83 FR 19188 - Affordable Housing Program Amendments; Correction, Extension of Comment Period, and Further Request for Comment
FEDERAL HOUSING FINANCE AGENCY Federal Register Volume 83, Issue 85 (May 2, 2018)
Federal Register Volume 83, Issue 85 (May 2, 2018)
| Page Range | 19188-19189 | |
| FR Document | 2018-09326 |
[Federal Register Volume 83, Number 85 (Wednesday, May 2, 2018)] [Proposed Rules] [Pages 19188-19189] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-09326] ======================================================================== Proposed Rules Federal Register ________________________________________________________________________ This section of the FEDERAL REGISTER contains notices to the public of the proposed issuance of rules and regulations. The purpose of these notices is to give interested persons an opportunity to participate in the rule making prior to the adoption of the final rules. ======================================================================== Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Proposed Rules [[Page 19188]] FEDERAL HOUSING FINANCE AGENCY 12 CFR Parts 1290 and 1291 RIN 2590-AA83 Affordable Housing Program Amendments; Correction, Extension of Comment Period, and Further Request for Comment AGENCY: Federal Housing Finance Agency. ACTION: Proposed rule; correction, extension of comment period, and further request for comment. ----------------------------------------------------------------------- SUMMARY: The Federal Housing Finance Agency (FHFA) is correcting an inadvertent error in the calculation of a proposed regulatory outcome requirement in the proposed rule published in the Federal Register on March 14, 2018, regarding the Federal Home Loan Banks' (Banks) Affordable Housing Program (AHP or Program). FHFA is requesting comment on the corrected calculation and is extending the comment period on all aspects of the proposed rule by an additional 30 days. DATES: The comment period for the proposed rule, published at 83 FR 11344 (March 14, 2018), is extended to June 12, 2018. Written comments must be received on or before this date. ADDRESSES: You may submit your comments, identified by Regulatory Information Number (RIN) 2590-AA83, by any one of the following methods:Agency Website: www.fhfa.gov/open-for-comment-or-input. Federal eRulemaking Portal: http://www.regulations.gov. Follow the instructions for submitting comments. If you submit your comment to the Federal eRulemaking Portal, please also send it by email to FHFA at [email protected] to ensure timely receipt by FHFA. Include the following information in the subject line of your submission: Comments/RIN 2590-AA83. Hand Delivered/Courier: The hand delivery address is: Alfred M. Pollard, General Counsel, Attention: Comments/RIN 2590-AA83, Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, Washington, DC 20219. Deliver the package at the Seventh Street entrance Guard Desk, First Floor, on business days between 9 a.m. and 5 p.m. U.S. Mail, United Parcel Service, Federal Express, or Other Mail Service: The mailing address for comments is: Alfred M. Pollard, General Counsel, Attention: Comments/RIN 2590-AA83, Federal Housing Finance Agency, Eighth Floor, 400 Seventh Street SW, Washington, DC 20219. Please note that all mail sent to FHFA via U.S. Mail is routed through a national irradiation facility, a process that may delay delivery by approximately two weeks. For time-sensitive correspondence, please plan accordingly. FOR FURTHER INFORMATION CONTACT: Ted Wartell, Manager, Office of Housing and Community Investment, 202-649-3157, [email protected]; Marcea Barringer, Senior Policy Analyst, Office of Housing and Community Investment, 202-649-3275, [email protected]; Marshall Adam Pecsek, Senior Counsel, Office of General Counsel, 202-649-3380, [email protected]; or Sharon Like, Managing Associate General Counsel, Office of General Counsel, 202-649-3057, [email protected]. These are not toll-free numbers. The mailing address is: Federal Housing Finance Agency, 400 Seventh Street SW, Washington, DC 20219. The telephone number for the Telecommunications Device for the Hearing Impaired is (800) 877-8339. SUPPLEMENTARY INFORMATION: Comments FHFA invites comments on all aspects of the March 2018 proposed rule, including any new or supplemental comments on the corrected calculation of the proposed regulatory outcome requirement, and will take all comments into consideration before issuing a final rule including those filed prior to this notice. Copies of all comments will be posted without change, including any personal information you provide such as your name, address, email address, and telephone number, on the FHFA website at http://www.fhfa.gov. In addition, copies of all comments received will be available for examination by the public through the electronic rulemaking docket for this proposed rule also located on the FHFA website. Background On March 14, 2018, FHFA published in the Federal Register a proposed rule to amend its regulation governing the Banks' AHP, located at 12 CFR part 1291. See 83 FR 11344. The proposed rule, among other things, would provide