[Federal Register Volume 75, Number 222 (Thursday, November 18, 2010)]
[Rules and Regulations]
[Pages 70582-70583]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2010-29134]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
24 CFR Part 905
[Docket No. FR-4843-C-03]
RIN 2577-AC49
Use of Public Housing Capital Funds for Financing Activities
AGENCY: Office of the Assistant Secretary for Public and Indian
Housing, HUD.
ACTION: Final rule; correction.
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SUMMARY: This publication makes a technical correction to the preamble
of the final rule on Capital Fund Financing, published on October 21,
2010. That preamble erroneously included a paragraph in the ``Findings
and Certifications'' section'' headed ``Congressional Review of Final
Rules.'' That paragraph is only relevant where a rule is deemed
economically significant, which this rule is not. Therefore, this
paragraph should not have been included in the ``Findings and
Certifications'' section of the preamble. Removing this paragraph makes
no substantive change to the rule.
DATES: Effective Date: December 20, 2010.
FOR FURTHER INFORMATION CONTACT: Jeffrey Riddel, Director, Office of
Capital Improvements, Office of Public and Indian Housing, Department
of Housing and Urban Development, 451 7th Street, SW., Washington, DC
20410-8000; telephone number 202-708-1640, extension 4999 (this is not
a toll-free number). Hearing- or speech-impaired individuals may access
this number through TTY by calling the toll-free Federal Information
Relay Service at 800-877-8339.
SUPPLEMENTARY INFORMATION: On October 21, 2010 (75 FR 65198), HUD
published a final rule that implements the Capital Fund Finance Program
(CFFP) to allow public housing agencies (PHAs) to use a portion of
their Capital Funds for financing activities, including modernization
and development activities along with the payment of
[[Page 70583]]
debt service on the financing. This final rule followed a proposed rule
published on July 18, 2007 (72 FR 39546), that included financing
options under both the Capital Fund and the Operating Fund, and that
provided a 60-day period for public comment. Ultimately, only the
Capital Fund portion became a final rule.
During the period when HUD was responding to public comments and
producing the final rule, the Department held discussions internally on
the issue of whether this rule would have an annual effect on the
economy of $1 million or more, and therefore was an economically
significant rule under Executive Order 12866 (Regulatory Planning and
Review), and a major rule under the Congressional Review Act (5 U.S.C.
801 et seq. See, specifically, the 5 U.S.C. 804 definition of ``major
rule''). The Department concluded that this rule would not have an
annual effect on the economy of $1 million or more, and the Office of
Management and Budget (OMB) agreed with HUD's final assessment while
the rule was under OMB review in accordance with Executive Order 12866.
The economic impact of this rule is addressed in Section IV (Findings
and Certifications) of the preamble to the final rule at 75 FR 65206
through 65208.
Following HUD's final assessment that the rule was not economically
significant, HUD failed to remove the ``Congressional Review of Final
Rules,'' paragraph from the preamble (see 75 FR 65208), which is used
by HUD in the case of major, economically significant rules under the
Congressional Review Act and the Executive Order. This paragraph and
its heading should not have been included in this preamble. This
document corrects this error. This correction does not substantively
change the rule.
Accordingly, FR Doc. 2010-26404, Use of Public Housing Capital
Funds for Financing Activities (FR-4843-F-02), published in the Federal
Register on October 21, 2010 (75 FR 65198), is corrected as follows:
On page 65208, in the second column, the paragraph entitled
``Congressional Review of Final Rules'' is removed.
Dated: November 15, 2010.
Aaron Santa Anna,
Assistant General Counsel for Regulations.
[FR Doc. 2010-29134 Filed 11-17-10; 8:45 am]
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