80 FR 15885 - Housing Trust Fund
FEDERAL HOUSING FINANCE AGENCY Federal Register Volume 80, Issue 58 (March 26, 2015)
Federal Register Volume 80, Issue 58 (March 26, 2015)
| Page Range | 15885-15887 | |
| FR Document | 2015-06724 |
[Federal Register Volume 80, Number 58 (Thursday, March 26, 2015)] [Rules and Regulations] [Pages 15885-15887] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-06724] ======================================================================= ----------------------------------------------------------------------- FEDERAL HOUSING FINANCE AGENCY 12 CFR Part 1251 RIN 2590-AA73 Housing Trust Fund AGENCY: Federal Housing Finance Agency. ACTION: Final rule. ----------------------------------------------------------------------- SUMMARY: The Federal Housing Finance Agency (FHFA) is issuing a final rule setting forth requirements related to allocations by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the Enterprises) to the Housing Trust and Capital Magnet Funds created by the Housing and Economic Recovery Act of 2008. The rule implements a statutory prohibition against the Enterprises passing the cost of such allocations through to the originators of loans they purchase or securitize, and finalizes and continues an interim final rule FHFA issued on December 16, 2014. DATES: Effective March 26, 2015. FOR FURTHER INFORMATION CONTACT: Alfred M. Pollard, General Counsel, (202) 649-3050 (not a toll-free number), Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW., Washington, DC 20024. The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877-8339. SUPPLEMENTARY INFORMATION: I. Background Section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (Safety and Soundness Act), as added by section 1131(b) of the Housing and Economic [[Page 15886]] Recovery Act of 2008 (HERA), directs the Secretary of the Department of Housing and Urban Development to establish and manage a Housing Trust Fund (HTF) that is funded by amounts allocated by Fannie Mae and Freddie Mac and any other amounts appropriated, transferred, or credited to the HTF under any other provision of law. 12 U.S.C. 4568(a); see also id. at 4567(a). The purpose of the HTF is to provide grants to States ``to increase and preserve the supply of rental housing for extremely low- and very low-income families, including homeless families'' and ``to increase homeownership for extremely low- and very low-income families.'' Id. at 4568(a)(1). Separately, section 1339 of the Safety and Soundness Act, as added by section 1131(b) of HERA, establishes the Capital Magnet Fund (CMF) within the U.S. Treasury as a special account within the Community Development Financial Institutions Fund. Id. at 4569(a). As with the HTF, the CMF is also funded by amounts allocated by Fannie Mae and Freddie Mac and any other amounts appropriated, transferred, or credited to it under any other provision of law. Id. at 4569(b); see also id. at 4567(a). Funds in the CMF are available to the Secretary of the Treasury to carry out a competitive grant program to attract private capital for, and increase investment in, ``the development, preservation, rehabilitation, or purchase of affordable housing for primarily extremely low-, very low-, and low-income families'' and ``economic development activities or community service facilities . . . which in conjunction with affordable housing activities implement a concerted strategy to stabilize or revitalize a low-income area or underserved rural area.'' Id. at 4569(c). Though the HTF is administered by the Secretary of HUD and the CMF is administered by the Secretary of the Treasury, Fannie Mae and Freddie Mac are supervised by FHFA. See generally id., at 4501 et seq. The Director of FHFA has general regulatory authority over each Enterprise and is responsible for ensuring that the purposes of the Safety and Soundness Act, the Enterprises' charter acts, and any other applicable law are carried out. Id. at 4511(b). The duties of the Director include ensuring that the operations and activities of each Enterprise foster liquid, efficient, competitive and resilient national housing finance markets, including activities relating to mortgages on housing for low- and moderate-income families; that each Enterprise complies with the Safety and Soundness Act and any rules, regulations, orders and guidelines issued under it or the Enterprises' charter acts; and that the activities of each Enterprise and the manner in which they are carried out are consistent with the public interest. Id. at 4513(a)(1)(B)(ii), (iii) and (v). The Director is authorized to issue any regulations, guidelines or orders necessary to carry out the duties of the Director under the Safety and Soundness Act or the Enterprise charter acts and to ensure that the purposes of such acts are accomplished. Id. at 4526. The Enterprises' allocation obligations to support the HTF and CMF (together, the Funds) and related requirements are set forth at section 1337 of the Safety and Soundness Act. Id. at 4567. That section addresses the amount the Enterprises are to set aside and allocate to the Secretaries of HUD and the Treasury each fiscal year, based on the unpaid principal balance of their total new business purchases, which are the single- and multi-family residential mortgage loans or re- financings acquired by the Enterprises and held in portfolio or that support securities, notes or other obligations which the Enterprises guarantee. The section directs the Director to issue a regulation prohibiting an Enterprise