Limited Resource Loan Reviews

DEPARTMENT OF AGRICULTURE

Farmers Home Administration

7 CFR Part 1924

Limited Resource Loan Reviews

AGENCY: Farmers Home Administration, USDA.

ACTION: Final rule.

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SUMMARY: The Farmers Home Administration (FmHA) amends its regulation

with regard to the annual review of borrowers with limited resource

Farm Ownership (FO), Soil and Water (SW), and Operating (OL) loans. The

amendments are necessary to clarify annual review procedures for

limited resource loan borrowers. The intended effect is to reduce the

number of borrowers who are past due for limited resource loan reviews.

EFFECTIVE DATE: February 23, 1994.

FOR FURTHER INFORMATION CONTACT:

Aleta Rhone-Williams, Accounting Policy and Procedures Branch, FmHA,

USDA, Finance Office, 1520 Market Street, St. Louis, Missouri 63103,

telephone 314-539-6026.

SUPPLEMENTARY INFORMATION: This rule is not subject to the provisions

of Executive Order 12866 because it has no impact on FmHA borrowers or

other members of the public. It is the policy of this Department that

rules relating to public property, loans, grants, benefits, or

contracts shall be published for comments, notwithstanding the

exemption in 5 U.S.C. 553 with respect to such rules. This action,

however, is not published for proposed rulemaking because it involves

only internal Agency management and publication for comment is

unnecessary.

Paperwork Reduction Act

The information collection requirements contained in this

regulation have been approved by the Office of Management and Budget

(OMB) under the provisions of 44 U.S.C. Chapter 35 and have been

assigned OMB control number 0575-0061 in accordance with the Paperwork

Reduction Act of 1980 (44 U.S.C. 3507). This final rule does not revise

or impose any new information collection or recordkeeping requirement

from those approved by OMB.

Environmental Impact Statement

This document has been revised in accordance with 7 CFR 1940,

Subpart G, Environmental Program. FmHA has determined that this action

does not constitute a major Federal action significantly affecting the

quality of the human environment and in accordance with the National

Environmental Policy Act of 1969, Public Law 91-190, an environmental

impact statement is not required.

Programs Affected

These programs/activities are listed in the Catalog of Federal

Domestic Assistance under Numbers: 10.406 Farm Operating Loans. 10.407

Farm Ownership Loans. 10.416 Soil and Water Loans.

Intergovernmental Consultation

For the reasons set forth in the final rule related to notice 7 CFR

part 3015, Subpart V, (48 FR 29115, June 24, 1983), Farm Ownership

Loans and Farm Operating Loans are excluded from the scope of Executive

Order 12372, which requires intergovernmental consultation with state

and local officials. The Soil and Water program, however, is subject to

the provisions of Executive Order 12372, which requires

intergovernmental consultation with state and local officials.

List of Subjects in 7 CFR Part 1924

Agriculture, Construction management, Construction and repair,

Energy conservation, Housing, Loan programs--Agriculture, Loan

programs--Housing and community development, Low and moderate income

housing.

Accordingly, part 1924, chapter XVIII, title 7, Code of Federal

Regulations is amended as follows:

PART 1924--CONSTRUCTION AND REPAIR

1. The authority citation for part 1924 continues to read as

follows:

Authority: 7 U.S.C. 1989; 42 U.S.C. 1480; 5 U.S.C. 301; 7 CFR

2.23; 7 CFR 2.70.

Subpart B--Management Advice to Individual Borrowers and Applicants

2. Section 1924.60 is amended by adding the words ``(The date of

the Farm and Home Plan will become the anniversary date for the limited

resource loan review.)'' at the end of paragraph (c)(3); revising the

reference ``paragraph (c)'' to read ``paragraphs (c)(1), (c)(2), and

(c)(4),'' in the first sentence of paragraph (d)(2); and adding the

words ``For borrowers receiving limited resource rates of interest,

complete the initial analysis within the 18-month period after loan

closing and near the end of the borrower's production/marketing cycle

(period of the Farm and Home Plan).'' after the first sentence in

paragraph (d)(2).

Dated: February 4, 1994.

Bob Nash,

Under Secretary, Small Community and Rural Development.

[FR Doc. 94-3957 Filed 2-22-94; 8:45 am]

BILLING CODE 3410-07-M