[Federal Register Volume 59, Number 145 (Friday, July 29, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-18498]
[[Page Unknown]]
[Federal Register: July 29, 1994]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of the Secretary
[Docket No. N-94-3038; FR-2736-N-13]
Regulatory Waiver Requests Granted
AGENCY: Office of the Secretary, HUD.
ACTION: Public Notice of the Granting of Regulatory Waivers.
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SUMMARY: Under Section 106 of the Department of Housing and Urban
Development Reform Act of 1989 (Reform Act), the Department is required
to make public all approval actions taken on waivers of regulations.
This Notice provides notification of waivers granted during the period
from January 1 to March 31, 1994. It also includes waivers from the
Office of Housing covering the period from October 1 to December 31,
1993 that were not reported earlier.
FOR FURTHER INFORMATION CONTACT:
For general information about this Notice, contact Brenda W. Gladden,
Acting Assistant General Counsel for Regulations, Room 10276,
Department of Housing and Urban Development, 451 Seventh Street, SW,
Washington, DC 20410; (202) 708-3055; (TDD) (202) 708-3259. (These are
not toll-free numbers.) For information concerning a particular waiver
action, contact the person whose name and address is set out for the
particular item in the accompanying list of waiver-grant actions.
SUPPLEMENTARY INFORMATION: Section 106 of the Reform Act amended
Section 7 of the Department of Housing and Urban Development Act (42
U.S.C. 3535(q)(3)) to provide:
1. Any waiver of a regulation must be in writing and must specify
the grounds for approving the waiver;
2. Authority to approve a waiver of a regulation may be delegated
by the Secretary only to an individual of Assistant Secretary rank or
equivalent rank, and person to whom authority to waive is delegated
must also have authority to issue the particular regulation to be
waived;
3. Not less than quarterly, the Secretary must notify the public of
all waivers of regulations that the Department has approved, by
publishing a Notice in the Federal Register. These Notices (each
covering the period since the most recent previous notification) shall:
a. Identify the project, activity, or undertaking involved;
b. Describe the nature of the provision waived, and the designation
of the provision;
c. Indicate the name and title of the person who granted the waiver
request;
d. Describe briefly the grounds for approval of the request;
e. State how additional information about a particular waiver grant
action may be obtained.
Today's document notifies the public of HUD's waiver-grant activity
from January 1 to March 31, 1994. The next Notice, which will be
published in the near future, will cover the period from April 1
through June 30, 1994.
For ease of reference, waiver requests granted by departmental
officials authorized to grant waivers are listed in a sequence keyed to
the section number of the HUD regulation involved in the waiver action.
For example, a waiver-grant action involving exercise of authority
under 24 CFR 24.200 (involving the waiver of a provision in Part 24)
would come early in the sequence, while waivers in the Section 8 and
Section 202 programs (24 CFR Chapter VIII) would be among the last
matters listed. Where more than one regulatory provision is involved in
the grant of a particular waiver request, the action is listed under
the section number of the first regulatory requirement in Title 24 that
is being waived as part of the waiver-grant action. (For example, a
waiver of both Sec. 811.105(b) and Sec. 811.107(a) would appear
sequentially in the listing under Sec. 811.105(b).) Waiver-grant
actions involving the same initial regulatory citation are in time
sequence beginning with the earliest-dated waiver-grant action.
Should the Department receive additional reports of waiver actions
taken during the period covered by this report before the next report
is published, the next updated report will include these earlier
actions.
Accordingly, information about approved waiver requests pertaining
to regulations of the Department is provided in the Appendix to this
Notice.
Dated: July 15, 1994.
Henry G. Cisneros,
Secretary.
Appendix
Listing of Waivers of Regulatory Requirements Granted by Officers
of the Department of Housing and Urban Development January 1, 1994
through March 31, 1994 and October 1, 1993 through December 31, 1993
(Office of Housing).
NOTE TO READER: The person to be contacted for additional
information about these waivers is: James B. Mitchell, Director,
Financial Services Division, Office of Housing, Department of Housing
and Urban Development, 470 L'Enfant Plaza East, Room 3119, Washington,
DC 20024, Phone: (202) 755-7450.
REGULATION: 24 CFR Sections 811.106(d) and 811.107(d) of 1977
Regulations.
PROJECT/ACTIVITY: Outagamie County (Wisconsin) HA refunding of
bonds which financed an uninsured Section 8 assisted project: HUD
Project Number WI39-0037-012.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
DATE GRANTED: October 21, 1993.
REASONS WAIVED: The Part 811 regulations cited above prohibited
refundings and required that excess reserve balances be used for
project purposes. The issuer has requested HUD permission to release
excess reserve balances from the 1977 Trust Indenture for use in its
housing assistance programs for low- and moderate-income families.
Issuance of 1993 refunding bonds under Section 103 of the Tax Code will
not reduce project debt service nor generate Section 8 savings.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Greencastle, Indiana Housing, Inc., refunding of
bonds which financed a Section 8 assisted project, Castlebury
Apartments, FHA No. 073-35342.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing--
Federal Housing Commissioner.
DATE GRANTED: October 6, 1993.
REASONS WAIVED: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on August 3,
1993. Refunding bonds have been priced to an average yield of 5.8%. The
tax-exempt refunding bond issue of $2,615,000 at current low-interest
rates will save Section 8 subsidy. The Treasury also gains long-term
tax revenue benefits through replacement of outstanding tax-exempt
coupons of 9.6%-10.3% at the call date in 1993 with tax-exempt bonds
yielding 5.8%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 10.3% to
6.8%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's Section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for lower-income families after subsidies expire, a
priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1),
811.108(a)(3), 811.108(b)(1)(i), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Berkeley Township, New Jersey HA refunding of
bonds which financed an uninsured Section 8 assisted project, Bayville
Senior Citizens Apartments.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: October 20, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
August 24, 1993. Refunding bonds have been priced to an average yield
of 5.69%. The tax-exempt refunding bond issue of $3,915,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.5% at the call date in 1993 with tax-exempt bonds
yielding 5.69% The refunding serves the important public purposes of
reducing HUD's Section 8 program costs, improving Treasury tax
revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Richmond, Kentucky HDC refunding of bonds which
financed a Section 8 assisted project, Madison Towers Apartments, FHA
No. 083-35357.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: November 15, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on October 12,
1993. Refunding bonds have been priced to an average yield of 5.64%.
The tax-exempt refunding bond issue of $4,610,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt bonds at 12% on the call date in 1993 with tax-exempt bonds
yielding 5.64%. The refunding will also substantially reduce the
project debt service at expiration of the HAP contract, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Raeford, North Carolina HA refunding of bonds
which financed a Section 8 assisted project, Yadkin Trail Homes, FHA
No. 053-35446.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: November 22, 1993.
