# Regulatory Waiver Requests Granted

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URL: https://www.frixlaw.com/law-library/documents/fr%3A94-8017

## Record

- **Collection:** Federal Register
- **Document type:** Uncategorized Document
- **Published:** April 5, 1994

## Text

DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of the Secretary
[Docket No. N-94-3038; FR-2736-N-11]

Regulatory Waiver Requests Granted

AGENCY: Office of the Secretary, HUD.

ACTION: Public notice of the granting of regulatory waivers.

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SUMMARY: Under section 106 of the Department of Housing and Urban
Development Reform Act of 1989 (Reform Act), the Department is required
to make public all approval actions taken on waivers of regulations.
This Notice provides notification of waivers granted during the period
from March 1 to September 30, 1993.

FOR FURTHER INFORMATION CONTACT:
For general information about this Notice, contact Myra L. Ransick,
Assistant General Counsel for Regulations, room 10276, Department of
Housing and Urban Development, 451 Seventh Street, SW., Washington, DC
20410; (202) 708-3055; (TDD) (202) 708-3259. (These are not toll-free
numbers.) For information concerning a particular waiver action,
contact the person whose name and address is set out for the particular
item in the accompanying list of waiver-grant actions.

SUPPLEMENTARY INFORMATION: Section 106 of the Reform Act amended
section 7 of the Department of Housing and Urban Development Act (42
U.S.C. 3535(q)(3)) to provide:
1. Any waiver of a regulation must be in writing and must specify
the grounds for approving the waiver;
2. Authority to approve a waiver of a regulation may be delegated
by the Secretary only to an individual of Assistant Secretary rank or
equivalent rank, and the person to whom authority to waive is delegated
must also have authority to issue the particular regulation to be
waived;
3. Not less than quarterly, the Secretary must notify the public of
all waivers of regulations that the Department has approved, by
publishing a notice in the Federal Register. These Notices (each
covering the period since the most recent previous notification) shall:
a. Identify the project, activity, or undertaking involved;
b. Describe the nature of the provision waived, and the designation
of the provision;
c. Indicate the name and title of the person who granted the waiver
request;
d. Describe briefly the grounds for approval of the request;
e. State how additional information about a particular waiver grant
action may be obtained.
Today's document notifies the public of HUD's waiver-grant activity
from March 1 to September 30, 1993. The next Notice, which will be
published in the near future, will cover the period from October 1
through December 31, 1993.
For ease of reference, waiver requests granted by departmental
officials authorized to grant waivers are listed in a sequence keyed to
the section number of the HUD regulation involved in the waiver action.
For example, a waiver-grant action involving exercise of authority
under 24 CFR 24.200 (involving the waiver of a provision in part 24)
would come early in the sequence, while waivers in the section 8 and
section 202 programs (24 CFR chapter VIII) would be among the last
matters listed. Where more than one regulatory provision is involved in
the grant of a particular waiver request, the action is listed under
the section number of the first regulatory requirement in title 24 that
is being waived as part of the waiver-grant action. (For example, a
waiver of both Sec. 811.105(b) and Sec. 811.107(a) would appear
sequentially in the listing under Sec. 811.105(b).) Waiver-grant
actions involving the same initial regulatory citation are in time
sequence beginning with the earliest-dated waiver-grant action.
Should the Department receive additional reports of waiver actions
taken during the period covered by this report before the next report
is published, the next updated report will include these earlier
actions.
Accordingly, information about approved waiver requests pertaining
to regulations of the Department is provided in the Appendix to this
Notice.

Dated: March 24, 1994.
Henry G. Cisneros,
Secretary.

Appendix--Listing of Waivers of Regulatory Requirements Granted by
Officers of the Department of Housing and Urban Development March 1,
1993 Through September 30, 1993

Note to reader: The person to be contacted for additional
information about the waiver-grant items in this listing is: Oliver
Walker, Chief, Directives, Reports and Forms Branch, Office of
Housing, Management Division, Department of Housing and Urban
Development, 451 Seventh Street, SW., Washington, DC 20410,
Telephone: (202) 708-1694.

