Federal Register / Vol. 73, No. 202 / Friday, October 17, 2008 / Rules and Regulations 61665 

§ 1291.2 Required annual AHP 

contributions; allocation of contributions. 

* * * * * 

(b) * * * 

(2) Homeownership set-aside 

programs—(i) Allocation amount; firsttime homebuyers. (A) A Bank, in its 

discretion, may set aside annually, in 

the aggregate, up to the greater of $4.5 

million or 35 percent of the Bank’s 

annual required AHP contribution to 

provide funds to members participating 

in homeownership set-aside programs, 

including a mortgage refinancing setaside program established under 

paragraph (f) of this section, pursuant to 

the requirements of this part. 

(B) If a Bank sets aside funds solely 

for homeownership set-aside programs 

other than a mortgage refinancing 

program established under paragraph (f) 

of this section, at least one-third of the 

Bank’s aggregate annual set-aside 

allocation to such programs shall be to 

assist first-time homebuyers. 

* * * * * 

■ 8. Amend § 1291.6 by adding 

paragraph (f) to read as follows: 

§ 1291.6 Homeownership set-aside 

programs. 

* * * * * 

(f) Mortgage refinancing program—(1) 

General. A Bank may establish a 

homeownership set-aside program for 

the use of AHP direct subsidy by its 

members to assist in the refinancing of 

a household’s mortgage loan, provided 

such program meets the requirements of 

this paragraph (f) and otherwise meets 

the requirements of part 1291. The 

provisions of paragraphs (c)(2)(ii), 

(c)(2)(iii), and (c)(4) through (c)(8) of 

this section, shall not apply to such 

program. 

(2) Eligible loans. A loan is eligible to 

be refinanced with AHP direct subsidy 

if the loan is secured by a first mortgage 

on an owner-occupied unit that is the 

primary residence of the household, and 

the loan is refinanced under the Federal 

Housing Administration’s (FHA) HOPE 

for Homeowners Program established 

pursuant to Title IV of the Housing and 

Economic Recovery Act of 2008 and 

thereby meets all applicable 

underwriting requirements and other 

standards under Title II of the National 

Housing Act, as amended by Title IV (12 

U.S.C. 1707 et seq.). 

(3) Eligible uses of AHP direct 

subsidy. Members may provide the AHP 

direct subsidy to: 

(i) Reduce the outstanding principal 

balance of the loan below the maximum 

loan-to-value ratio required under the 

HOPE for Homeowners Program in 

order to make the refinanced loan 

affordable to the household by enabling 

the household to meet the HOPE for 

Homeowners Program’s debt-to-income 

standards for a low-or moderate-income 

household; or 

(ii) Pay FHA-approved loan closing 

costs. 

(4) Eligible lender participants. A 

Bank may provide the AHP direct 

subsidy to members that are FHAapproved lenders for the purpose of 

refinancing an eligible loan with an 

FHA-insured loan by the member, or, in 

the Bank’s discretion, to members that 

provide the subsidy to FHA-approved 

lenders that are not members of the 

Bank for the purpose of refinancing an 

eligible loan if, after consulting with the 

Bank’s Advisory Council, the Bank 

determines that such action would be in 

the best interests of borrowers in the 

Bank’s district. 

(5) Sunset. (i) This paragraph (f) shall 

expire on July 30, 2010, and a Bank may 

not commit AHP subsidy to households 

under its refinancing program after such 

date. 

(ii) A lender may use the AHP subsidy 

committed by such date for a loan 

submitted to the FHA for approval on or 

before July 30, 2010 that is approved for 

refinancing under the HOPE for 

Homeowners Program after such date. 

■ 9. Amend § 1291.7 by: 

■ a. In paragraph (b)(1)(ii), adding ‘‘and 

§ 1291.6(f)’’ after ‘‘§ 1291.6(c)’’; and 

■ b. In paragraph (b)(2)(i), adding ‘‘and 

§ 1291.6(f)’’ after ‘‘§ 1291.6(c)’’. 

■ 10. In newly redesignated § 1291.11, 

revise all references to ‘‘Board of 

Directors’’ to read ‘‘Director’’. 

Dated: October 7, 2008. 

James B. Lockhart III, 

Director, Federal Housing Finance Agency. 

[FR Doc. E8–24320 Filed 10–16–08; 8:45 am] 

BILLING CODE 8070–01–P 

SMALL BUSINESS ADMINISTRATION 

13 CFR Part 101 

RIN 3245–AF75 

Small Business Energy Efficiency 

Program 

AGENCY: Small Business Administration. 

ACTION: Direct final rule; comment 

request. 