REASON WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on April 7, 1993.
Refunding bonds have been priced to an average yield of 6.03%. The tax-
exempt refunding bond issue of $1,500,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt bonds at
an interest rate of 10.75% on the call date in 1993 with tax-exempt
bonds yielding 6.03%. The refunding will also substantially reduce the
FHA mortgage interest rate at expiration of the HAP contract, from
11.2% to 6.53%, thus reducing FHA mortgage insurance risk. The
refunding serves the important public purposes of reducing HUD's
Section 8 program costs, improving Treasury tax revenues, (helping
reduce the budget deficit), and increasing the likelihood that projects
will continue to provide for lower-income families after subsidies
expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Rayville, Louisiana HDC refunding of bonds which
financed a Section 8 assisted project, Rayville West Apartments.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: November 22, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
October 6, 1993. Refunding bonds have been priced to an average yield
of 5.74%. The tax-exempt refunding bond issue of $1,620,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt bonds at 9.75% on the call date in 1993 with tax-exempt bonds
yielding 5.74%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 10% to
6.45%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's Section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for lower-income families after subsidies expire, a
priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Chicago, Metropolitan HDC refunding of bonds
which financed two Section 8 assisted projects, Lafayette Terrace
Apartments, FHA No. 071-35487 and Evergreen Terrace, FHA No. 071-35406.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: November 23, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on November 8,
1993. Refunding bonds have been priced to an average yield of 6%. The
tax-exempt refunding bond issue of $9,505,000 at current low-interest
rates will save Section 8 subsidy. The Treasury also gains long-term
tax revenue benefits through replacement of outstanding tax-exempt
coupons of 9.85%-13% at the call date in 1993 with tax-exempt bonds
yielding 6%. The refunding will also substantially reduce project debt
service at expiration of the HAP contracts, thus reducing FHA mortgage
insurance risk. The refunding serves the important public purposes of
reducing HUD's Section 8 program costs, improving Treasury tax
revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Noblesville, Indiana HA refunding of bonds which
financed a Section 8 assisted project, Noblesville Manor Apartments.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: November 23, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
October 29, 1993. Refunding bonds have been priced to an average yield
of 6.04%. The tax-exempt refunding bond issue of $1,815,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt bonds at a 9.5% interest rate on the call date in 1993 with tax-
exempt bonds yielding 6.04%. The refunding will also substantially
reduce the FHA mortgage interest rate at expiration of the HAP
contract, from 9.5% to 5.0%, thus reducing FHA mortgage insurance risk.
The refunding serves the important public purposes of reducing HUD's
Section 8 program costs, improving Treasury tax revenues, (helping
reduce the budget deficit), and increasing the likelihood that projects
will continue to provide housing for lower-income families after
subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d),
811.115(b).
PROJECT/ACTIVITY: Jackson, MS HA refunding of bonds which financed
a Section 8 assisted project, North Hills Apartments, FHA No. 065-35338
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: November 30, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on October 5,
1993. Refunding bonds have been priced to an average yield of 5.69%.
The tax-exempt refunding bond issue of $2,185,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.2%-11.5% at the call date in 1993 with tax-exempt
bonds yielding 5.69%. The refunding will also substantially reduce the
FHA mortgage interest rate at expiration of the HAP contract, from 12%
to 6.6%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's Section 8
program costs, improving Treasury tax revenues, (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for lower-income families after subsidies
expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Newark, New Jersey HA refunding of bonds which
financed two Section 8 assisted projects, Fairview Homes and Lock
Street Apartments, FHA No. 031-35118.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: December 10, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
October 20, 1993. Refunding bonds have been priced to an average yield
of 6.28%. The tax-exempt refunding bond issue of $7,860,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt bonds at a 10.5% interest rate on the call date in 1993 with
tax-exempt bonds yielding 6.28%. The refunding will also substantially
reduce the projects' debt service at expiration of the HAP contract,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Newport Highlands (NY) HDC refunding of bonds
which financed a Section 8 assisted project, Newport Highlands
Apartments, FHA No. 014-35050.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: December 22, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
December 8, 1993. Refunding bonds have been priced to an average yield
of 6.10%. The tax-exempt refunding bond issue of $7,470,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 8.6%-11.5% at the call date in 1993 with tax-exempt
bonds yielding 6.10%. The refunding will also substantially reduce the
FHA mortgage interest rate, thus reducing FHA mortgage insurance risk.
The refunding serves the important public purposes of reducing HUD's
Section 8 program costs, improving Treasury tax revenues, (helping
reduce the budget deficit), and increasing the likelihood that projects
will continue to provide housing for lower-income families after
subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Decatur, Mississippi HDC refunding of bonds which
financed a Section 8 assisted project, Decatur Meadows Apartments, FHA
No. 065-35363.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: December 22, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on November 18,
1993. Refunding bonds have been priced to an average yield of 6.24%.
The tax-exempt refunding bond issue of $1,225,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.5% at the call date in 1993 with tax-exempt bonds
yielding 6.24%. The refunding will also substantially reduce the
project debt service at expiration of the HAP contract, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Lucas County, Ohio HA refunding of bonds which
financed a Section 8 assisted project, Greenview Gardens Apartments,
FHA No. 042-35357.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: December 27, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
December 15, 1993. Refunding bonds have been priced to an average yield
of 5.89%. The tax-exempt refunding bond issue of $4,400,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 10.1% at the call date in 1993 with tax-exempt bonds
yielding 5.89%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 10.35%
to 6.0%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's Section 8
program costs, improving Treasury tax revenues, (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for lower-income families after subsidies
expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Evansville, Indiana HA refunding of bonds which
financed a Section 8 assisted project, Avondale I Apartments, FHA No.
073-35488.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: December 28, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refunding bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on December 17,
1993. Refunding bonds have been priced to an average yield of 6.0%. The
tax-exempt refunding bond issue of $3,315,000 at current low-interest
rates will save Section 8 subsidy. The Treasury also gains long-term
tax revenue benefits through replacement of outstanding tax-exempt
coupons of 10%-10.25% at the call date in 1993 with tax-exempt bonds
yielding 6.0%. The refunding will also substantially reduce the project
debt service at expiration of the HAP contract, thus reducing FHA
mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Evansville, Indiana HA refunding of bonds which
financed a Section 8 assisted project, Avondale II Apartments, FHA No.
073-35381.
NATURE OF REQUIREMENT: The regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: December 28, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
December 17, 1993. Refunding bonds have been priced to an average yield
of 5.98%. The tax-exempt refunding bond issue of $2,245,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.75% at the call date in 1993 with tax-exempt bonds
yielding 5.98%. The refunding will also substantially reduce the
project debt service at expiration of the HAP contract, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), and 811.117.