the Banks authority to design and implement their own project selection scoring criteria and award AHP funds, subject to meeting certain FHFA-prescribed outcome requirements. The proposed rule contains an inadvertent error in the calculation of the regulatory outcome requirement in proposed Sec. 1291.48(d), related rule text, and preamble discussions. The proposed rule states that: ``Each year, each Bank shall ensure that at least 55 percent of the Bank's required annual AHP contribution is awarded under the Bank's General Fund and any Bank Targeted Funds to projects that, in the aggregate, meet at least two of the three regulatory priorities in this paragraph . . . .'' See 83 FR 11361, 11386 (emphasis added). Under proposed Sec. 1291.48(d), as drafted in the proposed rule, any AHP funds awarded to a household participating in a Homeownership Set-Aside Program would not count towards fulfillment of the outcome requirement. Therefore, were a Bank to allocate the maximum amount permitted under the proposed rule to its Homeownership Set-Aside Program(s)--40 percent of its required annual AHP contribution--it would be required to ensure that nearly 92 percent of its remaining annual contribution be awarded to projects that satisfy, in the aggregate, two of the three identified regulatory priorities. While not all subsidies awarded under a Homeownership Set-Aside Program will meet one of the prioritized housing needs identified under the regulatory priorities in proposed Sec. 1291.48(d), some will, and FHFA believes that this should be reflected in the applicable outcome requirement. Correction Proposed Sec. 1291.48(d), related rule text, and preamble discussions, therefore, should have included awards to households under a Bank's Homeownership Set-Aside Programs, if any, along with awards under the [[Page 19189]] Bank's General Fund and any Bank Targeted Funds, in the calculation of whether the Bank achieved the regulatory outcome requirement. That is, the Bank's awards under its General Fund and any Targeted Funds and Homeownership Set-Aside Programs would be included in the numerator, and the Bank's required annual AHP contribution amount would be included in the denominator of the calculation. Accordingly, in the proposed rule FR Doc. 2018-04745, on page 11386, in the issue of March 14, 2018, in the left column, in paragraph (d) of Sec. 1291.48, the correction should correctly read: ``Each year, each Bank shall ensure that at least 55 percent of the Bank's required annual AHP contribution is awarded under the Bank's General Fund and any Bank Targeted Funds and Homeownership Set-Aside Programs to projects or households, as applicable, that, in the aggregate, meet at least two of the three regulatory priorities in this paragraph . . . .'' (emphasis added) If the corrected language is adopted in a final rule, FHFA will also make any other conforming revisions to the rule text as necessitated by the correction. FHFA specifically requests comments on whether the calculation, as corrected, would provide the Banks sufficient flexibility to provide AHP funds to the housing needs in their districts. FHFA further requests comments on whether other changes to the outcome calculation would be appropriate, such as decreasing the percentage of the Bank's annual AHP contribution required to meet the regulatory priorities to less than 55 percent, provided that at least a majority of the Bank's annual AHP contribution is awarded to certain regulatory priorities established by FHFA.\1\ FHFA also requests comments on whether adding a regulatory priority that is specifically focused on homeownership would increase opportunities for the Banks to include awards made in their Homeownership Set-Aside Programs towards meeting the regulatory priorities. --------------------------------------------------------------------------- \1\ The Federal Home Loan Bank Act requires FHFA to establish priorities for the use of the AHP funds. 12 U.S.C. 1430(j)(9)(B). --------------------------------------------------------------------------- Extension of Comment Period The comment period for the proposed rule was originally set to expire on May 14, 2018. FHFA has received a number of requests from commenters for an extension of the comment period of varying lengths, with commenters citing the complexity and length of the proposed rule, the important issues addressed, and the high level of interest. In light of these requests, and FHFA's additional request for comment on the correction to the proposed outcome requirement calculation, FHFA is extending the comment period by an additional 30 days. This will result in a total comment period on the proposed rule of 90 days, expiring June 12, 2018. Dated: April 26, 2018. Melvin L. Watt, Director, Federal Housing Finance Agency. [FR Doc. 2018-09326 Filed 5-1-18; 8:45 am] BILLING CODE 8070-01-P
![Federal Register / Vol. 83, No. 85 / Wednesday, May 2, 2018 / Proposed Rules 19189
Bank’s General Fund and any Bank In light of these requests, and FHFA’s 271–4814, email Edmund.J.Ofalt@
Targeted Funds, in the calculation of additional request for comment on the uscg.mil.
