82_FR_44702 82 FR 44518 - Section 108 Loan Guarantee Program: Announcement of Fee To Cover Credit Subsidy Costs

82 FR 44518 - Section 108 Loan Guarantee Program: Announcement of Fee To Cover Credit Subsidy Costs

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

Federal Register Volume 82, Issue 184 (September 25, 2017)

Page Range44518-44519
FR Document2017-20474

This document announces the fee that HUD will collect from borrowers of loans guaranteed under HUD's Section 108 Loan Guarantee Program (Section 108 Program) to offset the credit subsidy costs of the guaranteed loans pursuant to commitments awarded in FY 2018.

Federal Register, Volume 82 Issue 184 (Monday, September 25, 2017)
[Federal Register Volume 82, Number 184 (Monday, September 25, 2017)]
[Rules and Regulations]
[Pages 44518-44519]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-20474]



[[Page 44518]]

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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT

24 CFR Part 570

[Docket No. FR-5767-N-06]
RIN 2506-AC35


Section 108 Loan Guarantee Program: Announcement of Fee To Cover 
Credit Subsidy Costs

AGENCY: Office of the Assistant Secretary for Community Planning and 
Development, HUD.

ACTION: Notification of fees.

-----------------------------------------------------------------------

SUMMARY: This document announces the fee that HUD will collect from 
borrowers of loans guaranteed under HUD's Section 108 Loan Guarantee 
Program (Section 108 Program) to offset the credit subsidy costs of the 
guaranteed loans pursuant to commitments awarded in FY 2018.

DATES: Applicability Date: October 25, 2017.

FOR FURTHER INFORMATION CONTACT: Paul Webster, Director, Financial 
Management Division, Office of Block Grant Assistance, Office of 
Community Planning and Development, Department of Housing and Urban 
Development, 451 7th Street SW., Room 7180, Washington, DC 20410; 
telephone number 202-402-4563 (this is not a toll-free number). 
Individuals with speech or hearing impairments may access this number 
through TTY by calling the toll-free Federal Relay Service at 800-877-
8339. FAX inquiries (but not comments) may be sent to Mr. Webster at 
202-708-1798 (this is not a toll-free number).

SUPPLEMENTARY INFORMATION: 

I. Background

    The Transportation, Housing and Urban Development, and Related 
Agencies Appropriations Act, 2015 (division K of Pub. L. 113-235, 
approved December 16, 2014) (2015 Appropriations Act) provided that 
``the Secretary shall collect fees from borrowers . . . to result in a 
credit subsidy cost of zero for guaranteeing'' Section 108 loans. 
Identical language was continued or included in the Department's 
continuing resolutions and appropriations acts authorizing HUD to issue 
Section 108 loan guarantees during fiscal years 2016 and 2017 (Pub. L. 
114-53, 114-113, and 115-31). Section 101(a) of the Continuing 
Appropriations Act, 2018 (Division D of Pub. L. 115-56, approved 
September 8, 2017) includes the costs of HUD loan guarantees generally 
in its continuation of fiscal year 2017 programs. Additionally, the 
Senate appropriations bill under consideration (S. 1655) and the House 
omnibus bill (H.R. 3354) have identical language regarding the fees and 
credit subsidy cost for the Section 108 Program.
    On November 3, 2015, HUD published a final rule (80 FR 67626) that 
amended the Section 108 Program regulations at 24 CFR part 570 to 
establish additional procedures, including procedures for announcing 
the amount of the fee each fiscal year when HUD is required to offset 
the credit subsidy costs to the Federal government to guarantee Section 
108 loans. For fiscal years 2016 and 2017, HUD issued notices to set 
the fees.\1\
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    \1\ 80 FR 67634 (November 3, 2015) and 81 FR 68297 (October 4, 
2016), respectively.
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II. FY 2018 Fee: 2.365 Percent of the Principal Amount of the Loan