from redirecting the costs of any required allocation to the originators of mortgages the Enterprise purchases or securitizes--the subject of this rulemaking--and addresses enforcement of Enterprise compliance with the section and any regulation, rule or order issued pursuant to it, and gives the Director authority to temporarily suspend allocations if the Director makes any finding among three set forth by statute. Id. Section 1337 requires the Director to issue a regulation regarding the prohibition against passing costs of the allocations required under the section to originators and how compliance with the requirements of the regulation and statute is to be enforced. Pursuant to section 1337 and the Director's general regulatory authority, the Director determined to issue an interim final rule with a request for comments to provide transparency on the prohibition and its implementation. The interim final rule itself is not a legislative rule but is procedural and thus would be excepted from the normal notice and comment requirements of the Administrative Procedures Act, 5 U.S.C. 553(b) and 5 U.S.C. 553(d)(3). Though the substantive provisions of the interim final rule were established by statute and did not deviate from or add to the statutory requirements, the Director determined that issuing an interim final rule would support the implementation of the process of setting aside and allocating monies for the Funds and assure that the prohibition on pass through of costs accompanies the planning and deployment of funds. Further, the interim final rule would support the development of regulatory oversight mechanisms to be put in place to assure compliance with the prohibition. II. Comments Received on the Interim Final Rule FHFA invited comments on all aspects of the interim final rule and received 74 comments during the comment period, which closed on January 15, 2015. Two trade associations, Opportunity Finance Network (OFN), a U.S.-based membership organization of community development financial institutions, and Independent Community Bankers of America (ICBA), a member organization of U.S. community banks, provided comments. The remainder of the comments were from private citizens. Only one commenter addressed the subject of the interim final rule, stating that costs of allocations to the Funds should be passed through to the originators of mortgages the Enterprises purchase or securitize while the Enterprises are in conservatorships. Since the prohibition against redirection or pass-through is established by statute, FHFA has not made any change to the interim final rule in response to this comment. Twenty-one comments did not address any issues related to the interim final rule but instead addressed aspects of Enterprise business or the conservatorships. Roughly half of the comments indicated support for Enterprise allocations to the Funds, and OFN supported allocations to the CMF in particular. Some commenters who were supportive nonetheless expressed concern about lifting the suspension on allocations while the Enterprises are in conservatorships, and others suggested that the lifting of the suspension is an indication that the Enterprises should no longer be in conservatorships. Other commenters, including ICBA, objected to Enterprise allocations to the Funds as long as the Enterprises are in conservatorships. In light of the comments received, FHFA is adopting the language of the interim final rule without change in this final rule. Regulatory Impact Paperwork Reduction Act The final rule does not contain any information collection requirement that requires the approval of OMB under the [[Page 15887]] Paperwork Reduction Act (44 U.S.C. 3501 et seq.). Regulatory Flexibility Act The Regulatory Flexibility Act (5 U.S.C. 601 et seq.) requires that a rule that has a significant economic impact on a substantial number of small entities, small businesses, or small organizations must include an initial regulatory flexibility analysis describing the rule's impact on small entities. Such an analysis need not be undertaken if the agency has certified that the rule will not have a significant economic impact on a substantial number of small entities. 5 U.S.C. 605(b). FHFA has considered the impact of the final rule under the Regulatory Flexibility Act. FHFA certifies that the final rule is not likely to have a significant economic impact on a substantial number of small business entities because the rule is applicable only to the Enterprises, which are not small entities for purposes of the Regulatory Flexibility Act. List of Subjects in 12 CFR Part 1251 Administrative practice and procedure, Capital Magnet Fund, Government-sponsored enterprises, Housing Trust Fund, Reporting and recordkeeping requirements. Authority and Issuance Accordingly, for the reasons stated in the Supplementary Information, under the authority of 12 U.S.C. 4567, the Federal Housing Finance Agency adopts as final the interim final rule published at 79 FR 74595, December 16, 2014, without change Dated: March 18, 2015. Melvin L. Watt, Director, Federal Housing Finance Agency. [FR Doc. 2015-06724 Filed 3-25-15; 8:45 am] BILLING CODE 8070-70-P
![15885
Rules and Regulations Federal Register
Vol. 80, No. 58
Thursday, March 26, 2015
This section of the FEDERAL REGISTER DATES: This document is effective April 4. On page 9913, in the third column,
contains regulatory documents having general 27, 2015. remove amendatory Instruction 429 in
applicability and legal effect, most of which its entirety.
