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USDA/RHS

RIN: 0575-AC81

Publication ID: Spring 2011

Title: Recapture of Total Subsidy
Abstract: Recovery of some or the entire payment subsidy provided to direct single-family housing borrowers, or "recapture," is provided for by statute in 42 U.S.C. 1490a (a)(l)(D). The statute gives the Secretary broad discretion in the determining the amount of the subsidy recapture. Borrowers with loans approved or assumed on or after October 1, 1979, are required to repay subsidy amounts received through payment subsidy or deferred mortgage assistance. Amounts to be recaptured are due and payable when the borrower transfers title or ceases to occupy the property. The Agency proposes to revise 7 CFR 3550.162 by reinstating language that allows for full repayment of the entire subsidy in the event of foreclosure or voluntary conveyance as was originally provided for in the first recapture regulation promulgated on October 1, 1979. This language was inadvertently omitted when regulations were revised on November 22, 1996.
Agency: Department of Agriculture(USDA)	Priority: Substantive, Nonsignificant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Final Rule Stage
Major: No	Unfunded Mandates: No
CFR Citation: 7 CFR 3550
Legal Authority: 5 USC 301 42 USC 1480

Legal Deadline: None

Timetable:

Action	Date	FR Cite
NPRM	03/05/2010	75 FR 10194
NPRM Comment Period End	05/04/2010
Final Action	06/00/2011
Final Action Effective	07/00/2011

Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Small Entities Affected: No	Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: Michael S Feinberg Branch Chief, Loan Origination Branch Department of Agriculture Rural Housing Service Stop 0783, STOP 0783, 1400 Independence Avenue SW, Washington, DC 20250-0783 Phone:202 720-1474 Fax:202 720-2232 Email: michael.feinberg@wdc.usda.gov