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[Federal Register Volume 66, Number 243 (Tuesday, December 18, 2001)]
[Proposed Rules]
[Pages 65162-65163]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-31049]

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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Parts 5 and 202

[Docket No. FR-4681-C-02]

Uniform Financial Reporting StandardsFor HUD Housing Programs, 
Additional Entity Filing Requirements; Correction

AGENCY: Office of the General Counsel, HUD.

ACTION: Proposed rule; correction.

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SUMMARY: On November 30, 2001, HUD published a proposed rule entitled 
``Uniform Financial Reporting Standards for HUD Housing Programs, 
Additional Entity Filing Requirements.'' The preamble to the rule 
(although not the rule text) misstates the date by which the financial 
statements of entities covered by the rule must submit their financial 
statements electronically. This notice corrects the preamble.

FOR FURTHER INFORMATION CONTACT: For further information about the 
entities covered by the proposed rule and this correction notice, Lynn 
Herbert, the Office of Housing, U.S. Department of Housing and Urban 
Development, 451 Seventh Street, SW., Washington, DC 20410, telephone 
202-708-3976 (this is not a toll-free number). For general information 
about this notice and the proposed rule, Stacey Kniff, Real Estate 
Assessment Center, U.S. Department of Housing and Urban Development, 
1280 Maryland Avenue, SW., Suite 800, Washington, DC 20024, telephone 
Technical Assistance Center, 1-888-245-4860 (this is a toll-free 
number). Persons with hearing or speech impairments may access these 
telephone numbers via TTY by calling the Federal Information Relay 
Service at (800) 877-8339. Additional information is available from the 
REAC Web site at http://www.hud.gov/reac/.

SUPPLEMENTARY INFORMATION: On November 30, 2001, HUD published a 
proposed rule entitled ``Uniform Financial Reporting Standards for HUD 
Housing Programs, Additional Entity Filing Requirements'' at 66 FR 
60132. The preamble to the proposed rule, in the third column of that 
page, immediately above the ``Findings and Certifications'' section, 
states:

[[Page 65163]]

    This rule when issued as a final rule would be effective for the 
covered Title I and Title II nonsupervised lenders, nonsupervised 
mortgagees, and loan correspondents after December 31, 2001. Audited 
financial statements submitted by the covered entities on or after 
January 1, 2002 must be submitted electronically. Audited financial 
statements submitted prior to January 1, 2002, may either be 
submitted in paper or electronically at the lenders' option.

    Due to the time frame of this rulemaking, the effective date has 
been pushed back to June 1, 2002, which is stated correctly in the 
regulation at Sec. 5.801(d)(3). In the proposed rule published on 
November 30, 2001, the second paragraph in the third column on page 
60132 as FR Doc 01-29680 quoted above should read:

    This rule when issued as a final rule would be effective for the 
covered Title I and Title II nonsupervised lenders, nonsupervised 
mortgagees, and loan correspondents after May 31, 2001. Audited 
financial statements submitted by the covered entities on or after 
June 1, 2002 must be submitted electronically. Audited financial 
statements submitted prior to June 1, 2002, may either be submitted 
on paper or electronically at the lenders' option.

    Dated: December 12, 2001.
Aaron Santa Anna,
Assistant General Counsel, for Regulations.
[FR Doc. 01-31049 Filed 12-17-01; 8:45 am]
BILLING CODE 4210-27-P
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