    This document sets the fee for Section 108 loan disbursements under 
loan guarantee commitments awarded for FY 2018 at 2.365 percent of the 
principal amount of the loan. HUD will collect this fee from borrowers 
of loans guaranteed under the Section 108 Program to offset the credit 
subsidy costs of the guaranteed loans pursuant to commitments awarded 
in FY 2018.
    For this fee notice, HUD is not changing the underlying assumptions 
or creating new considerations for borrowers. The calculation of the FY 
2018 fee uses the same fee calculation model as the FY 2016 and FY 2017 
final notices, but incorporates updated information regarding the 
composition of the Section 108 portfolio and the timing of the 
estimated future cash flows for defaults and recoveries. The 
calculation of the fee is also affected by the discount rates required 
to be used by HUD when calculating the present value of the future cash 
flows as part of the Federal budget process.
    As described in 24 CFR 570.712(b), HUD's credit subsidy calculation 
is based on the amount required to reduce the credit subsidy cost to 
the Federal government associated with making a Section 108 loan 
guarantee to the amount established by applicable appropriation acts. 
As a result, HUD's credit subsidy cost calculations incorporated 
assumptions based on: (i) Data on default frequency for municipal debt 
where such debt is comparable to loans in the Section 108 loan 
portfolio; (ii) data on recovery rates on collateral security for 
comparable municipal debt; (iii) the expected composition of the 
Section 108 portfolio by end users of the guaranteed loan funds (e.g., 
third party borrowers and public entities); and (iv) other factors that 
HUD determined were relevant to this calculation (e.g., assumptions as 
to loan disbursement and repayment patterns).
    Taking these factors into consideration, HUD determined that the 
fee for disbursements made under loan guarantee commitments awarded in 
FY 2018 will be 2.365 percent, which will be applied only at the time 
of loan disbursements. Note that future notices may provide for a 
combination of up-front and periodic fees for loan guarantee 
commitments awarded in future fiscal years but, if so, will provide the 
public an opportunity to comment if appropriate under 24 CFR 
570.712(b)(2).
    The expected cost of a Section 108 loan guarantee is difficult to 
estimate using historical program data because there have been no 
defaults in the history of the program that required HUD to invoke its 
full faith and credit guarantee or use the credit subsidy reserved each 
year for future losses.\2\ This is due to a variety of factors, 
including the availability of Community Development Block Grant (CDBG) 
funds as security for HUD's guarantee as provided in 24 CFR 570.705(b). 
As authorized by Section 108 of the Housing and Community Development 
Act of 1974, as amended (42 U.S.C. 5308), borrowers may make payments 
on Section 108 loans using CDBG grant funds. Borrowers may also make 
Section 108 loan payments from other anticipated sources but continue 
to have CDBG funds available should they encounter shortfalls in the 
anticipated repayment source. Despite the program's history of no 
defaults, federal credit budgeting principles require that the 
availability of CDBG funds to repay the guaranteed loans cannot be 
assumed in the development of the credit subsidy cost estimate (see 80 
FR 67629, November 3, 2015). Thus, the estimate must incorporate the 
risk that alternative sources are used to repay the guaranteed loan in 
lieu of CDBG funds, and that those sources may be insufficient. Based 
on the rate that CDBG funds are used annually for repayment of loan 
guarantees, HUD's calculation of the credit subsidy cost must take into 
account the possibility of future defaults if those CDBG funds were not 
available. The fee of 2.365 percent of the principal amount of the loan 
will offset the expected cost to the government due to default, 
financing costs, and other relevant factors. To arrive at this measure, 
HUD analyzed data on comparable municipal debt over

