60 Day Notice

DEPARTMENT OF AGRICULTURE
RURAL HOUSING SERVICE
[Docket No. RHS-20-MFH-0029]
Notice of Request for Extension of a Currently Approved Information Collection
AGENCY: Rural Housing Service
ACTION: Proposed collection; Comments requested.
SUMMARY: In accordance with the Paperwork Reduction Act of 1995, this notice
announces the Rural Housing Service’s intention to request an extension for a currently
approved information collection in support of the program of the Agency’s use of
Supervised Bank Accounts (SBA).
DATES: Comments on this Notice must be received by (insert date 60 days after date of
publication in the FEDERAL REGISTER) to be assured of consideration.
FOR FURTHER INFORMATION CONTACT:
Barbara Chism, Finance and Loan Analyst, Multi-Family Housing Asset Management
Division, Policy and Budget Branch, STOP 0782-Room 1263S, U.S. Department of
Agriculture, 1400 Independence Avenue, SW., Washington, D.C. 20250-0782.
Telephone: (202) 690-1436.
SUPPLEMENTARY INFORMATION: The OMB regulation (5 CFR 1320)
implementing provisions of the Paperwork Reduction Act of 1995 (Pub. L. 104-13)
requires that interested members of the public and affected agencies have an opportunity
to comment on information collection and recordkeeping activities (see 5 CFR
1320.8(d)). This notice identifies an existing information collection that the Agency is
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submitting to OMB for extension. Comments are invited on: (a) whether the proposed
collection of information is necessary for the proper performance of the functions of the
Agency, including whether the information will have practical utility; (b) the accuracy of
the Agency's estimate of the burden of the proposed collection of information including
the validity of the methodology and assumptions used; (c) ways to enhance the quality,
utility and clarity of the information to be collected; and (d) ways to minimize the burden
of the collection of information on those who are to respond, including the use of
appropriate automated, electronic, mechanical, or other technological collection
techniques or other forms of information technology. Comments may be sent through the
Federal eRulemaking Portal: Go to http://www.regulations.gov and, in the “Search”
box, enter the Docket ID No “RHS-20-MFH-0029” to submit or view public comments
and to view supporting and related materials available electronically. Information on
using Regulations.gov, including instructions for accessing documents, submitting
comments, and viewing the docket after the close of the comment period, is available
through the site's “Help” button at the top of the page.
Title: 7 CFR 1902-A, Supervised Bank Accounts.
OMB Number: 0575-0158.
Expiration Date of Approval: February 28, 2021
Type of Request: Extension of a Currently Approved Information Collection.
Abstract: The Agency extends financial assistance to applicants that do not qualify for
loans under commercial rates and terms. The Agency use SBAs as a mechanism to (1)
ensure correct disbursement and expenditure of all funds designated for a project; (2)
help a borrower properly manage its financial affairs; (3) ensure that the Government’s
security is protected adequately from fraud, waste and abuse. SBAs are mandatory for
Multi-Family Housing (MFH) reserve accounts. The MFH funds must be kept in the
SBA for the full term of a loan. Any funds withdrawn for disbursement for an authorized
purpose require a countersignature from an Agency official. This regulation prescribes
the policies and responsibilities for the use of SBAs. In carrying out the mission as a
supervised credit Agency, this regulation authorizes the use of supervised accounts for
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the disbursement of funds. The use may be necessitated to disburse Government funds
consistent with the various stages of any development (construction) work actually
achieved. On limited occasions, a supervised account is used to provide temporary credit
counseling and oversight of those being assisted who demonstrate an inability to handle
their financial affairs responsibly. Another use is for depositing MFH reserve account
funds in a manner requiring Agency co-signature for withdrawals. MFH reserve account
funds are held in a reserve account for the future capital improvement needs for
apartment properties. Supervised accounts are established to ensure Government security
is adequately protected against fraud, waste and abuse. The legislative authority for
requiring the use of supervised accounts is contained in section 510 of the Housing Act of
1949, as amended (42 U.S.C. 1480). These provisions authorize the Secretary of
Agriculture to make such rules and regulations as deemed necessary to carry out the
responsibilities and duties the Government is charged with administering.
Estimate of Burden: Public reporting burden for this information collection is estimated
to average .43 hours per response.
Respondents: Small Business.
Estimated Average Number of Respondents: 13,500
Estimated Total Annual Responses: 54,292
Estimated Number of Responses per Respondent: 4.02
Estimated Total Number of Man Hours: 23,636

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Copies of this information collection can be obtained from Lynn Gilbert, Rural
Development Innovation Center – Regulations Management Division, at (202) 690-2682.
All responses to this notice will be summarized and included in the request for OMB
approval. All comments will also become a matter of public record.

______________________________

__________________

Elizabeth Walker Green
Acting Administrator
Rural Housing Service

Date

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