SUMMARY: The U.S. Small Business 

Administration (SBA or Administration) 

is establishing a government-wide 

program that builds on the Energy Star 

for Small Business Program, and is 

located at http://www.sba.gov/energy. 

This rule is promulgated to comply with 

a provision of the Energy Independence 

and Security Act of 2007. 

DATES: This rule is effective December 1, 

2008, without further action, unless 

SBA receives a significant adverse 

comment by November 17, 2008. If SBA 

receives any significant adverse 

comments, SBA will publish a timely 

withdrawal of this rule in the Federal 

Register. 

ADDRESSES: You may submit comments, 

identified by RIN: 3245–AF75, by any of 

the following methods: 

• Federal eRulemaking Portal: http:// 

www.regulations.gov. Follow the 

instructions for submitting documents. 

• Mail, for paper, disk, or CD–ROM 

submissions: Kathryn Holt, Analyst, 

Office of Policy and Strategic Planning, 

Office of the Administrator, 409 Third 

Street, SW., Mail Code 2150, 

Washington, DC 20416. 

• Hand Delivery/Courier: Kathryn 

Holt, Analyst, Office of Policy and 

Strategic Planning, Office of the 

Administrator, 409 Third Street, SW., 

Mail Stop 2150, Washington, DC 20416. 

SBA will post all comments on 

http://www.regulations.gov. If you wish 

to submit confidential business 

information (CBI) as defined in the User 

Notice at http://www.regulations.gov, 

please submit the information to 

Kathryn Holt, Analyst, Office of Policy 

and Strategic Planning, Office of the 

Administrator, 409 Third Street, SW., 

Mail Stop 2150, Washington, DC 20416, 

or send an e-mail to 

kathryn.holt@sba.gov. Highlight the 

information that you consider to be CBI 

and explain why you believe SBA 

should hold this information as 

confidential. SBA will review the 

information and make its final 

determination of whether it will publish 

the information or not. 

FOR FURTHER INFORMATION CONTACT: 

Kathryn Holt, Analyst, Office of Policy 

and Strategic Planning, Office of the 

Administrator, 409 Third Street, SW., 

Mail Stop 2150, Washington, DC 20416 

or kathryn.holt@sba.gov. 

SUPPLEMENTARY INFORMATION: The 

Administration has developed and 

coordinated a Government-wide 

program, building on the Energy Star for 

Small Business Program, to assist small 

business concerns in: Becoming more 

energy efficient, understanding the cost 

savings from improved energy 

efficiency, and identifying financing 

options for energy efficiency upgrades. 

This rule is promulgated to comply with 

the Energy Independence and Security 

Act of 2007, § 1203(b). (15 U.S.C. 657h). 

The program was developed and 

coordinated in consultation with the 

Secretary of the Department of Energy 

and the Administrator of the 

Environmental Protection Agency, and 


jlentini on PROD1PC65 with RULES
61666 Federal Register / Vol. 73, No. 202 / Friday, October 17, 2008 / Rules and Regulations 

in cooperation with entities the 

Administration has considered 

appropriate, for example, industry trade 

associations, industry members, and 

energy efficiency organizations. 

The Administration is making 

available the information and materials 

developed under the program to small 

business concerns, including smaller 

design, engineering, and construction 

firms, and other Federal programs for 

energy efficiency, such as the Energy 

Star for Small Business Program. 

The Administration will develop a 

strategy to educate, encourage, and 

assist small business concerns in 

adopting energy efficient building 

fixtures and equipment. 

Consideration of Comments 

This is a direct final rule, and SBA 

will review all comments. SBA believes 

that this rule is routine and noncontroversial, and SBA anticipates no 

significant adverse comments to this 

rulemaking. If SBA receives any 

significant adverse comments, it will 

publish a timely withdrawal of this 

direct final rule. 

Compliance With Executive Orders 

12866, 12988, and 13132, the 

Paperwork Reduction Act (44 U.S.C. 

Ch. 35), and the Regulatory Flexibility 

Act (5 U.S.C. 601–612) 

Executive Order 12866 

The Office of Management and Budget 

(OMB) has determined that this rule 

does not constitute a significant 

regulatory action under Executive Order 

12866. 

Executive Order 12988 

This action meets applicable 

standards set forth in sections 3(a) and 

3(b)(2) of Executive Order 12988, Civil 

Justice Reform, to minimize litigation, 

eliminate ambiguity, and reduce 

burden. The action does not have 

retroactive or preemptive effect. 