1. Regulation: 24 CFR 248.233(f)--Prepayment of Low Income Housing
Mortgages.
Project/Activity: Multiple projects under the control of Carabetta.
Enterprises, Inc., Managing General Partner.
Nature of Requirement: The Regulation prohibits Approvals of Plans
of Action when audit findings remain open.
Granted By: Nicolas P. Retsinas, Assistant Secretary For Housing-
Federal Housing Commissioner.
Date Granted: September 23, 1993.
Background: This is in response to William Hernandez's memorandum,
dated July 7, 1993, requesting a blanket waiver of the subject
regulation with respect to 26 Plans of Action for which Carabetta
Enterprises, Inc. (CEI) or Joseph Carabetta is the managing general
partner. The request for the waiver is required because an audit report
issued by the Regional Inspector General for Audit on March 5, 1993,
cited CEI for the improper diversion of funds from project accounts
and/or the nonpayment of section 236 Excess Income totalling
approximately $7.5 million from 40 properties, including the 26 for
which the Plans of Action have been filed. The subject regulation
prohibits approval of any Plan of Action so long as audit findings are
outstanding.
Reason Waived: The mortgagors propose to resolve the audit findings
by repaying the diverted funds out of equity proceeds distributed as
incentives pursuant to Plans of Action approved under the Emergency
Low-Income Housing Preservation Act of 1987 (ELIHPA). Your office has
also proposed a penalty in the amount of $3 million in lieu of pursuing
civil money penalties or affirmative litigation for double damages.
Further, your office proposes to collect the full amount of the
diverted funds and the penalty from the proceeds of the approved Plans
of Action in toto before the mortgagors may distribute any proceeds to
the partnerships.
This office approves the waiver request on the following
conditions.

Mortgagor Requirements

All diversions and unpaid section 236 Excess Income, plus interest
accruing at the Treasury Bill rate from the date of the audit report,
will be paid back to the project accounts or to the Department as
appropriate from equity distributed pursuant to approved Plans of
Action. All diversions must be restored and all unpaid Excess income
must be repaid prior to the mortgagor retaining any of the equity for
distribution to any of the partnerships.
CEI will agree to pay $4,010,000, which represents $5,000 per audit
violation for 802 violations. The full amount of the payment must be
remitted to the Department prior to the mortgagor retaining any equity
distribution from approved Plans of Action to any of the partnerships.
All diversions repaid to the project account may be used to meet
accounts payable to unaffiliated vendors. After all such obligations
have been discharged, the balance of the funds will be deposited into
the Reserve for Replacement escrow account with the mortgagee. The
funds may not be used to pay obligations due affiliated or identity-of-
interest vendors, capital advances made by any partnership or partner,
deposited into the Residual Receipts escrow account or to pay accrued,
unpaid distributions to any partnership.
The mortgagors will agree to apply for section 241(f) equity loans
within five (5) working days of final approval of ELIHPA Plans of
Action.
The mortgagors will agree to maintain the properties in good
physical condition for the term of the use agreement executed as a
condition for receiving incentives pursuant to an approved ELIHPA Plan
of Action.
The mortgagors will agree to submit all required reports timely.
Such reports will include monthly and quarterly reports of project
operations, accounts payable and accounts receivable as directed by
your office.
The mortgagors will agree that all books, records, files and
related documents will be available for review, inspection and audit by
the Department or its designee for the term of the ELIHPA use
agreement.
The mortgagors will agree to offer a right of first refusal of sale
on each property to the Department's designee upon payment in full of
the mortgage note at the expiration of the mortgage.
The mortgagors will agree to extend the affordability restrictions
for a period of not less than 30 years beyond the term of the original
mortgage for each project for which an ELIHPA Plan of Action is
approved.
CEI and Joseph Carabetta will voluntarily agree to be suspended
from participation in any program/projects operated by the Department
for a period of two (2) years, reviewable annually by your office upon
request of CEI or Joseph Carabetta.

Field Office Requirements

Your office will prepare a schedule of payables due the projects
and the Department, including all diversions, unpaid section 236 excess
income, accrued interest and civil money penalties. Upon approval of
each ELIHPA Plan of Action, the funding request to the Office of
Preservation and Property Disposition will include an updated copy of
this schedule showing: interest accrued since the last funding request,
proceeds of the equity loan and application of the proceeds to project
accounts, unpaid Excess Income and penalties as appropriate. This
report will be required until the entire amount of funds owed is
repaid. Funds will be applied first to diversions and interest, second
to delinquent excess income and interest, and third to penalties, until
all are paid.
Upon approval of an ELIHPA Plan of Action, your office will report
a waiver of 24 CFR 248.233(f) for the project.
The first 80% of the penalty is to be remitted to be deposited in
the Special Risk Insurance Fund. The balance (20%) of the penalty
should have separate checks issued, on a unit proportionate basis, to
tenant associations or their legal representatives, of each of the 40
projects for use as those associations see fit.
If you have any questions about the terms and conditions of this
waiver, please call Kevin East at (202) 708-2300.

