2502-AJ16 201410 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 2502 Office of Housing OH 2500 Department of Housing and Urban Development HUD Federal Housing Administration (FHA) Multifamily Mortgage Insurance; Capturing Excess Claim Proceeds (FR-5583)

This rule amends HUD's regulations covering the contract rights and obligations of mortgagees participating in FHA multifamily mortgage insurance programs to address reimbursement to FHA of excess claim proceeds. When a mortgagee finances mortgages through the issuance and sale of bonds or through bond anticipation notes the mortgagee uses the FHA insurance claim funds to pay off the remaining bond debts. At times, the amount paid by the FHA insurance claim is greater than the remaining bond debts. This rule requires mortgagees to return to FHA the excess bond funds that remain after FHA's payment is used to satisfy the bonds. HUD would require similar payments of excess bond funds on obligations of public housing agencies and, thus, the rule provides consistency in the administration of HUD bond financing programs.

]]> Substantive, Nonsignificant Previously Published in The Unified Agenda Completed Actions No No 24 CFR 207 12 USC 1701z-11(e) 12 USC 1709(c)(1) 12 USC 1713 and 1715(b) 42 USC 3535(d) No NPRM 07/10/2013 78 FR 41339 NPRM Comment Period End 09/09/2013 Final Action 07/29/2014 79 FR 43929 No No None No No No No Aaron Hutchinson Office of Asset Management and Portfolio Oversight, Office of Multifamily Housing Programs 2502 Office of Housing OH 202 402-4188 451 7th Street SW., Washington DC 20410