PROJECT/ACTIVITY: Everett, Washington HA refunding of bonds which
financed a Section 8 assisted project, Broadway Plaza East Apartments,
FHA No. 127-35359.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: October 8, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under Section 103 of the Tax Code. This
refunding proposal was approved by HUD on September 23, 1993. Refunding
bonds have been priced to an average yield of 5.01%. The tax-exempt
refunding bond issue of $2,735,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of
10.75% at the call date in 1993 with tax-exempt bonds yielding 5.01%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 10.7% to 5.5%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
PROJECT/ACTIVITY: City of Los Angeles refunding of bonds which
financed five Section 8 assisted insured projects: Beth Am, Bonita
Ranch, Glen Oaks, Imogene Coop, and Robert Farrell Apartments.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: October 20, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under Section 103 of the Tax Code. To credit
enhance refunding bonds not fully secured by the FHA mortgage amount,
HUD also agrees not to exercise its option under 24 CFR Section
207.259(e) to call debentures prior to maturity. This refunding
proposal was approved by HUD on October 20, 1993. Refunding bonds have
been priced to an average yield of 5.37%. The tax-exempt refunding bond
issue of $11,165,000 at current low-interest rates will save Section 8
subsidy. The Treasury also gains long-term tax revenue benefits through
replacement of 11.57% tax-exempt coupons at the call date in 1993 with
tax-exempt bonds yielding 5.37%. The refunding will also substantially
reduce the FHA mortgage interest rate at expiration of the HAP
contract, from 11.835% to 7.4%, thus reducing FHA mortgage insurance
risk. The refunding serves the important public purposes of reducing
HUD's Section 8 program costs, improving Treasury tax revenues,
(helping reduce the budget deficit), and increasing the likelihood that
projects will continue to provide housing for lower-income families
after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), and 811.117.
PROJECT/ACTIVITY: Montgomery County (PA) HA refunding of bonds
which financed a Section 8 assisted project, Pheasant Run Apartments,
FHA No. 034-35203.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: October 27, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under Section 103 of the Tax Code. This
refunding proposal was approved by HUD on August 17, 1993. Refunding
bonds have been priced to an average yield of 5.60%. The tax-exempt
refunding bond issue of $5,650,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 9%-
12% at the call date in 1993 with tax-exempt bonds yielding 5.60%. The
refunding will also substantially reduce the FHA mortgage interest rate
at expiration of the HAP contract, from 12% to 5.625%, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), and 811.117.
PROJECT/ACTIVITY: City of Los Angeles refunding of bonds which
financed two Section 8 assisted insured projects, Redwood Village and
Strathern Court Apartments.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: October 28, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under Section 103 of the Tax Code. To credit
enhance refunding bonds not fully secured by the FHA mortgage amount,
HUD also agrees not to exercise its option under 24 CFR Section
207.259(e) to call debentures prior to maturity. This refunding
proposal was approved by HUD on October 20, 1993. Refunding bonds have
been priced to an average yield of 5.37%. The tax-exempt refunding bond
issue of $9,605,000 at current low-interest rates will save Section 8
subsidy. The Treasury also gains long-term tax revenue benefits through
replacement of 10.53% tax-exempt coupons at the call date in 1993 with
tax-exempt bonds yielding 5.37%. The refunding will also substantially
reduce the FHA mortgage interest rate at expiration of the HAP
contract, from 10.81% to 7.45%, thus reducing FHA mortgage insurance
risk. The refunding serves the important public purposes of reducing
HUD's Section 8 program costs, improving Treasury tax revenues,
(helping reduce the budget deficit), and increasing the likelihood that
projects will continue to provide housing for lower-income families
after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), and 811.117.
PROJECT/ACTIVITY: Mount Olive, North Carolina HA refunding of bonds
which financed an uninsured Section 8 assisted project, Mount Olive
Elderly Apartments, FHA No. NC19-H148-021.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: October 28, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under Section 103 of the Tax Code. This
refunding proposal was approved by HUD on September 2, 1993. Refunding
bonds have been priced to an average yield of 5.5%. The tax-exempt
refunding bond issue of $820,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 11%
at the call date in 1993 with tax-exempt bonds yielding 5.5%. The
refunding serves the important public purposes of reducing HUD's
Section 8 program costs and improving Treasury tax revenues (helping
reduce the budget deficit).
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
PROJECT/ACTIVITY: Community Housing Finance Corporation of
Arlington County, Virginia refunding of bonds which financed a Section
8 assisted project, Summer Hill Apartments, FHA No. 000-35248.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: November 11, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under Section 103 of the Tax Code. To credit
enhance refundings bonds not fully secured by the FHA mortgage amount,
HUD also agrees not to exercise its option under 24 CFR Section
207.259(e) to call debentures prior to maturity. This refunding
proposal was approved by HUD on November 3, 1993. Refunding bonds have
been priced to an average yield of 6%. The tax-exempt refunding bond
issue of $635,000 at current low-interest rates will save Section 8
subsidy. The Treasury also gains long-term tax revenue benefits through
replacement of outstanding tax-exempt coupons of 11%-11.5% at the call
date in 1993 with tax-exempt bonds yielding 6%. The refunding will also
substantially reduce the FHA mortgage interest rate at expiration of
the HAP contract, from 10.65% to 6.25%, thus reducing FHA mortgage
insurance risk. The refunding serves the important public purposes of
reducing HUD's Section 8 program costs, improving Treasury tax
revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income facilities after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
PROJECT/ACTIVITY: Community Housing Finance Corporation of
Arlington County, Virginia refunding of bonds which financed a Section
8 assisted project, Colonial Village Apartments, FHA No. 000-35305.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: December 3, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under Section 103 of the Tax Code. This
refunding proposal was approved by HUD on November 3, 1993. Refunding
bonds have been priced to an average yield of 6%. The tax-exempt
refunding bond issue of $3,020,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 11%-
11.5% at the call date in 1993 with tax-exempt bonds yielding 6%. The
refunding will also substantially reduce the FHA mortgage interest rate
at expiration of the HAP contract, from 11.78% to 6.25%, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
PROJECT/ACTIVITY: City of Los Angeles, Housing Department, Los
Angeles, California refunding of bonds which financed two Section 8
assisted projects, Diane Apartments, FHA No. 122-35554, and Stevenson
Manor, FHA No. 122-35518.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: December 8, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under Section 103 of the Tax Code. This
refunding proposal was approved by HUD on November 19, 1993. Refunding
bonds have been priced to an average yield of 5.86%. The tax-exempt
refunding bond issue of $5,380,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of
11.57% and 11.80% at the call date in 1993 with tax-exempt bonds
yielding 5.86%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 12% to
7.125%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's Section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for lower-income families after subsidies expire, a
priority HUD objective.