whether the Bank achieved the correction to the proposed outcome SUPPLEMENTARY INFORMATION:
regulatory outcome requirement. That requirement calculation, FHFA is
is, the Bank’s awards under its General extending the comment period by an I. Table of Abbreviations
Fund and any Targeted Funds and additional 30 days. This will result in a CFR Code of Federal Regulations
Homeownership Set-Aside Programs total comment period on the proposed COTP Captain of the Port
would be included in the numerator, rule of 90 days, expiring June 12, 2018. DHS Department of Homeland Security
and the Bank’s required annual AHP Dated: April 26, 2018. FR Federal Register
contribution amount would be included NPRM Notice of proposed rulemaking
Melvin L. Watt, § Section
in the denominator of the calculation.
Director, Federal Housing Finance Agency. U.S.C. United States Code
Accordingly, in the proposed rule FR
Doc. 2018–04745, on page 11386, in the [FR Doc. 2018–09326 Filed 5–1–18; 8:45 am]
II. Background, Purpose, and Legal
issue of March 14, 2018, in the left BILLING CODE 8070–01–P
Basis
column, in paragraph (d) of § 1291.48,
the correction should correctly read: On March 1, 2018, the Coast Guard
‘‘Each year, each Bank shall ensure that was notified of fireworks events
DEPARTMENT OF HOMELAND
at least 55 percent of the Bank’s planned for May 24, 25, 26, and 27,
SECURITY
required annual AHP contribution is 2018. Hazards from fireworks displays
awarded under the Bank’s General Fund Coast Guard include accidental discharge, dangerous
and any Bank Targeted Funds and projectiles and falling hot embers or
Homeownership Set-Aside Programs to 33 CFR Part 165 other debris. The COTP Delaware Bay
projects or households, as applicable, has determined that a temporary safety
that, in the aggregate, meet at least two
[Docket Number USCG–2018–0286] zone is necessary to provide safety on
of the three regulatory priorities in this the navigable waters of the Delaware
RIN 1625–AA00
paragraph . . . .’’ (emphasis added) If River during these fireworks events, and
the corrected language is adopted in a Safety Zone; Fireworks, Delaware to enhance safety of the public,
final rule, FHFA will also make any River, Philadelphia, PA spectators, and vessels.
The purpose of this rulemaking is to
other conforming revisions to the rule
AGENCY: Coast Guard, DHS. ensure the safety of vessels and
text as necessitated by the correction.
FHFA specifically requests comments ACTION: Notice of proposed rulemaking. navigable waters immediately prior to,
on whether the calculation, as corrected, during, and immediately after these
would provide the Banks sufficient SUMMARY: The Coast Guard proposes to fireworks events. The Coast Guard is
flexibility to provide AHP funds to the establish a temporary safety zone for issuing this rule under authority in 33
housing needs in their districts. FHFA multiple fireworks events launched in U.S.C. 1231.