[[Page 44519]]

an extended 16 to 23-year period. The estimated rate is based on the 
default and recovery rates for general purpose municipal debt and 
industrial development bonds. The cumulative default rates on 
industrial development bonds (14.62 percent) were higher than the 
default rates on general purpose municipal debt (0.25 percent) during 
the period from which the data were taken. (The recovery rates for 
industrial development bonds and general purpose debt were 74.76 and 
90.27 percent, respectively.) These two subsectors of municipal debt 
were chosen because their purposes and loan terms most closely resemble 
those of Section 108 guaranteed loans.
---------------------------------------------------------------------------

    \2\ Department of Housing and Urban Development, Study of HUD's 
Section 108 Loan Guarantee Program, (prepared by Econometrica, Inc. 
and The Urban Institute), September 2012.
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    In this regard, Section 108 guaranteed loans can be broken down 
into two categories: (1) Loans that finance public infrastructure and 
activities to support subsidized housing (other than financing new 
construction) and (2) other development projects (e.g., retail, 
commercial, industrial). The 2.365 percent fee was derived by weighting 
the default and recovery data for general purpose municipal debt and 
the data for industrial development bonds according to the expected 
composition of the Section 108 portfolio by corresponding project type. 
Based on the dollar amount of Section 108 loan guarantee commitments 
awarded during the period from FY 2012 through FY 2016, HUD expects 
that 30 percent of the Section 108 portfolio will be similar to general 
purpose municipal debt and 70 percent of the portfolio will be similar 
to industrial development bonds. In setting the fee at 2.365 percent of 
the principal amount of the guaranteed loan, HUD expects that the 
amount generated will fully offset the cost to the Federal government 
associated with making guarantee commitments awarded in FY 2018. Note 
that the FY 2018 fee represents a 0.225 percent decrease from the FY 
2017 fee of 2.59 percent. This is due primarily to updated loan 
repayment patterns and discount rates used in calculating the present 
value of cash flows. These are variables that ordinarily are modified 
in the credit subsidy calculation.
    This document establishes a rate that does not constitute a 
development decision that affects the physical condition of specific 
project areas or building sites. Accordingly, under 24 CFR 50.19(c)(6), 
this document is categorically excluded from environmental review under 
the National Environmental Policy Act of 1969 (42 U.S.C. 4321).

    Dated: September 12, 2017.
Neal Rackleff,
Assistant Secretary for Community Planning and Development.
[FR Doc. 2017-20474 Filed 9-22-17; 8:45 am]
BILLING CODE 4210-67-P