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
PROJECT/ACTIVITY: The Housing Authority of Alameda, California
refunding of bonds which financed two Section 8 assisted projects,
Parrot Village Apartments, FHA No. 121-35662, and Play del Alameda, FHA
No. 121-35760.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: December 14, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original Section 11(b) bond financing transactions and do not fit
the terms of refunding transactions under Section 103 of the Tax Code.
The refunding proposal was approved by HUD on December 2, 1993.
Refunding bonds have been priced to an average yield of 5.88%. The tax-
exempt refunding bond issue of $4,510,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 9.5% and 15% at the call date in 1993 with tax-exempt bonds yielding
5.88%. The refunding will also substantially reduce the FHA mortgage
interest rates at expiration of the HAP contracts, from 11.5% and 7.25%
to 6%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's Section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for lower-income families after subsidies expire, a
priority HUD objective.
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
PROJECT/ACTIVITY: Wayne County, Pennsylvania HA refunding of bonds
which financed a Section 8 assisted uninsured project, Barker Street
Apartments.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: December 27, 1993.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under Section 103 of the Tax Code. This
refunding proposal was approved by HUD on November 10, 1993. Refunding
bonds have been priced to an average yield of 5.26%. The tax-exempt
refunding bond issue of $2,860,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 7.4%-
8.75% at the call date in 1993 with tax-exempt bonds yielding 5.26%.
The refunding serves the important public purposes of reducing HUD's
Section 8 program costs, improving Treasury tax revenues, (helping
reduce the budget deficit), and increasing the likelihood that projects
will continue to provide housing for lower-income families after
subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.106(d) and 811.107(d) of 1977
Regulations.
PROJECT/ACTIVITY: City of Winona (Minnesota) HRA refunding of bonds
which financed an uninsured Section 8 assisted project: Winhaven Court,
HUD Project Number MN46-8023-0007.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
DATE GRANTED: March 28, 1994.
REASONS WAIVED: The Part 811 regulations cited above prohibited
refundings and required that excess reserve balances be used for
project purposes. The issuer has requested HUD permission to refund the
1978 Bonds to transfer ownership and finance rehabilitation of the
project. Issuance of 1994 refunding bonds under Section 103 of the Tax
Code will not reduce project debt service nor generate Section 8
savings.
REGULATION: 24 CFR Sections 811.106(d) and 811.107(d) of 1977
Regulations.
PROJECT/ACTIVITY: Hinesville (Georgia) HA refunding of bonds which
financed an uninsured Section 8 assisted project: Regency Park
Apartments, Number GA06-0009-014.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
DATE GRANTED: March 29, 1994.
REASONS WAIVED: The Part 811 regulations cited above prohibited
refundings and required that excess reserve balances be used for
project purposes. The issuer has requested HUD permission to release
excess reserve balances from the 1977 Trust Indenture for use in its
housing assistance programs and to finance repairs to this project.
Issuance of 1994 refunding bonds under Section 103 of the Tax Code will
not reduce project debt service nor generate Section 8 savings.
REGULATION: 24 CFR Sections 811.106(d) and 811.107(d) of 1977
Regulations.
PROJECT/ACTIVITY: St. Petersburg, Florida refunding of bonds which
financed an uninsured Section 8 assisted project: Graham Park Addition,
HUD Project Number FL29-0006-002.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
DATE GRANTED: March 29, 1994.
REASONS WAIVED: The Part 811 regulations cited above prohibited
refundings and required that excess reserve balances be used for
project purposes. The issuer has requested HUD permission to release
excess reserve balances from the 1978 Trust Indenture for use in its
Housing assistance programs for low- and moderate-income families.
Issuance of 1994 refunding bonds under Section 103 of the Tax Code will
not reduce project debt service nor generate Section 8 savings.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Greater Kentucky HAC refunding of bonds which
financed eight Section 8 assisted insured projects in 1980.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: January 14, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on December 8,
1993. Refunding bonds have been priced to an average yield of 6.38% for
forward delivery at the call date in September 1995. The tax-exempt
refunding bond issue of $10,630,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 9.4%
to 10.1% at the call date in 1995 with tax-exempt bonds yielding 6.38%.
The refunding will also substantially reduce the FHA mortgage interest
rates at expiration of the HAP contracts, from 11.36% to 6.65%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Oneonta, New York HDC refunding of bonds which
financed a Section 8 assisted project, the Oneonta Housing Project (FHA
No. 013-35102).
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: January 14, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on December 6,
1993. Refunding bonds have been priced to an average yield of 5.47%.
The tax-exempt refunding bond issue of $1,130,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 10%-15% at the call date in 1993 with tax-exempt
bonds yielding 5.47%. The refunding will also substantially reduce the
FHA mortgage interest rate at expiration of the HAP contract, from
10.5% to 6.5%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's Section 8
program costs, improving Treasury tax revenues, (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for low-income families after subsidies
expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(b)(3), 811.114(d),
811.115(b).
PROJECT/ACTIVITY: Boston, Massachusetts HA refunding of bonds which
financed two Section 8 assisted insured projects, Viviendas La Victoria
and Madison Park IV Apartments.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: January 27, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on January 21,
1994. Refunding bonds have been priced to an average yield of 5.51%.
The tax-exempt refunding bond issue of $17,990,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 9.23% to 11.78% at the call date with tax-exempt
bonds yielding 5.51%. The refunding will also substantially reduce the
FHA mortgage interest rates at expiration of the HAP contract, from
9.23% and 12% to 5.7%, thus reducing FHA mortgage insurance risk. The
refunding serves the important public purposes of reducing HUD's
Section 8 program costs, improving Treasury tax revenues, (helping
reduce the budget deficit), and increasing the likelihood that projects
will continue to provide housing for lower-income families after
subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Prichard, Alabama HA refunding of bonds which
financed a Section 8 assisted project, the Woodlands Apartments (FHA
No. 062-35342).
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: January 27, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on November 9,
1993. Refunding bonds have been priced to an average yield of 5.79%.
The tax-exempt refunding bond issue of $1,240,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11%-12% at the call date in 1993 with tax-exempt
bonds yielding 5.79%. The refunding will also substantially reduce the
FHA mortgage interest rates at expiration of the HAP contract, from 12%
to 6.22, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's Section 8
program costs, improving Treasury tax revenues, (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for low-income families after subsidies
expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Springfield, Massachusetts HA refunding of bonds
which financed a Section 8 assisted project, the St. James Apartments
(FHA No. 023-35275).
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: February 15, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on May 24, 1993.
Refunding bonds have been priced to an average yield of 5.90%. The tax-
exempt refunding bond issue of $2,040,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 12% at the call date in 1994 with tax-exempt bonds yielding 5.90%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 12% to 6.5, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for low-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Holiday Square HDC refunding of bonds which
financed a Section 8 assisted project, the Holiday Square Apartments
(FHA No. 012-35580), Babylon, New York.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P.Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: February 17, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on June 10, 1993.
