[Federal Register Volume 59, Number 185 (Monday, September 26, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-23710]
[[Page Unknown]]
[Federal Register: September 26, 1994]
_______________________________________________________________________
Part III
Department of Housing and Urban Development
_______________________________________________________________________
Office of the Secretary
_______________________________________________________________________
Office of the Assistant Secretary for Public and Indian Housing
_______________________________________________________________________
Delegation and Redelegation of Authority for Issuing Loan Guarantees;
Notices
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of the Secretary
[Docket No. D-94-1071; FR-3781-D-01]
Delegation of Authority for Issuing Loan Guarantees
AGENCY: Office of the Secretary, HUD.
ACTION: Notice of delegation of authority.
-----------------------------------------------------------------------
SUMMARY: Within this notice, the Secretary is delegating his authority
under the Section 184 Loan Guarantees for Indian Housing program, 12
U.S.C. 1715z-13a, to the Assistant Secretary for Public and Indian
Housing. In this program, the Department guarantees certain housing
loans made to Indian families and Indian housing authorities.
EFFECTIVE DATE: September 19, 1994.
FOR FURTHER INFORMATION CONTACT: Dominic A. Nessi, Director, Office of
Native American Programs, Office of Public and Indian Housing,
Department of Housing and Urban Development, Room B-133, 451 7th
Street, SW, Washington, DC 20410, telephone (202) 755-0032 or (202)
708-0850 (voice/TDD). (These are not toll free numbers.)
SUPPLEMENTARY INFORMATION: Section 184 of the Housing and Community
Development Act of 1992 (Public Law 102-550, approved October 28,
1992), codified at 12 U.S.C. 1715z-13a, authorizes the establishment of
the Indian Housing Loan Guarantee Fund (the Fund) to provide access to
sources of private financing to Indian families and Indian housing
authorities who otherwise could not acquire housing financing because
of the unique legal status of Indian trust land. In general, these
lands, held in trust by the United States for the benefit of an Indian
or Indian tribe, are inalienable. Trust lands under this program also
include lands to which the title is held by an Indian tribe subject to
a restriction against alienation imposed by the United States. Because
the title to individual plots does not convey, and liens do not attach,
conventional mortgage lending practices do not operate in this forum.
The Fund addresses these obstacles to mortgage financing by
guaranteeing loans made to Indian families or Indian housing
authorities to construct, acquire, or rehabilitate 1- to 4-family
dwellings that are standard housing and are located on trust land or
land located in an Indian or Alaska Native area. The guarantee of the
loan will cover 100 percent of the unpaid principal and interest.
Borrowers will be required to pay a 1% guarantee fee at closing. A loan
term of up to 30 years is permitted by statute, but is not required.
The statute authorizes the Secretary of the Department of Housing
and Urban Development to approve loans for guarantee, issue
certificates as evidence of the guarantees, and carry out other
responsibilities associated with the program. To facilitate the
administration of this program, the Secretary is delegating all of his
power and authority under section 184 to the Assistant Secretary for
Public and Indian Housing.
Therefore, the Secretary delegates as follows:
Section A. Authority Delegated
The Secretary of Housing and Urban Development delegates to the
Assistant Secretary for Public and Indian Housing all power and
authority of the Secretary with respect to the Loan Guarantees for
Indian Housing program, 12 U.S.C. 1715z-13a (Section 184 of the Housing
and Community Development Act of 1992).
Authority: Section 7(d) Department of Housing and Urban
Development Act, 42 U.S.C. Section 3535(d).
Dated: September 19, 1994.
Henry G. Cisneros,
Secretary.
[FR Doc. 94-23710 Filed 9-23-94; 8:45 am]
BILLING CODE 4210-32-P