2. Regulation: 24 CFR 811.105(b), 811.107(a)(2), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Laurel Woods Housing Finance Corporation
refunding of bonds which financed a section 8 assisted project, Laurel
Woods Apartments, FHA No. 073-35444, South Bend, Indiana.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
Date Granted: September 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on September 2, 1993.
Refunding bonds have been priced to an average yield of 6.10%. The tax-
exempt refunding bond issue of $2,775,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt bonds at
an 11.75% interest rate at the call date in 1993 with tax-exempt bonds
yielding 6.10%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 11.75%
to 7.0%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's Section 8
program costs, improving Treasury tax revenues, (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for lower-income families after subsidies
expire, a priority HUD objective.

3. Regulation: 24 CFR 811.107(a)(2), 811.108(a)(1), 811.108(a)(2),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Lexington (Tennessee) HFC refunding of bonds
which financed a section 8 assisted project: Lexington Village
Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: March 1, 1993.
Reasons Waived: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
February 24, 1993. Refunding bonds have been priced to an average yield
of 6.0%. The tax-exempt refunding bond issue of $1,565,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11% at the call date in 1993 with tax-exempt bonds
yielding 6.07%. The refunding will also substantially reduce the FHA
mortgage interest rates at expiration of the HAP contract, from 11.5%
to approximately the bond rate, thus reducing FHA mortgage insurance
risk. The refunding serves the important public purposes of reducing
HUD's section 8 program costs, improving Treasury tax revenues (helping
reduce the budget deficit), and increasing the likelihood that projects
will continue to provide housing for lower-income families after
subsidies expire, a priority HUD objective.

4. Regulation: 24 CFR 811.107(a)(2), 811.108(a)(1), 811.108(a)(2),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Elkhart, Indiana HFC refunding of bonds which
financed a section 8 assisted project, Town and Country Apartments (FHA
No. 073-35454).
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: March 18, 1993.
Reasons Waived: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on March 9, 1993. Refunding
bonds have been priced to an average yield of 6.6%. The tax-exempt
refunding bond issue of $2,605,000 at current low-interest rates will
save section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of
11.75% at the call date in 1993 with tax-exempt bonds yielding 6.6%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 11.75% to close to the
bond rate, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's section 8
program costs, improving Treasury tax revenues (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for lower-income families after subsidies
expire, a priority HUD objective.

5. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Lakeside, Indiana HDC refunding of bonds which
financed a Section 8 assisted project, Lakeside Apartments (FHA No.
073-35413).
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: March 22, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on January 19, 1993.
Refunding bonds have been priced to an average yield of 5.98%. The tax-
exempt refunding bond issue of $1,765,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 10.2% at the call date in 1993 with tax-exempt bonds yielding 5.98%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 10.48% to 7.05%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

6. Regulation: 24 CFR 811.107(a)(2), 811.108(a)(1), 811.108(a)(2),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Salinas, California, RA refunding of bonds which
financed a section 8 assisted project, La Casas de Madera Apartments
(FHA No. 121-35759).
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: March 25, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on March 19, 1992.
Refunding bonds have been priced to an average yield of 6.02%. The tax-
exempt refunding bond issue of $4,865,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 11.75% at the call date in 1993 with tax-exempt bonds yielding
6.02%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract, from 12% to 6.25%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

7. Regulation: 24 CFR 811.107(a)(2), 811.108(a)(1), 811.108(a)(2),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Morristown (Tennessee) HDC refunding of bonds
which financed a section 8 assisted project, Lynnridge Apartments (FHA
No. 087-35120).
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: March 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refunding bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on February 3, 1993.
Refunding bonds have been priced to an average yield of 6.4%. The tax-
exempt refunding bond issue of $2,670,000 at current low-interest rates
will save section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 10.5% at the call date in 1993 with tax-exempt bonds yielding 6.4%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 10.74% to 6.95%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