Refunding bonds have been priced to an average yield of 5.95%. The tax-
exempt refunding bond issue of $4,445,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term revenue
benefits through replacement of outstanding tax-exempt coupons of
10.85% at the call date with tax-exempt bonds yielding 5.95%. The
refunding will also substantially reduce the FHA mortgage interest rate
at expiration of the HAP contract, from 11% to 6.25%, thus reducing FHA
mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for low-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Scranton, PA refunding of bonds which financed a
Section 8 assisted project, the Finch Tower Apartments (FHA No. 034-
35174).
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: February 24, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on July 21, 1993.
Refunding bonds have been priced to an average yield of 6.05%. The tax-
exempt refunding bond issue of $2,040,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 10.25%-11% at the call date with tax-exempt bonds yielding 6.05%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 11.5% to 6.75, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for low-income families after subsidies expire, a priority HUD
objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Ashtabula, Ohio Housing Authority refunding of
bonds which financed a Section 8 assisted project, the Conneaut
Apartments (FHA No. 041-10006).
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: February 25, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on January 14,
1994. Refunding bonds have been priced to an average yield of 5.625%.
The tax-exempt refunding bond issue of $2,090,000 at current low-
interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 9.5%-12.3% at the call date with tax-exempt bonds
yielding 5.625%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 12.5% to
6.125%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's Section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for low-income families after subsidies expire, a
priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Kaufman, Texas HA refunding of bonds which
financed a Section 8 assisted project, the Village Apartment (FHA No.
112-35331).
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: February 25, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
February 25, 1993. Refunding bonds have been priced to an average yield
of 5.87%. The tax-exempt refunding bond issue of $1,775,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 9.5%-10% at the call date with tax-exempt bonds
yielding 5.87%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 10.3% to
6.13, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's Section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for low-income families after subsidies expire, a
priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Morristown, Tennessee HDC refunding of bonds
which financed a Section 8 assisted project, the Indian Hills
Apartments (FHA No. 087-35149).
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: February 28, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on October 20,
1993. Refunding bonds have been priced to an average yield of 6%. The
tax-exempt refunding bond issue of $1,180,000 at current low-interest
rates will save Section 8 subsidy. The Treasury also gains long-term
tax revenue benefits through replacement of outstanding tax-exempt
coupons of 10.5%-14% at the call date with tax-exempt bonds yielding
6%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract, from 11.75% to 5.84%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for low-income families after subsidies expire, a priority HUD
objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Woodland, Indiana HDC refunding of bonds which
financed a Section 8 assisted project, Woodland East III Apartments
(FHA No. 073-35464).
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: March 4, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on July 21, 1993.
Refunding bonds were priced to an averaged yield of 6.2%. The tax-
exempt refunding bond issue of $1,480,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 10.5% at the call date with tax-exempt bonds yielding 6.2%. The
refunding will also substantially reduce the FHA mortgage interest rate
at expiration of the HAP contract, from 20.9% to 7.9%, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811.108(a)(1), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Ohio Capital Corporation for Housing refunding of
bonds which financed a Section 8 assisted project, the Six Chimneys
Apartments (FHA No. 042-35368).
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: March 9, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Section 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on January 11,
1994. Refunding bonds have been priced to an average yield of 6%. The
tax-exempt refunding bond issue of $1,720,000 at current low-interest
rates will save Section 8 subsidy. The Treasury also gains long-term
tax revenue benefits through replacement of outstanding tax-exempt
coupons of 12% at the call date with tax-exempt bonds yielding 6%. The
refunding will also substantially reduce the FHA mortgage interest rate
at expiration of the HAP contract, from 12.25% to 6.8%, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for low-
income families after subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Keansburg, New Jersey HA refunding of bonds which
financed a Section 8 uninsured project, the McGrath Towers Apartments.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: March 9, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
January 11, 1994. Refunding bonds have been priced to an averaged yield
of 5.67%. The tax-exempt refunding bond issue of $3,500,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 7.75% at the call date with tax-exempt bonds yielding
5.67%. The refunding serves the important public purposes of reducing
HUD's Section 8 program costs, improving Treasury tax revenues,
(helping reduce the budget deficit), and increasing the likelihood that
projects will continue to provide housing for low-income families after
subsidies expire, a priority HUD objective.
REGULATION: 24 CFR Sections 811.107(a)(2), 811.107(b),
811,108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
PROJECT/ACTIVITY: Webster County, West Virginia HDC refunding of
bonds which financed a Section 8 assisted project, the Circle Brook
Apartments (FHA No. 045-35139).
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: March 28, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
March 4, 1994. Refunding bonds have been priced to an average yield of
6.46%. The tax-exempt refunding bond issue of $1,565,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11%-11.75% at the call date with tax-exempt bonds
yielding 6.46%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 11.9% to
4.45%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's Section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for low-income families after subsidies expire, a
priority HUD objective.
REGULATION: 24 CFR Sections 811.114(d), 811.115(b), 811.117.
PROJECT/ACTIVITY: Industrial Development Board of Nashville and
Davidson County, Tennessee refunding of bonds which financed a Section
8 assisted project, Margaret Robertson Apartments, FHA No. 086-35179.
NATURE OF REQUIREMENT: The Regulations set conditions under which
HUD may grant a Section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
GRANTED BY: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
DATE GRANTED: March 14, 1994.
REASONS WAIVED: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under Section 103 of the Tax Code. To credit
enhance refundings bonds not fully secured by the FHA mortgage amount,
HUD also agrees not to exercise its option under 24 CFR Section
207.259(e) to call debentures prior to maturity. This refunding
proposal was approved by HUD on February 3, 1994. Refunding bonds have
been priced to an average yield of 6%. The tax-exempt refunding bond
issue of $3,255,000 at current low-interest rates will save Section 8
subsidy. The Treasury also gains long-term tax revenue benefits through
replacement of outstanding tax-exempt coupons of 11%-11.2% at the call
date in 1994 with tax-exempt bonds yielding 6.17%. The refunding will
also substantially reduce the FHA mortgage interest rate at expiration
of the HAP contract, from 11.5% to 6.0%, thus reducing FHA mortgage
insurance risk. The refunding serves the important public purposes of
reducing HUD's Section 8 program costs, improving Treasury tax
revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for low-
income families after subsidies expire, a priority HUD objective.
NOTE TO READER: The person to be contacted for additional
information about these waivers is: Madeline Hastings, Director,
Moderate Rehabilitation Division, Department of Housing and Urban
Development, 451 Seventh Street, SW, Washington, DC 20410, Phone: (202)
708-2841. (This is not a toll-free number).