                                                  44518            Federal Register / Vol. 82, No. 184 / Monday, September 25, 2017 / Rules and Regulations

                                                  DEPARTMENT OF HOUSING AND                               appropriations bill under consideration               relevant to this calculation (e.g.,
                                                  URBAN DEVELOPMENT                                       (S. 1655) and the House omnibus bill                  assumptions as to loan disbursement
                                                                                                          (H.R. 3354) have identical language                   and repayment patterns).
                                                  24 CFR Part 570                                         regarding the fees and credit subsidy                    Taking these factors into
                                                  [Docket No. FR–5767–N–06]                               cost for the Section 108 Program.                     consideration, HUD determined that the
                                                                                                            On November 3, 2015, HUD                            fee for disbursements made under loan
                                                  RIN 2506–AC35                                           published a final rule (80 FR 67626) that             guarantee commitments awarded in FY
                                                                                                          amended the Section 108 Program                       2018 will be 2.365 percent, which will
                                                  Section 108 Loan Guarantee Program:                     regulations at 24 CFR part 570 to                     be applied only at the time of loan
                                                  Announcement of Fee To Cover Credit                     establish additional procedures,                      disbursements. Note that future notices
                                                  Subsidy Costs                                           including procedures for announcing                   may provide for a combination of up-
                                                  AGENCY:  Office of the Assistant                        the amount of the fee each fiscal year                front and periodic fees for loan
                                                  Secretary for Community Planning and                    when HUD is required to offset the                    guarantee commitments awarded in
                                                  Development, HUD.                                       credit subsidy costs to the Federal                   future fiscal years but, if so, will provide
                                                  ACTION: Notification of fees.
                                                                                                          government to guarantee Section 108                   the public an opportunity to comment if
                                                                                                          loans. For fiscal years 2016 and 2017,                appropriate under 24 CFR 570.712(b)(2).
                                                  SUMMARY:   This document announces the                  HUD issued notices to set the fees.1                     The expected cost of a Section 108
                                                  fee that HUD will collect from                                                                                loan guarantee is difficult to estimate
                                                                                                          II. FY 2018 Fee: 2.365 Percent of the
                                                  borrowers of loans guaranteed under                                                                           using historical program data because
                                                                                                          Principal Amount of the Loan
                                                  HUD’s Section 108 Loan Guarantee                                                                              there have been no defaults in the
                                                  Program (Section 108 Program) to offset                    This document sets the fee for Section             history of the program that required
                                                  the credit subsidy costs of the                         108 loan disbursements under loan                     HUD to invoke its full faith and credit
                                                  guaranteed loans pursuant to                            guarantee commitments awarded for FY                  guarantee or use the credit subsidy
                                                  commitments awarded in FY 2018.                         2018 at 2.365 percent of the principal                reserved each year for future losses.2
                                                  DATES: Applicability Date: October 25,                  amount of the loan. HUD will collect                  This is due to a variety of factors,
                                                  2017.                                                   this fee from borrowers of loans                      including the availability of Community
                                                                                                          guaranteed under the Section 108                      Development Block Grant (CDBG) funds
                                                  FOR FURTHER INFORMATION CONTACT: Paul                   Program to offset the credit subsidy
                                                  Webster, Director, Financial                                                                                  as security for HUD’s guarantee as
                                                                                                          costs of the guaranteed loans pursuant                provided in 24 CFR 570.705(b). As
                                                  Management Division, Office of Block                    to commitments awarded in FY 2018.
                                                  Grant Assistance, Office of Community                                                                         authorized by Section 108 of the
                                                                                                             For this fee notice, HUD is not                    Housing and Community Development
                                                  Planning and Development, Department                    changing the underlying assumptions or
                                                  of Housing and Urban Development,                                                                             Act of 1974, as amended (42 U.S.C.
                                                                                                          creating new considerations for                       5308), borrowers may make payments
                                                  451 7th Street SW., Room 7180,                          borrowers. The calculation of the FY
                                                  Washington, DC 20410; telephone                                                                               on Section 108 loans using CDBG grant
                                                                                                          2018 fee uses the same fee calculation                funds. Borrowers may also make Section
                                                  number 202–402–4563 (this is not a toll-                model as the FY 2016 and FY 2017 final
                                                  free number). Individuals with speech                                                                         108 loan payments from other
                                                                                                          notices, but incorporates updated                     anticipated sources but continue to have
                                                  or hearing impairments may access this                  information regarding the composition
                                                  number through TTY by calling the toll-                                                                       CDBG funds available should they
                                                                                                          of the Section 108 portfolio and the                  encounter shortfalls in the anticipated
                                                  free Federal Relay Service at 800–877–                  timing of the estimated future cash
                                                  8339. FAX inquiries (but not comments)                                                                        repayment source. Despite the
                                                                                                          flows for defaults and recoveries. The                program’s history of no defaults, federal
                                                  may be sent to Mr. Webster at 202–708–                  calculation of the fee is also affected by
                                                  1798 (this is not a toll-free number).                                                                        credit budgeting principles require that
                                                                                                          the discount rates required to be used by             the availability of CDBG funds to repay
                                                  SUPPLEMENTARY INFORMATION:                              HUD when calculating the present value                the guaranteed loans cannot be assumed
                                                  I. Background                                           of the future cash flows as part of the               in the development of the credit subsidy
                                                                                                          Federal budget process.                               cost estimate (see 80 FR 67629,
                                                     The Transportation, Housing and                         As described in 24 CFR 570.712(b),
                                                  Urban Development, and Related                                                                                November 3, 2015). Thus, the estimate
                                                                                                          HUD’s credit subsidy calculation is                   must incorporate the risk that
                                                  Agencies Appropriations Act, 2015                       based on the amount required to reduce
                                                  (division K of Pub. L. 113–235,                                                                               alternative sources are used to repay the
                                                                                                          the credit subsidy cost to the Federal                guaranteed loan in lieu of CDBG funds,
                                                  approved December 16, 2014) (2015                       government associated with making a
                                                  Appropriations Act) provided that ‘‘the                                                                       and that those sources may be
                                                                                                          Section 108 loan guarantee to the                     insufficient. Based on the rate that
                                                  Secretary shall collect fees from                       amount established by applicable
                                                  borrowers . . . to result in a credit                                                                         CDBG funds are used annually for
                                                                                                          appropriation acts. As a result, HUD’s                repayment of loan guarantees, HUD’s
                                                  subsidy cost of zero for guaranteeing’’                 credit subsidy cost calculations
                                                  Section 108 loans. Identical language                                                                         calculation of the credit subsidy cost
                                                                                                          incorporated assumptions based on: (i)                must take into account the possibility of
                                                  was continued or included in the                        Data on default frequency for municipal
                                                  Department’s continuing resolutions                                                                           future defaults if those CDBG funds
                                                                                                          debt where such debt is comparable to                 were not available. The fee of 2.365
                                                  and appropriations acts authorizing                     loans in the Section 108 loan portfolio;
                                                  HUD to issue Section 108 loan                                                                                 percent of the principal amount of the
                                                                                                          (ii) data on recovery rates on collateral             loan will offset the expected cost to the
                                                  guarantees during fiscal years 2016 and                 security for comparable municipal debt;
asabaliauskas on DSKBBXCHB2PROD with RULES




