[Federal Register Volume 60, Number 62 (Friday, March 31, 1995)]
[Rules and Regulations]
[Pages 16571-16572]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-8053]



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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner

24 CFR Parts 204 and 267

[Docket No. R-95-1626; FR-3027-C-03]
RIN 2502-AF25


Appraisals and Property Valuation; Corrections

AGENCY: Office of the Assistant Secretary for Housing-Federal Housing 
Commissioner, HUD.

ACTION: Final rule; Corrections.

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SUMMARY: On October 3, 1994 (59 FR 50456), the Department published in 
the Federal Register, a final rule that established 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 established criteria for the selection of appraisers 
by mortgagees. That rule erroneously revised a nonexistent 
Sec. 204.3(b), which had previously been removed by the complete 
revision of 24 CFR part 204 on August 5, 1994 (59 FR 39956). To avoid 
further confusion, this document removes Sec. 204.3(b).
    The October 3 final rule also added a new part 267 to title 24 of 
the Code of Federal Regulations. This document clarifies and corrects 
cross-references contained in Secs. 267.3(c)(1) and (c)(2).

EFFECTIVE DATE: December 2, 1994.

FOR FURTHER INFORMATION CONTACT: For single family programs: Morris 
Carter, [[Page 16572]] 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 
(Sec. 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, Sec. 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 cross-references to paragraph 
(c)(3)(iii), which were contained in Secs. 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 Sec. 204.3(b), 
and by amending Sec. 267.3 to remove cross-references contained in 
Secs. 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:


Sec. 204.3  [Amended]

    1. On page 50464, in column one, amendatory instruction 6. and 
Sec. 204.3(b) are removed.


Sec. 267.3  [Amended]

    2. On page 50465, in column one, in Sec. 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 Sec. 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]
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