REGULATION: 24 CFR 882.103(b) and 882.201(b)(3)
PROJECT/ACTIVITY: Deny owner participation in the Section 8 Rental
Assistance Programs if the owner has been convicted of engaging in
drug-trafficking; i.e., felonious manufacture, sale or distribution, or
the possession with intent to manufacture, sell, or distribute, of a
controlled substance, Jersey County Public Housing Authority.
NATURE OF REQUIREMENT: 24 CFR 882.103(b) and 887.201(b)(3)
prohibits a public housing agency (HA) from directly or indirectly
reducing, either in the provision of assistance to any family in
finding a unit or by any other action, any family's opportunity to
choose among the available units in the housing market.
GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing.
DATE GRANTED: February 17, 1994.
REASON WAIVED: The Department is aware of an HA's need to weigh the
unsuitability of certain landlords against the family's ability to take
advantage of a wide range of housing choices. The proposed conforming
rule for the Section 8 certificate and voucher program provides
specific cases where an HA may refuse to accept an owner in its program
including where an owner has engaged in drug-trafficking. This waiver
was determined to be in the public interest of the Section 8 program,
and does not appear to result in any significant reduction to the
housing choices available to families.
REGULATION: 882.107; 882.112; 882.203; 882.204; 882.205; 882.206
(a); 882.206 (b); 882.205 (c); 82.207; 882.209(a0(7) 882.209(a0(8);
882.209(a)(o); 882.209(a)(10); 882.209(b)(3); 882.209(m); 887.153(a);
889.101(a)
STATUTE: Section 8(c)(9) and Section 8 (t) of the United States
Housing Act of 1937.
Section 213(c) of the Housing and Community Development Act of
1974.
PROJECT/ACTIVITY: Use of Section 8 rental assistance to aid victims
of the Northridge earthquake.
NATURE OF REQUIREMENT: The above regulations and laws deal with
processing procedures and general program requirements under the
Section 8 certificate program.
GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing.
DATE GRANTED: January 26, February 3, and February 23, 1994.
REASON WAIVED: Under the Emergency Supplemental Appropriations Act
of 1994 (the Act), additional rental assistance under the Section 8
program was provided to aid victims of the Northridge earthquake. The
regulations and laws pertaining to the rental certificate program are
waived to allow participating public housing agencies to provide
immediate rental certificate assistance to earthquake victims having
urgent housing needs consistent with the purpose of the Act. Waiver of
the cited laws and regulations is justified to eliminate undue
administrative burdens imposed by these laws and regulations under
emergency circumstances caused by a natural disaster, and to modify
certain legal and regulatory requirements to comport with the intent of
the Act.
REGULATION: 24 CFR 882.209(d)(2).
PROJECT/ACTIVITY: Expiration of Section 8 Certificate, Riverhead
Housing Development Corporation (RHDC).
NATURE OF REQUIREMENT: 24 CFR 882.209(d)(2) limits extensions of
the term of a rental certificate to not more than 60 additional days.
GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing.
DATE GRANTED: March 25, 1994.
REASON GRANTED: This waiver was requested on behalf of the HA in
order to assist a physically disabled applicant who was unsuccessful in
finding housing due to a number of extenuating circumstances. The RHDC
and the HUD New York Field Office both recommended that good cause
existed for granting this waiver, and reported that the applicant's
chances of finding an eligible unit if the additional extension was
granted were excellent, as several potential units had been identified.
The waiver provided an additional extension not to exceed sixty
days of the applicant's certificate.
REGULATION: 24 CFR 882.708(d).
PROJECT/ACTIVITY: Camden Apartments, Camden, NJ waiver of site and
neighborhood standards, Project-Based Certificate (PBC) Program.
NATURE OF REQUIREMENT: Sites in areas with a high proportion of
low-income and assisted persons cannot be approved for PBC new
construction projects.
GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing.
DATE GRANTED: March 25, 1994.
REASON GRANTED: The project complements other public and private
efforts to revitalize the city of Camden and will help to assure the
benefits of the revitalization for the project neighborhood.
REGULATION: 24 CFR 984.306(b).
PROJECT/ACTIVITY: County of Kauai Housing Agency, Hawaii Family
Self-Sufficiency Program (FSS)
NATURE OF REQUIREMENT: A Section 8 FSS program participant cannot
exercise portability within the first year of execution of the FSS
contract of participation.
GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing.
DATE GRANTED: March 21, 1994.
REASON GRANTED: Medical condition of the participant.
REGULATION: 24 CFR 984.306(b)
PROJECT/ACTIVITY: Grant County Housing Authority, Washington Family
Self-Sufficiency (FSS) program.
NATURE OF REQUIREMENT: A Section 8 FSS program participant cannot
exercise portability within the first year of execution of the FSS
contract of participation.
GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing.
DATE GRANTED: March 25, 1994.
REASON GRANTED: To allow the participant to escape the harassment
of former spouse and to allow participant to relocate near other family
members.
NOTE TO READER: The person to be contacted for additional
information about these waivers is: Mr. Dom Nessi, Director, Office of
Native American Programs, Office of Public and Indian Housing,
Department of Housing and Urban Development, 451 Seventh Street, SW,
Washington, DC 20410, Phone: (202) 708-1015, TDD: (202) 708-0850 (These
are not toll-free numbers).
REGULATION: 24 CFR 905.325.
PROJECT/ACTIVITY: Establishment of ceiling rents for the Utah
Paiute Tribal Housing Authority.
NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is
required to allow establishment of ceiling rents for their Rental
program.
GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
DATE GRANTED: January 3, 1994.
REASON WAIVED: This waiver was requested and granted to allow the
Utah Paiute Tribal Housing Authority to establish ceiling rents for
their rental program in accordance with PIH Notice 89-21, which
provides for the establishment of ceiling rents in a rental Indian
housing program.
REGULATION: 24 CFR 905.325.
PROJECT/ACTIVITY: Establishment of ceiling rents for the Karuk
Tribe Housing Authority.
NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is
required to allow establishment of ceiling rents for their Rental
Program.
GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
DATE GRANTED: March 15, 1994.
REASON WAIVED: This waiver was requested and granted to allow the
Karuk Tribe Housing Authority to establish ceiling rents for their
rental program in accordance with PIH Notice 89-21, which provides for
the establishment of ceiling rents in a rental Indian housing program.
REGULATION: 24 CFR 905.325.
PROJECT/ACTIVITY: Establishment of ceiling rents for the Jicarilla
Apache Housing Authority.
NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is
required to allow establishment of ceiling rents for their Rental
Program.
GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
DATE GRANTED: March 15, 1994.
REASON WAIVED: This waiver was requested and granted to allow the
Jicarilla Apache Housing Authority to establish ceiling rents for their
rental program in accordance with PIH Notice 89-21, which provides for
the establishment of ceiling rents in a rental Indian housing program.