                                                  2017 (Pub. L. 114–53, 114–113, and                                                                            government due to default, financing
                                                                                                          (iii) the expected composition of the                 costs, and other relevant factors. To
                                                  115–31). Section 101(a) of the                          Section 108 portfolio by end users of the
                                                  Continuing Appropriations Act, 2018                                                                           arrive at this measure, HUD analyzed
                                                                                                          guaranteed loan funds (e.g., third party              data on comparable municipal debt over
                                                  (Division D of Pub. L. 115–56, approved                 borrowers and public entities); and (iv)
                                                  September 8, 2017) includes the costs of                other factors that HUD determined were                  2 Department of Housing and Urban
                                                  HUD loan guarantees generally in its                                                                          Development, Study of HUD’s Section 108 Loan
                                                  continuation of fiscal year 2017                          1 80 FR 67634 (November 3, 2015) and 81 FR          Guarantee Program, (prepared by Econometrica, Inc.
                                                  programs. Additionally, the Senate                      68297 (October 4, 2016), respectively.                and The Urban Institute), September 2012.



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                                                                   Federal Register / Vol. 82, No. 184 / Monday, September 25, 2017 / Rules and Regulations                                        44519

                                                  an extended 16 to 23-year period. The                     Dated: September 12, 2017.                          should include discussion of all points
                                                  estimated rate is based on the default                  Neal Rackleff,                                        you wish to make. EPA will generally
                                                  and recovery rates for general purpose                  Assistant Secretary for Community Planning            not consider comments or comment
                                                  municipal debt and industrial                           and Development.                                      contents located outside of the primary
                                                  development bonds. The cumulative                       [FR Doc. 2017–20474 Filed 9–22–17; 8:45 am]           submission (i.e., on the web, cloud, or
                                                  default rates on industrial development                 BILLING CODE 4210–67–P                                other file sharing system). For
                                                  bonds (14.62 percent) were higher than                                                                        additional submission methods, the full
                                                  the default rates on general purpose                                                                          EPA public comment policy,
                                                  municipal debt (0.25 percent) during the                ENVIRONMENTAL PROTECTION                              information about CBI or multimedia
                                                  period from which the data were taken.                  AGENCY                                                submissions, and general guidance on
                                                  (The recovery rates for industrial                                                                            making effective comments, please visit
                                                  development bonds and general purpose                   40 CFR Part 52                                        http://www2.epa.gov/dockets/
                                                  debt were 74.76 and 90.27 percent,                                                                            commenting-epa-dockets.
                                                                                                          [EPA–R04–OAR–2009–0226; FRL–9968–17–
                                                  respectively.) These two subsectors of                  Region 4]                                             FOR FURTHER INFORMATION CONTACT:
                                                  municipal debt were chosen because                                                                            Sean Lakeman, Air Regulatory
                                                  their purposes and loan terms most                      Air Plan Approval; GA: Emission                       Management Section, Air Planning and
                                                  closely resemble those of Section 108                   Reduction Credits                                     Implementation Branch, Air, Pesticides
                                                  guaranteed loans.                                                                                             and Toxics Management Division, U.S.
                                                                                                          AGENCY: Environmental Protection                      Environmental Protection Agency,
                                                     In this regard, Section 108 guaranteed               Agency.                                               Region 4, 61 Forsyth Street SW.,
                                                  loans can be broken down into two                       ACTION: Direct final rule.                            Atlanta, Georgia 30303–8960. Mr.
                                                  categories: (1) Loans that finance public                                                                     Lakeman can be reached via telephone
                                                  infrastructure and activities to support                SUMMARY:    The Environmental Protection
                                                                                                                                                                at (404) 562–9043 or via electronic mail
                                                  subsidized housing (other than                          Agency (EPA) is taking direct final
                                                                                                                                                                at lakeman.sean@epa.gov.
                                                  financing new construction) and (2)                     action to approve changes to the Georgia
                                                                                                          State Implementation Plan (SIP) to                    SUPPLEMENTARY INFORMATION:
                                                  other development projects (e.g., retail,
                                                  commercial, industrial). The 2.365                      revise the Emission Reduction Credits                 I. Background
                                                  percent fee was derived by weighting                    (ERC) regulation. EPA is approving
