[Federal Register Volume 59, Number 235 (Thursday, December 8, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-30232]
[[Page Unknown]]
[Federal Register: December 8, 1994]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of the Assistant Secretary for Housing-Federal Housing
Commissioner
24 CFR Part 291
[Docket No. R-94-1670; FR-3253-C-03]
RIN 2502-AF75
Single Family Property Disposition Program; Final Rule;
Correction
AGENCY: Office of the Assistant Secretary for Housing-Federal Housing
Commissioner, HUD.
ACTION: Final rule; correction.
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SUMMARY: On September 22, 1994 (59 FR 48702), the Department published
in the Federal Register, a final rule that governs the disposition of
HUD-acquired single family properties and the circumstances under which
HUD will accept such properties when they are occupied. The limitation
of the provisions of Sec. 291.100(d) to revitalization areas was
inadvertent, and intended to be removed by the final rule. The purpose
of this document is to correct Sec. 291.100(d)(2) by adding the
appropriate language to the preamble to make reference to the removal
of ``revitalization areas'', and by removing a reference to
``revitalization areas'' from that section.
EFFECTIVE DATE: October 24, 1994.
FOR FURTHER INFORMATION CONTACT: David H. Patton, Acting Director,
Single Family Property Disposition, room 9172, Department of Housing
and Urban Development, 451 Seventh Street, SW., Washington, DC 20410-
0500; telephone (202) 708-0740; TDD for hearing- and speech-impaired,
(202) 708-4594. (These are not toll-free numbers.)
SUPPLEMENTARY INFORMATION: Title II of the National Housing Act (the
Act) authorizes HUD to insure mortgages for single family residences
through the Federal Housing Administration (FHA) single family mortgage
insurance program. The disposition program for single family
properties, acquired by HUD in exchange for payment of insurance
claims, is authorized by section 204(g) of the Act. The regulations
governing the disposition program are codified at 24 CFR part 291.
In Sec. 291.100(d), purchase money mortgages (PMMs) in
revitalization areas were made available for 85 percent of the purchase
price, at current market interest rates, for a period not to exceed
five years for direct sale purchases (i.e., governmental entities and
private nonprofit organizations) meeting FHA mortgage credit standards
and purchasing properties for ultimate resale to owner-occupant
purchasers at or below 115 percent of median income.
The limitation of the provisions of Sec. 291.100(d) to
revitalization areas was inadvertent, and intended to be removed by the
final rule. Additionally, the preamble to the final rule intended to
make reference to the removal of ``revitalization aeas'' in
Sec. 291.100(d). Accordingly, this document corrects Sec. 291.100(d)(2)
by removing the reference to ``revitalization areas'' from that
section, and by adding the appropriate language to the preamble.
Accordingly, FR Doc. 94-23412, a final rule published in the
Federal Register on September 22, 1994 (59 FR 48702), that amended 24
CFR Part 291, Single Family Property Disposition Program, is corrected
as follows:
1. On page 48704, in the preamble, in the third column, under ``IV.
Other Amendments'', the paragraph is corrected by adding the following
sentence to the end of the paragraph, to read as follows:
IV. Other Amendments
* * * Additionally, the Department has agreed that the provisions
of Sec. 291.100(d)(2) should not be limited to revitalization areas,
and the final rule makes this amendment.
2. On page 48705, in Sec. 291.100, paragraph (d)(2) is corrected by
removing the phrase ``In revitalization areas,'' from the beginning of
the first sentence.
Dated: December 2, 1994.
Nicolas P. Retsinas,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 94-30232 Filed 12-7-94; 8:45 am]
BILLING CODE 4210-27-P