REGULATION: 24 CFR 905.325.
PROJECT/ACTIVITY: Establishment of ceiling rents for the Menominee
Tribal Housing Authority.
NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is
required to allow establishment of ceiling rents for their Rental
Program.
GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
DATE GRANTED: November 6, 1993.
REASON WAIVED: This waiver was requested and granted to allow the
Menominee Tribal Housing Authority to establish ceiling rents for their
rental program in accordance with PIH Notice 89-21, which provides for
the establishment of ceiling rents in a rental Indian housing program.
REGULATION: 24 CFR 905.602(e).
PROJECT/ACTIVITY: Modernization of Mutual Help Homeownership
Program Units under the Comprehensive Grant Program for Chippewa Cree
Housing Authority.
NATURE OF REQUIREMENT: Waiver of the regulation cited above is
required to repair Mutual Help homeownership units which have been paid
off by the homebuyer.
GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
DATE GRANTED: March 15, 1994.
REASON WAIVED: The waiver was requested and granted to enable the
Chippewa Cree Housing Authority to rehabilitate Mutual Help
Homeownership Opportunity Program units which have been paid off by the
homebuyers but not conveyed. The units are in deplorable condition,
unsafe and unsanitary, do not meet code on electrical wiring and do not
meet handicap accessibility requirements.
REGULATION: 24 CFR 905.730 (c)(F)(3).
PROJECT/ACTIVITY: Extension of the deadline date to Submit Request
for Recalculation of Allowable Expense Level.
NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is
required to allow recalculation of the Allowable Expense Level.
GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
DATE GRANTED: March 15, 1994.
REASON WAIVED: This waiver was requested and granted to allow the
Quinault Housing Authority to request an adjustment of their Allowable
Expense Level.
REGULATION: 24 CFR 905.730 (c)(F)(3).
PROJECT/ACTIVITY: Extension of the deadline date to Submit Request
for Recalculation of Allowable Expense Level.
NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is
required to allow recalculation of the Allowable Expense Level.
GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
DATE GRANTED: March 15, 1994.
REASON WAIVED: This waiver was requested and granted to allow the
Coeur D'Alene Tribal Housing Authority to request an adjustment of
their Allowable Expense Level.
REGULATION: 24 CFR 905.730 (c)(F)(3).
PROJECT/ACTIVITY: Extension of the deadline date to Submit Request
for Recalculation of Allowable Expense Level.
NATURE OF THE REQUIREMENT: Waiver of the Regulation cited above is
required to allow recalculation of the Allowable Expense Level.
GRANTED BY: Joseph Shuldiner, Assistant Secretary, P.
DATE GRANTED: March 15, 1994.
REASON WAIVED: This waiver was requested and granted to allow the
Colville Indian Housing Authority to request an adjustment of their
Allowable Expense Level.
NOTE TO READER: The person to be contacted for additional
information about these waivers is: Gary Van Buskirk, Director,
Homeownership Division, Office of Resident Initiatives, Department of
Housing and Urban Development, 451 Seventh Street, S.W., Room 4112,
Washington, D.C. 20410, Phone: (202) 708-4233 (This is not a toll-tree
number).
REGULATION: 24 CFR 904 Subpart B (Turnkey III Homeownership
Opportunity Program) and Corresponding Provisions of the Turnkey III
Handbook (7495.3).
PROJECT/ACTIVITY: The Cambridge, Massachusetts Housing Authority
(CHA), Turnkey III Homeownership Opportunity Program Project MA 3-15.
NATURE OF REQUIREMENT: 24 CFR 904 Subpart B and the Turnkey III
Handbook require that upon sale of a homeownership unit that the monies
received be remitted to HUD to reduce the capital indebtedness on the
project. Excess Residual Receipts and or Operating Reserves are also to
be remitted to HUD.
GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing, P.
DATE GRANTED: March 10, 1994.
REASON WAIVED: Project debt forgiveness was authorized by the
provisions of Section 3004 of the Housing and Community Development
Reconciliation Amendments of 1985, (the Amendments) P.L. 99-272 (April
7, 1986) which amends Section 4 of the United States Housing Act of
1937. The Amendments authorized the Secretary of HUD to forgive
outstanding principal and interest on loans made by the Secretary to
Public Housing Agencies (PHAs)/Indian Housing Authorities (IHAs) and to
cancel the terms of any contract with respect to repayment.
Turnkey III debt forgiveness, as authorized above, is implemented
according to existing HUD procedures.
The housing authority has shown good cause and demonstrated
compliance with all applicable regulatory requirements for debt
forgiveness.
REGULATION: 24 CFR 904 Subpart B (Turnkey III Homeownership
Opportunity Program) and Corresponding Provisions of the Turnkey III
Handbook (7495.3).
PROJECT/ACTIVITY: The Kankakee County, Illinois Housing Authority,
Turnkey III Homeownership Opportunity Program Project 39-5
NATURE OF REQUIREMENT: 24 CFR 904 Subpart B and the Turnkey III
Handbook require that upon sale of a homeownership unit that the monies
received be remitted to HUD to reduce the capital indebtedness on the
project. Excess Residual Receipts and or Operating Reserves are also to
be remitted to HUD.
GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing, P.
DATE GRANTED: March 24, 1994.
REASON WAIVED: Project debt forgiveness was authorized by the
provisions of Section 3004 of the Housing and Community Development
Reconciliation Amendments of 1985, (the Amendments) P.L. 99-272 (April
7, 1986) which amends Section 4 of the United States Housing Act of
1937. The Amendments authorized the Secretary of HUD to forgive
outstanding principal and interest on loans made by the Secretary to
Public Housing Agencies (PHAs)/Indian Housing Authorities (IHAs) and to
cancel the terms of any contract with respect to repayment.
Turnkey III debt forgiveness, as authorized above, is implemented
according to existing HUD procedures.
The housing authority has shown good cause and demonstrated
compliance with all applicable regulatory requirements for debt
forgiveness.
REGULATION: HOPE for Public and Indian Housing Homeownership (HOPE
1) Program, Guidelines, Section 301(b)(1) as published on January 14,
1992 (57 FR 1522).
PROJECT/ACTIVITY: To permit a HOPE 1 mini-planning grantee, the
Hartford, CT. housing authority, to use remaining grant funds for other
grant activity line items listed in Section 305 of the HOPE 1 Program
Guidelines which would be of benefit to the residents participating in
homeownership planning.
NATURE OF REQUIREMENT: Section 302(b)(1) of the HOPE 1 Program
Guidelines limit a HOPE 1 mini-planning grantee to only use grant funds
for the eligible activities listed in Section 305(a)-(c), and (f).
GRANTED BY: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing, P.
DATE GRANTED: February 14, 1994.