                                                                                                          portions of the SIP revision submitted                  On September 15, 2008, GA EPD
                                                  the default and recovery data for general                                                                     submitted a SIP revision to EPA for
                                                                                                          by the State of Georgia, through the
                                                  purpose municipal debt and the data for                                                                       approval that involves changes to
                                                                                                          Georgia Department of Natural
                                                  industrial development bonds according                                                                        Georgia’s emissions reduction credits
                                                                                                          Resources’ Environmental Protection
                                                  to the expected composition of the                                                                            rule and the administrative fees found
                                                                                                          Division (GA EPD) on September 15,
                                                  Section 108 portfolio by corresponding                                                                        in Georgia Rule 391–3–1–.03(13). Rule
                                                                                                          2008. The revision expands the
                                                  project type. Based on the dollar amount                eligibility for sources in Barrow County              391–3–1–.03(13) provides for the
                                                  of Section 108 loan guarantee                           that can participate in the ERC Program,              creation, banking, transfer, and use of
                                                  commitments awarded during the                          adds a provision for reevaluation of the              nitrogen oxides (NOX) and volatile
                                                  period from FY 2012 through FY 2016,                    Certificates of ERC, changes the                      organic compounds (VOC) ERCs in
                                                  HUD expects that 30 percent of the                      administrative fees, and eliminates an                Federally designated ozone
                                                  Section 108 portfolio will be similar to                exemption for certain types of ERCs.                  nonattainment areas in Georgia and
                                                  general purpose municipal debt and 70                   This action is being taken pursuant to                administrative fees associated with the
                                                  percent of the portfolio will be similar                the Clean Air Act (CAA or Act).                       ERC Program.
                                                  to industrial development bonds. In                                                                             GA EPD oversees the ERC Program,
                                                                                                          DATES: This direct final rule is effective
                                                  setting the fee at 2.365 percent of the                                                                       which was created in 1999 and
                                                                                                          November 24, 2017 without further                     approved into Georgia’s SIP on July 10,
                                                  principal amount of the guaranteed                      notice, unless EPA receives adverse
                                                  loan, HUD expects that the amount                                                                             2001 (66 FR 35906). The ERC Program
                                                                                                          comment by October 25, 2017. If EPA                   facilitates construction permitting for
                                                  generated will fully offset the cost to the             receives such comments, it will publish
                                                  Federal government associated with                                                                            major emission sources that are subject
                                                                                                          a timely withdrawal of the direct final               to Nonattainment New Source Review
                                                  making guarantee commitments                            rule in the Federal Register and inform
                                                  awarded in FY 2018. Note that the FY                                                                          (NNSR) permitting in Georgia ozone
                                                                                                          the public that the rule will not take                nonattainment areas. Emissions point
                                                  2018 fee represents a 0.225 percent                     effect.
                                                  decrease from the FY 2017 fee of 2.59                                                                         sources within the 25-county area
                                                  percent. This is due primarily to                       ADDRESSES:   Submit your comments,                    surrounding Atlanta that require Best
                                                  updated loan repayment patterns and                     identified by Docket ID No. EPA–R04–                  Available Control Technology (BACT)
                                                  discount rates used in calculating the                  OAR–2009–0226 at http://                              and offset permitting are also eligible for
                                                  present value of cash flows. These are                  www.regulations.gov. Follow the online                the ERC Program.
                                                                                                          instructions for submitting comments.                   The ERC Program allows eligible
                                                  variables that ordinarily are modified in
                                                                                                          Once submitted, comments cannot be                    sources that voluntarily reduce
                                                  the credit subsidy calculation.
                                                                                                          edited or removed from Regulations.gov.               emissions in the affected counties to
                                                     This document establishes a rate that                EPA may publish any comment received                  certify and ‘‘bank’’ these reductions as
                                                  does not constitute a development                       to its public docket. Do not submit                   ERCs for future use by themselves or
asabaliauskas on DSKBBXCHB2PROD with RULES