further requests comments on whether the vicinity of Penn’s Landing,
III. Discussion of Proposed Rule
other changes to the outcome Philadelphia, Pennsylvania, for waters
of the Delaware River, Philadelphia, PA. The COTP Delaware Bay proposes to
calculation would be appropriate, such establish a safety zone on the Delaware
as decreasing the percentage of the Establishment of this safety zone is
necessary to enhance safety of life on River adjacent to Penns Landing in
Bank’s annual AHP contribution Philadelphia, PA, May 24, 2018,
required to meet the regulatory navigable waters immediately prior to,
during, and immediately after these through May 27, 2018. The safety zone
priorities to less than 55 percent, will be enforced from approximately 8
provided that at least a majority of the fireworks events. During the
enforcement periods, no vessel may p.m. to 11 p.m. on nights on which
Bank’s annual AHP contribution is fireworks are being displayed from a
awarded to certain regulatory priorities enter in or transit this regulated area
without approval from the Captain of barge in the Delaware River. These
established by FHFA.1 FHFA also fireworks displays may be held on May
requests comments on whether adding a the Port Delaware Bay or a designated
representative. We invite your 24th, 25th, 26th, and 27th, or on only
regulatory priority that is specifically some of these dates. Notification of
focused on homeownership would comments on this proposed rulemaking.
DATES: Comments and related material enforcement dates and times will be
increase opportunities for the Banks to published in the Coast Guard District 5
include awards made in their must be received by the Coast Guard on
or before May 9, 2018. Local Notice to Mariners and broadcast
Homeownership Set-Aside Programs via Broadcast Notice to Mariners. The
towards meeting the regulatory ADDRESSES: You may submit comments
safety zone will include all navigable
priorities. identified by docket number USCG–
waters of Delaware River, adjacent to
2018–0286 using the Federal
Extension of Comment Period Penns Landing, Philadelphia, PA,
eRulemaking Portal at http://
The comment period for the proposed bounded from shoreline to shoreline,
www.regulations.gov. See the ‘‘Public
rule was originally set to expire on May bounded on the south by a line running
Participation and Request for
14, 2018. FHFA has received a number east to west from points along the
Comments’’ portion of the
of requests from commenters for an shoreline connecting at latitude
SUPPLEMENTARY INFORMATION section for
extension of the comment period of 39°56′31.2″ N, longitude 075°08′28.1″
further instructions on submitting
daltland on DSKBBV9HB2PROD with PROPOSALS
varying lengths, with commenters citing W; thence westward to latitude
comments.
the complexity and length of the 39°56′29″.1 N, longitude 075°07′56.5″
proposed rule, the important issues FOR FURTHER INFORMATION CONTACT: If W, and bounded on the north by the
addressed, and the high level of interest. you have questions about this proposed southern edge of the Benjamin Franklin
rulemaking, call or email Petty Officer Bridge where it crosses the Delaware
1 The Federal Home Loan Bank Act requires Edmund Ofalt, U.S. Coast Guard, Sector River.
FHFA to establish priorities for the use of the AHP Delaware Bay, Waterways Management Access to this safety zone will be
funds. 12 U.S.C. 1430(j)(9)(B). Division, Coast Guard; telephone (215) restricted during the specified
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Document Created: 2018-05-02 00:49:28
Document Modified: 2018-05-02 00:49:28
| 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 | Proposed Rules | |
| Action | Proposed rule; correction, extension of comment period, and further request for comment. | |
| Dates | The comment period for the proposed rule, published at 83 FR 11344 (March 14, 2018), is extended to June 12, 2018. Written comments must be received on or before this date. | |
| Contact | Ted Wartell, Manager, Office of Housing and Community Investment, 202-649-3157, [email protected]; Marcea Barringer, Senior Policy Analyst, Office of Housing and Community Investment, 202-649-3275, [email protected]; Marshall Adam Pecsek, Senior Counsel, Office of General Counsel, 202-649-3380, [email protected]; or Sharon Like, Managing Associate General Counsel, Office of General Counsel, 202-649-3057, [email protected] | |
| FR Citation | 83 FR 19188 | |
| RIN Number | 2590-AA83 | |
| CFR Citation | 12
CFR
1290 12 CFR 1291 |
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