are keyed to and codified in the Code of FOR FURTHER INFORMATION CONTACT:
Federal Regulations, which is published under Kenneth Meardon, Policy Advisor, Dated: March 16, 2015.
50 titles pursuant to 44 U.S.C. 1510. Rural Business-Cooperative Service, Lisa Mensah,
U.S. Department of Agriculture, STOP Under Secretary, Rural Development.
The Code of Federal Regulations is sold by 3201, 1400 Independence Avenue SW., Dated: March 17, 2015.
the Superintendent of Documents. Prices of Washington, DC 20250–3225; email:
new books are listed in the first FEDERAL Michael Scuse,
ken.meardon@wdc.usda.gov; telephone Under Secretary, Farm and Foreign
REGISTER issue of each week.
(202) 260–8296. Agricultural Services.
SUPPLEMENTARY INFORMATION: In the FR [FR Doc. 2015–06627 Filed 3–25–15; 8:45 am]
DEPARTMENT OF AGRICULTURE Doc. 2015–01571 of February 24, 2015 BILLING CODE 3410–XY–P
(80 FR 9856), there are four technical
Rural Utilities Service errors and they are being corrected
through this notice as found in the FEDERAL HOUSING FINANCE
7 CFR Parts 1709, 1714, 1735, 1737, Correction of Errors section below. AGENCY
1738, 1739, 1740, 1774, 1775, 1776, On page 9856, first column, we
1777, 1778, 1779, 1780, 1781, and 1783 inadvertently used the incorrect RIN 12 CFR Part 1251
number. The correct RIN number is RIN 2590–AA73
Rural Business-Cooperative Service 0570–AA91, not 0570–AA30.
On page 9912, we inadvertently Housing Trust Fund
Rural Housing Service updated an ‘‘outdated’’ definition of
‘‘Rural area’’ found in 7 CFR 4274.302. AGENCY: Federal Housing Finance
Rural Utilities Service The subject definition (Rural or rural Agency.
area) had already been updated in a ACTION: Final rule.
Farm Service Agency June 3, 2014 Federal Register notice (79
SUMMARY: The Federal Housing Finance
FR 31845). Therefore, there was no need
7 CFR Parts 1806, 1810, 1822, 1900, Agency (FHFA) is issuing a final rule
for the February 24, 2015 Federal
1901, 1902, 1910, 1924, 1925, 1927, setting forth requirements related to
Register notice to make any changes to
1940, 1942, 1944, 1948, 1950, 1951, allocations by the Federal National
the definition found in the June 3, 2014
1955, 1956, 1957, 1962, and 1980 Mortgage Association (Fannie Mae) and
Federal Register notice.
the Federal Home Loan Mortgage
Rural Housing Service On page 9913, we inadvertently used Corporation (Freddie Mac) (together, the
an older version of the definition of Enterprises) to the Housing Trust and
7 CFR Parts 3550, 3560, 3570, and 3575 ‘‘Rural area’’ found in 7 CFR 4280.3. Capital Magnet Funds created by the
The subject definition had already been Housing and Economic Recovery Act of
Rural Business-Cooperative Service updated in a May 30, 2007 Federal 2008. The rule implements a statutory
Register notice (79 FR 29843). prohibition against the Enterprises
Rural Utilities Service Therefore, there was no need for the passing the cost of such allocations
February 24, 2015 Federal Register through to the originators of loans they
7 CFR Parts 4274, 4279, 4280, 4284, notice to make any changes to the purchase or securitize, and finalizes and
4288, and 4290 definition found in the May 30, 2007 continues an interim final rule FHFA
Federal Register notice at this time. issued on December 16, 2014.