                                                  decision that affects the physical                      electronically any information you                    others. The banked ERCs hold their
                                                  condition of specific project areas or                  consider to be Confidential Business                  value for ten years, at which point they
                                                  building sites. Accordingly, under 24                   Information (CBI) or other information                begin devaluing ten percent per year
                                                  CFR 50.19(c)(6), this document is                       whose disclosure is restricted by statute.            until they have reached 50 percent of
                                                  categorically excluded from                             Multimedia submissions (audio, video,                 their original value. The ERC Program is
                                                  environmental review under the                          etc.) must be accompanied by a written                intended to help the Atlanta area
                                                  National Environmental Policy Act of                    comment. The written comment is                       achieve compliance with federal
                                                  1969 (42 U.S.C. 4321).                                  considered the official comment and                   standards for ground-level ozone. The


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Document Created: 2018-10-24 14:42:27
Document Modified: 2018-10-24 14:42:27
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionRules and Regulations
ActionNotification of fees.
DatesApplicability Date: October 25, 2017.
ContactPaul Webster, Director, Financial Management Division, Office of Block Grant Assistance, Office of Community Planning and Development, Department of Housing and Urban Development, 451 7th Street SW., Room 7180, Washington, DC 20410; telephone number 202-402-4563 (this is not a toll-free number). Individuals with speech or hearing impairments may access this number through TTY by calling the toll-free Federal Relay Service at 800-877- 8339. FAX inquiries (but not comments) may be sent to Mr. Webster at 202-708-1798 (this is not a toll-free number).
FR Citation82 FR 44518 
RIN Number2506-AC35

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