Executive Order 13132 

For purposes of E.O. 13132, the SBA 

has determined that the rule will not 

have substantial, direct effects on the 

States, on the relationship between the 

national government and the States, or 

on the distribution of power and 

responsibilities among the various 

levels of government. Therefore, for the 

purpose of Executive Order 13132, 

Federalism, SBA determines that this 

proposed rule has no federalism 

implications warranting preparation of a 

federalism assessment. 

Paperwork Reduction Act, 44 U.S.C. Ch. 

35 

SBA has determined that this 

proposed rule does not impose 

additional reporting or recordkeeping 

requirements under the Paperwork 

Reduction Act, 44 U.S.C. Chapter 35. 

Regulatory Flexibility Act, 5 U.S.C. 601– 

612 

The Regulatory Flexibility Act (RFA) 

5 U.S.C. 601, requires administrative 

agencies to consider the effect of their 

actions on small entities, small nonprofit enterprises, and small local 

governments. Pursuant to the RFA, 

when an agency issues a rulemaking, 

the agency must prepare a regulatory 

flexibility analysis which describes the 

impact of the rule on small entities. 

However, section 605 of the RFA allows 

an agency to certify a rule, in lieu of 

preparing an analysis, if the rulemaking 

is not expected to have a significant 

economic impact on a substantial 

number of small entities. Within the 

meaning of RFA, SBA certifies that this 

rule will not have a significant 

economic impact on a substantial 

number of small entities. 

List of Subjects in 13 CFR Part 101 

Administrative practice and 

procedure, Authority delegations 

(Government agencies), 

Intergovernmental relations, 

Investigations, Organization and 

functions (Government agencies), 

Reporting and recordkeeping 

requirements. 

■ For the reasons stated in the preamble, 

the Small Business Administration 

amends 13 CFR part 101 as follows: 

PART 101–ADMINISTRATION 

■ 1. The authority citation for part 101 

is revised to read as follows: 

Authority: 5 U.S.C. 552 and App. 3, secs. 

2, 4(a), 6(a), and 9(a)(1)(T); 15 U.S.C. 633, 

634, 687; 31 U.S.C. 6506; 44 U.S.C. 3512; 42 

U.S.C. 6307(d); 15 U.S.C. 657h; E.O. 12372 

(July 14, 1982), 47 FR 30959, 3 CFR, 1982 

Comp., p. 197, as amended by E.O. 12416 

(April 8, 1983), 48 FR 15887, 3 CFR, 1983 

Comp., p. 186. 

■ 2. Amend part 101 by adding Subpart 

E to read as follows: 

Subpart E—Small Business Energy 

Efficiency 

Sec. 

101.500 Small Business Energy Efficiency 

Program. 

§ 101.500 Small Business Energy 

Efficiency Program. 

(a) The Administration has developed 

and coordinated a Government-wide 

program, which is located at http:// 

www.sba.gov/energy, building on the 

Energy Star for Small Business Program, 

to assist small business concerns in 

becoming more energy efficient, 

understanding the cost savings from 

improved energy efficiency, and 

identifying financing options for energy 

efficiency upgrades. 

(b) The Program has been developed 

and coordinated in consultation with 

the Secretary of the Department of 

Energy and the Administrator of the 

Environmental Protection Agency, and 

in cooperation with entities the 

Administrator has considered 

appropriate, for example, such as 

industry trade associations, industry 

members, and energy efficiency 

organizations. SBA’s Office of Policy 

and Strategic Planning will be 

responsible for overseeing the program 

but will coordinate with the Department 

of Energy and EPA. 

(c) The Administration is distributing 

and making available online, the 

information and materials developed 

under the program to small business 

concerns, including smaller design, 

engineering, and construction firms, and 

other Federal programs for energy 

efficiency, such as the Energy Star for 

Small Business Program. 

(d) The Administration will develop a 

strategy to educate, encourage, and 

assist small business concerns in 

adopting energy efficient building 

fixtures and equipment. 

Sandy K. Baruah, 

Acting Administrator. 

[FR Doc. E8–24599 Filed 10–16–08; 8:45 am] 

BILLING CODE 8025–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

17 CFR Part 240 

[Release No. 34–58774; File No. S7–08–08] 

RIN 3235–AK06 

‘‘Naked’’ Short Selling Antifraud Rule 

AGENCY: Securities and Exchange 

Commission. 

ACTION: Final rule. 

SUMMARY: The Securities and Exchange 

Commission (‘‘Commission’’) is 

adopting an antifraud rule under the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’) to address fails to 

deliver securities that have been 

associated with ‘‘naked’’ short selling. 

The rule will further evidence the 

liability of short sellers, including 

broker-dealers acting for their own 


jlentini on PROD1PC65 with RULES