RIN 0570–AA91 On page 9913, we unnecessarily made DATES: Effective March 26, 2015.
edits to two definitions (Long-term and
FOR FURTHER INFORMATION CONTACT:
Rural Development Regulations— Rural and rural areas) as the entire
subpart in which these definitions are Alfred M. Pollard, General Counsel,
Update to FmHA References and to (202) 649–3050 (not a toll-free number),
Census References found is being replaced with a new
regulation. Federal Housing Finance Agency,
AGENCY: Rural Business-Cooperative Eighth Floor, 400 Seventh Street SW.,
In FR Doc. 2015–01571 of February Washington, DC 20024. The telephone
Service, Rural Housing Service, Rural 24, 2015 (80 FR 9856), make the
Utilities Service, Farm Service Agency, number for the Telecommunications
following corrections: Device for the Hearing Impaired is (800)
U.S. Department of Agriculture (USDA).
1. On page 9856, in the first column, 877–8339.
ACTION: Correction; direct final rule.
remove ‘‘RIN 0570–AA30’’ and insert SUPPLEMENTARY INFORMATION:
mstockstill on DSK4VPTVN1PROD with RULES
SUMMARY: This document corrects ‘‘RIN 0570–AA91’’ in its place.
technical errors in the direct final rule 2. On page 9912, in the third column, I. Background
that appeared in the Federal Register on remove amendatory Instruction 417 in Section 1338 of the Federal Housing
February 24, 2015, entitled ‘‘Rural its entirety. Enterprises Financial Safety and
Development Regulations—Update to 3. On page 9913, in the second Soundness Act of 1992 (Safety and
FmHA References and to Census column, remove amendatory Instruction Soundness Act), as added by section
Regulations.’’ 422 in its entirety. 1131(b) of the Housing and Economic
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![Federal Register / Vol. 80, No. 58 / Thursday, March 26, 2015 / Rules and Regulations 15887
Paperwork Reduction Act (44 U.S.C. SUMMARY: This action prohibits fixed- Washington, DC 20591; telephone (202)
3501 et seq.). wing special visual flight rules 267–8783; email david.maddox@
operations at Washington-Dulles faa.gov.
Regulatory Flexibility Act
International Airport. This action is For legal questions concerning this
The Regulatory Flexibility Act (5 necessary to support aviation safety and action, contact Robert Hawks, Office of
U.S.C. 601 et seq.) requires that a rule the efficient use of the navigable the Chief Counsel, AGC–200, Federal
that has a significant economic impact airspace by managing operations in the Aviation Administration, 800
on a substantial number of small busy and complex airspace around the Independence Avenue SW.,
entities, small businesses, or small airport. Washington, DC 20591; telephone (202)
organizations must include an initial DATES: This action becomes effective 267–3073; email rob.hawks@faa.gov.
regulatory flexibility analysis describing May 26, 2015. SUPPLEMENTARY INFORMATION:
the rule’s impact on small entities. Such Submit comments on or before April
an analysis need not be undertaken if 27, 2015. If the FAA receives an adverse Authority for This Rulemaking
the agency has certified that the rule comment or notice of intent to file an The FAA’s authority to issue rules on
will not have a significant economic adverse comment, the FAA will publish aviation safety is found in Title 49 of the
impact on a substantial number of small a document in the Federal Register United States Code. Subtitle I, Section
entities. 5 U.S.C. 605(b). FHFA has before the effective date of the direct 106 describes the authority of the FAA
considered the impact of the final rule
final rule that may withdraw it in Administrator. Subtitle VII, Aviation
under the Regulatory Flexibility Act.
whole, or in part. Programs, describes in more detail the
FHFA certifies that the final rule is not
likely to have a significant economic ADDRESSES: You may send comments scope of the agency’s authority.
impact on a substantial number of small identified by docket number FAA– This rulemaking is promulgated
business entities because the rule is 2015–0190 using any of the following under the authority described in
applicable only to the Enterprises, methods: Subtitle VII, Part A, Subpart I, Section
which are not small entities for • Federal eRulemaking Portal: Go to 40103, Sovereignty and use of airspace,
purposes of the Regulatory Flexibility http://www.regulations.gov and follow and Subpart III, Section 44701, General
Act. the online instructions for sending your requirements. Under section 40103, the
comments electronically. FAA is charged with prescribing
List of Subjects in 12 CFR Part 1251 • Mail: Send comments to Docket regulations to ensure the safety of
Administrative practice and Operations, M–30; U.S. Department of aircraft and the efficient use of the
procedure, Capital Magnet Fund, Transportation (DOT), 1200 New Jersey navigable airspace. Under section
Government-sponsored enterprises, Avenue SE., Room W12–140, West 44701, the FAA is charged with
Housing Trust Fund, Reporting and Building Ground Floor, Washington, DC prescribing regulations to ensure safety
recordkeeping requirements. 20590–0001. in air commerce.