REASON WAIVED: Pursuant to Section 901 of the HOPE 1 Guidelines, a
regulatory provision that is ``not otherwise required by law'' may be
waived by the Assistant Secretary for Public and Indian Housing upon a
determination of good cause, and upon documentation of the pertinent
facts and grounds supporting the waiver.
Good cause was exhibited as follows:
The HHA received two HOPE 1 mini-planning grants in 1992. It
essentially completed the activities that it outlined in its
application and because of a cost savings, a portion of the grant
remained. HHA wished to spend the remaining amount on other grant
activities which would be eligible under a full planning grant. Each of
the additional activities would make it possible for the HHA to proceed
further in planning for homeownership. In addition the Department has
decided not to make further HOPE 1 funds available for HOPE 1 planning
grants thereby precluding the possibility that the HHA would be able to
obtain further funding under a full HOPE 1 planning grant. The fact
that the HHA would not be able to secure a full planning grant and that
it will be engaging in activities that will further its homeownership
program constituted good cause for granting this waiver.
NOTE TO READER: The person to be contacted for additional
information about these is: John Comerford, Director, Financial
Management Division, Office of Public and Indian Housing, Department of
Housing and Urban Development, 451 Seventh Street, S.W., Washington,
D.C. 20410, Phone: (202) 708-1872, TDD: (202) 708-0850 (These are not
toll-free numbers)
REGULATION: 24 CFR 990.104.
PROJECT/ACTIVITY: Bemidji, MN, Housing Authority. In determining
the operating subsidy eligibility, a request was made to extend the
deadline for submission of a request for adjustment to the Allowable
Expense Level.
NATURE OF REQUIREMENT: The Final Rule for PFS Allowable Expense
Level appeals imposed a sixty day deadline on submission of requests
for adjustment.
GRANTED BY: Joseph Shuldiner, Assistant Secretary.
DATE GRANTED: January 25, 1994.
REASON WAIVED: The housing authority was combined with City
programs and a very limited amount of time was devoted to the Public
Housing Program. Due to a very recent restructuring in which the
Housing Authority was split from the city, the housing authority staff
is resolved to reduce their backlog and this item arose at the on-site
visit. This waiver was granted based on the Housing Agency's
eligibility for an adjustment and its need for this funding to support
its operations.
REGULATION: 24 CFR 990.104.
PROJECT/ACTIVITY: Jasper, AL, Housing Authority. In determining the
operating subsidy eligibility, a request was granted for funding for 2
units approved for non-dwelling use to promote an anti-drug program.
NATURE OF REQUIREMENT: The operating subsidy calculation excludes
funding for units removed from the dwelling rental inventory.
GRANTED BY: Joseph Shuldiner, Assistant Secretary.
DATE GRANTED: February 17, 1994.
REASON WAIVED: To allow additional subsidy for units approved for
non-dwelling use to promote anti-drug programs pending publication of a
final rule implementing this change to the regulation.
REGULATION: 24 CFR 990.104.
PROJECT/ACTIVITY: Raleigh, NC, Housing Authority. In determining
the operating subsidy eligibility, a request was granted for funding
for nine units approved for non-dwelling use to promote economic self-
sufficiency and anti-drug programs.
NATURE OF REQUIREMENT: The operating subsidy calculation excludes
funding for units removed from the dwelling rental inventory.
GRANTED BY: Joseph Shuldiner, Assistant Secretary.
DATE GRANTED: March 21, 1994.
REASON WAIVED: To allow additional subsidy for units approved for
non-dwelling use to promote economic self-sufficiency services and
anti-drug programs pending publication of a final rule implementing
this change to the regulation.
REGULATION: 24 CFR 990.104.
PROJECT/ACTIVITY: Denver, CO, Housing Authority. In determining the
operating subsidy eligibility, a request was granted for funding for 17
units approved for non-dwelling use to promote economic self-
sufficiency and anti-drug programs.
NATURE OF REQUIREMENT: The operating subsidy calculation excludes
funding for units removed from the dwelling rental inventory.
GRANTED BY: Joseph Shuldiner, Assistant Secretary.
DATE GRANTED: March 23, 1994.
REASON WAIVED: To allow additional subsidy for units approved for
non-dwelling use to promote economic self-sufficiency services and
anti-drug programs pending publication of a final rule implementing
this change to the regulation.
REGULATION: 24 CFR 990.109(b)(3)(iv).
PROJECT/ACTIVITY: Charleston Housing Authority, SC. In determining
operating subsidy eligibility, a request was made to use an occupancy
percentage of 88% for the fiscal year ending September 30, 1993 and
September 30, 1994.
NATURE OF REQUIREMENT: The regulation requires a Low Occupancy PHA
without an approved Comprehensive Occupancy Plan (COP) to use a
projected occupancy percentage of 97%.
GRANTED BY: Joseph Shuldiner, Assistant Secretary.
DATE GRANTED: January 3, 1994.
REASON WAIVED: The reason for the occupancy level of less than 97%
is a direct result of the vacating of a project in 1991 following an
assessment South Carolina Department of Health and Environmental
Control which indicated that the soil at the project site and at an
adjoining park also owned by the housing authority was contaminated and
could result in illness, disease, or other harmful effects to human
health and the environment. As a result, the EPA entered into a Consent
Order in January 1993 with the housing authority, the City of
Charleston, and the South Carolina Electric and Gas Company. The Order
calls for the participants to undertake a more rigorous environmental
investigation of the site and to prepare a feasibility study of the
remediation of contamination at the site, if necessary. The studies are
not expected to be completed until July or August 1994.
REGULATION: 24 CFR 990.109(b)(3)(iv).
PROJECT/ACTIVITY: A request was made by the Blue Earth City, MN
Housing and Redevelopment Authority to use its actual occupancy rate of
73% in determining its operating subsidy eligibility for its fiscal
year ending 6/30/94.
NATURE OF REQUIREMENT: A Housing Authority that has completed a
Comprehensive Occupancy Plan (COP) without achieving a 97% occupancy
percentage or having an average of five or fewer vacant units must use
a projected occupancy rate of 97%.
GRANTED BY: Joseph Shuldiner, Assistant Secretary.
DATE GRANTED: February 9, 1994.
REASON WAIVED: The Blue Earth City Housing and Redevelopment
Authority is a small Authority with 59 units of elderly housing. It has
been experiencing a vacancy problem for the past several years
attributable to small unit size, lack of upgrades, and competition from
other subsidized projects. The housing authority has developed an
Implementation Plan with a five year timetable in which it will seek
funding for needed renovations and will undertake other vacancy
reduction strategies such as increasing advertising and improving
maintenance practices.
[FR Doc. 94-18498 Filed 7-28-94; 8:45 am]
BILLING CODE 4210-32-M
