97-2197. Refinancing Community Facilities Loans

[Federal Register Volume 62, Number 19 (Wednesday, January 29, 1997)]
[Notices]
[Page 4246]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-2197]


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DEPARTMENT OF AGRICULTURE
Rural Housing Service


Refinancing Community Facilities Loans

AGENCY: Rural Housing Service, USDA.

ACTION: Notice.

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SUMMARY: This Notice describes the Rural Housing Service (RHS) 
Community Facilities (CF) loan program refinancing policies, informs 
commercial lenders of the availability of a list of eligible CF 
borrowers who have the potential to refinance outstanding debt, and 
invites cooperative and private credit sources to participate in 
refinancing loans. This action ensures that CF loan program borrowers 
are aware of lenders that are willing to provide reasonable rates and 
terms for refinancing. The intended effect of this action is to 
increase the number of cooperative or private credit sources which are 
actively involved with RHS's refinancing efforts.

FOR FURTHER INFORMATION CONTACT: Chadwick O. Parker, Loan Specialist, 
Rural Housing Service, USDA, Room 6314, South Agriculture Building, 
1400 Independence Avenue SW., Washington, D.C. 20250, Telephone: (202) 
720-1502.

SUPPLEMENTARY INFORMATION:

Program Affected

    This action affects the RHS program listed in the Catalog of 
Federal Domestic Assistance as 10.766 Community Facilities Loans.

Discussion of Notice

    The RHS CF loan program provides credit to public entities such as 
municipalities, counties, special-purpose districts, Indian tribes, and 
nonprofit corporations. Eligible CF loan purposes are to construct, 
enlarge, extend, or otherwise improve community facilities providing 
essential services. The loan program is administered in a manner which 
ensures that it does not compete with credit available from private 
sources. Loan agreements require financially capable borrowers to 
refinance debts owed to the RHS when other credit is available at 
reasonable rates and terms from a cooperative or private credit source.
    The RHS would like to further develop its public/private 
partnerships while enhancing its refinancing efforts. As part of these 
efforts, each Rural Development State Office, which administers the CF 
loan program in the field, will maintain a current listing of borrowers 
who have the potential to refinance. The RHS will also maintain a 
national list on its World Wide Web site at http://www.rurdev.usda.gov/
agency/rhs/cf/cf.htm.
    The RHS will develop a unified database of lenders interested in 
this refinancing initiative as part of their ongoing effort to 
establish a stronger alliance with private sector lenders. The RHS 
requests that interested lenders contact the State Office in each State 
where they have active lending operations.

    Dated: January 21, 1997.
Jan Shadburn,
Acting Administrator, Rural Housing Service.
[FR Doc. 97-2197 Filed 1-28-97; 8:45 am]
BILLING CODE 3410-XV-U