has reviewed this rule before

publication and by approving it certifies

that this rule will not have a significant

impact on a substantial number of small

entities, because it imposes no new

burdens on jurisdictions.

Regulatory Agenda

This rule was not listed in the

Department’s Semiannual Regulatory

Agenda published on November 14,

1994 (59 FR 57632, 57641), under

Executive Order 12866 and the

Regulatory Flexibility Act.

List of Subjects in 24 CFR Part 266

Aged, Fair housing,

Intergovernmental relations, Mortgage

insurance, Low and moderate income

housing, Reporting and recordkeeping

requirements.

In accordance with the reasons set

forth in the preamble, 24 CFR part 266

is amended as follows:

PART 266—HOUSING FINANCE

AGENCY RISK–SHARING PROGRAM

FOR INSURED AFFORDABLE

MULTIFAMILY PROJECT LOANS

1. The authority citation for part 266

continues to read as follows:

Authority: 12 U.S.C. 1707; 42 U.S.C.

3535(d).

2. In § 266.201, paragraph (b) is

revised to read as follows:

§ 266.210 HUD-retained review functions.

* * * * *

(b) Environmental review

requirements. To determine compliance

with the requirements of the National

Environmental Policy Act of 1969 and

related laws and authorities, the HUD

Field Office (or other responsible entity

through such delegation as may be in

effect by regulation hereafter) will visit

each project site proposed for insurance

under this part and prepare the

applicable environmental reviews as set

forth in 24 CFR part 50 (or as set forth

in 24 CFR part 58 for the other

responsible entity). These requirements

must be completed before HUD may

issue the firm approval letter.

* * * * *

Dated: March 28, 1995.

Nicolas P. Retsinas,

Assistant Secretary for Housing-Federal

Housing Commissioner.

[FR Doc. 95–8054 Filed 3–30–95; 8:45 am]

BILLING CODE 4210–27–M

DEPARTMENT OF THE TREASURY

Internal Revenue Service

26 CFR Part 1

[TD 8584]

RIN 1545–AK03

Capitalization of Interest; Correction

AGENCY: Internal Revenue Service (IRS),

Treasury.

ACTION: Correction to final regulations.

SUMMARY: This document contains

corrections to the final regulations [TD

8584] which were published in the

Federal Register for Thursday,

December 29, 1994 (59 FR 67187). The

final regulations relate to the

requirement to capitalize interest with

respect to the production of property.

EFFECTIVE DATE: January 1, 1995.

FOR FURTHER INFORMATION CONTACT: Jan

L. Skelton, (202) 622–4970 (not a tollfree number).

SUPPLEMENTARY INFORMATION:

Background

The final regulations that are the

subject of these corrections are under

section 263A(f) of the Internal Revenue

Code.

Need for Correction

As published, the final regulations

contains errors that are misleading and

in need of correction.

Correction of Publication

Accordingly, the publication of final

regulations which is the subject of FR

Doc. 94–31431, is corrected as follows:

1. On page 67190, column 1, in the

preamble following the paragraph

heading ‘‘In General’’, second full

paragraph, eighth line from the bottom

of the paragraph, the word ‘‘that’’ is

corrected to read ‘‘than’’.

2. On page 67190, column 1, in the

preamble following the paragraph

heading ‘‘In General’’, second full

paragraph, sixth line from the bottom of

the paragraph, the word ‘‘for’’ is

corrected to read ‘‘under’’.

3. On page 67190, column 2, in the

preamble following the paragraph

heading ‘‘Accounts Payable and

Simplification Rule for Tracing’’, third

full paragraph, line 8, the language

‘‘expenditures for all property. IRS and’’

is corrected to read ‘‘expenditures for all

property. The IRS and’’.

4. On page 67191, column 1, in the

preamble following the paragraph

heading ‘‘Notional Principal Contracts’’,

line 1, the word ‘‘principle’’ is corrected

to read ‘‘principal’’.

5. On page 67192, in the preamble

following the paragraph heading ‘‘Land

Attributable to Benefitted Property’’,

line 11 from the top of column 1, the

word ‘‘on’’ is corrected to read ‘‘of’’.

6. On page 67192, column 3, in the

preamble following the paragraph

heading ‘‘Utilities—Construction Work

in Process’’, paragraph 2, line 7, the

language ‘‘FAS’’ is corrected to read

‘‘SFAS’’.

7. On page 67195, column 1, in the

preamble following the paragraph

heading ‘‘In General’’, paragraph 2, line

1, the date ‘‘August 17, 1998’’ is

corrected to read ‘‘August 17, 1988’’.

8. On page 67195, column 2, in the

preamble following the paragraph

heading ‘‘Consolidated Return Interest

Rule’’, first full paragraph, line 5 from

the bottom of the paragraph, the

language ‘‘interest intragroup debt, but

at the same’’ is corrected to read