• Hand Delivery or Courier: Take This regulation is within the scope of
Authority and Issuance comments to Docket Operations in sections 40103 and 44701 because
Accordingly, for the reasons stated in Room W12–140 of the West Building prohibiting fixed-wing SVFR operations
the Supplementary Information, under Ground Floor at 1200 New Jersey in busy and complex airspace supports
the authority of 12 U.S.C. 4567, the Avenue SE., Washington, DC, between 9 aviation safety and the efficient use of
Federal Housing Finance Agency adopts a.m. and 5 p.m., Monday through navigable airspace.
as final the interim final rule published Friday, except Federal holidays.
at 79 FR 74595, December 16, 2014, • Fax: Fax comments to Docket The Direct Final Rule Procedure
without change Operations at 202–493–2251. The FAA is adopting this direct final
Dated: March 18, 2015. Privacy: In accordance with 5 U.S.C. rule without prior notice and public
Melvin L. Watt, 553(c), DOT solicits comments from the comment because it formalizes current
Director, Federal Housing Finance Agency.
public to better inform its rulemaking FAA practice at Washington-Dulles
process. DOT posts these comments, International Airport (IAD). Given the
[FR Doc. 2015–06724 Filed 3–25–15; 8:45 am]
without edit, including any personal volume and complexity of instrument
BILLING CODE 8070–70–P
information the commenter provides, to flight rules (IFR) traffic, a request to
www.regulations.gov, as described in operate special visual flight rules
the system of records notice (DOT/ALL– (SVFR) would be denied. However, no
DEPARTMENT OF TRANSPORTATION 14 FDMS), which can be reviewed at such clearances have been requested for
www.dot.gov/privacy. at least several years. Therefore, the
Federal Aviation Administration
Docket: Background documents or FAA does not anticipate any negative
comments received may be read at comments to this direct final rule.
14 CFR Part 91
http://www.regulations.gov at any time. The Regulatory Policies and
[Docket No.: FAA–2015–0190; Amdt. No. Follow the online instructions for Procedures of the Department of
91–337] accessing the docket or Docket Transportation (DOT) (44 FR 11034;
RIN 2120–AK69 Operations in Room W12–140 of the Feb. 26, 1979) provide that to the
West Building Ground Floor at 1200 maximum extent possible, operating
Prohibition of Fixed-Wing Special New Jersey Avenue SE., Washington, administrations for DOT should provide
Visual Flight Rules Operations at DC, between 9 a.m. and 5 p.m., Monday an opportunity for public comment on
mstockstill on DSK4VPTVN1PROD with RULES
Washington-Dulles International through Friday, except Federal holidays. regulations issued without prior notice.
Airport FOR FURTHER INFORMATION CONTACT: For Accordingly, the FAA invites interested
AGENCY: Federal Aviation technical questions concerning this persons to participate in this rulemaking
Administration (FAA), DOT. action, contact David Maddox, Airspace by submitting written comments, data,
Policy and Regulation Group, AJV–113, or views. The Agency also invites
ACTION: Direct final rule; request for
Federal Aviation Administration, 800 comments relating to the economic,
comments.
Independence Avenue SW., environmental, energy, or federalism
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Document Created: 2015-12-18 11:47:00
Document Modified: 2015-12-18 11:47:00
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Rules and Regulations | |
| Action | Final rule. | |
| Dates | Effective March 26, 2015. | |
| Contact | Alfred M. Pollard, General Counsel, (202) 649-3050 (not a toll-free number), Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW., Washington, DC 20024. The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877-8339. | |
| FR Citation | 80 FR 15885 | |
| RIN Number | 2590-AA73 | |
| CFR Associated | Administrative Practice and Procedure; Capital Magnet Fund; Government-Sponsored Enterprises; Housing Trust Fund and Reporting and Recordkeeping Requirements |
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