8. Regulation: 24 CFR 811.107(a)(2), 811.108(a)(1), 811.108(a)(2),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Luzerne (PA) County HFC refunding of bonds which
financed a section 8 assisted project, Freeland Elderly Project (FHA
No. 034-35167).
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: March 30, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on February 2, 1993.
Refunding bonds have been priced to an average yield of 6.26%. The tax-
exempt refunding bond issue of $1,870,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 11.5% at the call date in 1993 with tax-exempt bonds yielding 6.26%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 11.48% to 6.625%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

9. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Hinesville (Georgia) HDC refunding of bonds which
financed an uninsured section 8 assisted project: Pineland Square
Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: March 31, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
March 23, 1993. Refunding bonds have been priced to an average yield of
7.28%. The tax-exempt refunding bond issue of $2,740,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 13% at the call date in 1993 with tax-exempt bonds
yielding 7.28%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.

10. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Birmingham HDC refunding of bonds which financed
two section 8 assisted projects in Alabama: Janmar and Fair Park
Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: April 28, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on April 23, 1993.
Refunding bonds have been priced to an average yield of 6.22%. The tax-
exempt refunding bond issue of $1,015,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 10%-10.75% at the call date in 1993 with tax-exempt bonds yielding
6.22%. The refunding will also substantially reduce the FHA mortgage
interest rates at expiration of the HAP contract, from 11.5% to 7.15%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

11. Regulation: 24 CFR 811.107(a)(2), 811.108(a)(1), 811.108(a)(2),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Savannah HA refunding of bonds which financed a
section 8 assisted project: Crossroads Villas Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: April 28, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on April 6, 1993. Refunding
bonds have been priced to an average yield of 6.08%. The tax-exempt
refunding bond issue of $1,380,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of
13.35% at the call date in 1992 with tax-exempt bonds yielding 6.08%.
The refunding will also substantially reduce the FHA mortgage interest
rates at expiration of the HAP contract from 11.5% to a rate close to
the refunding bond rate, thus reducing FHA mortgage insurance risk. The
refunding serves the important public purposes of reducing HUD's
Section 8 program costs, improving Treasury tax revenues (helping
reduce the budget deficit), and increasing the likelihood that projects
will continue to provide housing for lower-income families after
subsidies expire, a priority HUD objective.

12. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Columbus, Georgia HDC refunding of bonds which
financed a section 8 assisted project, Moultrie Manor Apartments (FHA
No. 061-35370).
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: April 28, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on April 14, 1993.
Refunding bonds have been priced to an average yield of 6.38%. The tax-
exempt refunding bond issue of $2,200,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 11.49% at the call date in 1993 with tax-exempt bonds yielding
6.38%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract from 11.75% to 5.5%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

13. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Washoe, Nevada HFC refunding of bonds which
financed a section 8 assisted project, Washoe Mills Apartments (FHA No.
125-35088).
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: April 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on March 25, 1993.
Refunding bonds have been priced to an average yield of 6.09%. The tax-
exempt refunding bond issue of $3,440,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 10.2% at the call date in 1993 with tax-exempt bonds yielding 6.8%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 10% to 6.8%, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's Section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.

14. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Livingston, Georgia HDC refunding of bonds which
financed a section 8 assisted project, Livingston Meadows Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: April 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on April 23, 1993.
Refunding bonds have been priced to an average yield of 6.22%. The tax-
exempt refunding bond issue of $1,175,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 10%-10.75% at the call date in 1993 with tax-exempt bonds yielding
6.22%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract, from 12% to 6.05%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

15. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project Activity: Greater Kentucky HAC refunding of bonds which
financed two section 8 assisted projects: Brown Proctor and California
Square II Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: April 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on March 3, 1993. Refunding
bonds have been priced to an average yield of 6.22%. The tax-exempt
refunding bond issue of $3,150,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 10%-
11.5% at the call date in 1992 with tax-exempt bonds yielding 6.22%.
The refunding will also substantially reduce the FHA mortgage interest
rates at expiration of the HAP contract, from 12% to 6.90%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective established by Secretary Kemp.

16. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project Activity: Allegheny County RA refunding of bonds which
financed two section 8 assisted projects, Coraopolis Gardens Apartments
(FHA Number 033-35146) and Verona Gardens Apartments (FHA Number 033-
35147).
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: May 4, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on April 14, 1993.
Refunding bonds have been priced to an average yield of 5.92%. The tax-
exempt refunding bond issue of $3,415,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 11.5% at the call date in 1993 with tax-exempt bonds yielding 5.92%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 12% to 6.15%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

17. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Vicksburg, Mississippi HA refunding of bonds
which financed a section 8 assisted project, New Main Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: May 11, 1993.
Reasons Waived: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on April 6, 1993. Refunding
bonds have been priced to an average yield of 6.04%. The tax-exempt
refunding bond issue of $2,205,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of
10.25% at the call date in 1993 with tax-exempt bonds yielding 6.04%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 10.73% to 7.25%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

18. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Baytown, Texas HA refunding of bonds which
financed a section 8 assisted project, Baytown Terrace Apartments (FHA
No. 114-35350).
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: May 14, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on February 18, 1993.
Refunding bonds have been priced to an average yield of 6.35%. The tax-
exempt refunding bond issue of $4,355,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 11.5% at the call date in 1993 with tax-exempt bonds yielding 6.35%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 12% to 6.36%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

19. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: The Greater Tennessee HDC Ohio HFA refunding of
bonds which financed two section 8 assisted projects: Hendersonville
and Oakhaven Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retinas, Assistant Secretary for Housing-FHA
Commissioner.
Date Granted: May 21, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on April 19, 1993.
Refunding bonds have been priced to an average yield of 6.09%. The tax-
exempt refunding bond issue of $2,990,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt bonds
yielding 11.9% at the call date in 1993 with tax-exempt bonds yielding
6.08%. The refunding will also substantially reduce the FHA mortgage
interest rates at expiration of the HAP contract, from 11.2% to 6.75%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

20. Regulation: 24 CFR 811.107(a)(2), 811.108(a)(1), 811.108(a)(2),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Douglas-Coffee LHC (Douglas, Georgia) refunding
of bonds which financed a section 8 assisted project, Georgian Woods
Apartments (FHA No. 061-35370).
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
Date Granted: May 27, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on May 24, 1993. Refunding
bonds have been priced to an average yield of 6.08%. The tax-exempt
refunding bond issue of $1,880,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 11.5%
at the call date in 1993 with tax-exempt bonds yielding 6.08%. The
refunding will also substantially reduce the FHA mortgage interest rate
at expiration of the HAP contract, from 11.77% to a rate commensurate
with the refunding bond yield, thus reducing FHA mortgage insurance
risk. The refunding serves the important public purposes of reducing
HUD's Section 8 program costs, improving Treasury tax revenues,
(helping reduce the budget deficit), and increasing the likelihood that
projects will continue to provide housing for lower-income families
after subsidies expire, a priority HUD objective.

21. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Memphis, Tennessee HA refunding of bonds which
financed a section 8 assisted project, Saints Courts Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing--
Federal Housing Commissioner.
Date Granted: May 27, 1993.
Reasons Waived: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
February 23, 1993. Refunding bonds have been priced to an average yield
of 6.05%. The tax-exempt refunding bond issue of $2,845,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 10.5% at the call date in 1993 with tax-exempt bonds
yielding 6.05%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 10.74%
to 5.35%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's section 8
program costs, improving Treasury tax revenues (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for lower-income families after subsidies
expire, a priority HUD objective.

22. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Memphis, Tennessee HA refunding of bonds which
financed a section 8 assisted project, Southwood Townhouses Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing--
Federal Housing Commissioner.
Date Granted: May 27, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on March 2, 1993. Refunding
bonds have been priced to an average yield of 6.07%. The tax-exempt
refunding bond issue of $1,430,000 at current low-interest rates will
save section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 11.5%
at the call date in 1993 with tax-exempt bonds yielding 6.07%. The
refunding will also substantially reduce the FHA mortgage interest rate
at expiration of the HAP contract, from 12% to 6.41%, thus reducing FHA
mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's section 8 program costs, improving Treasury
tax revenues (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.

23. Regulation: 24 CFR 811.107(a)(2), 811.108(a)(1), 811.108(a)(3),
811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Cave Spring, GA HA refunding of bonds which
financed a section 8 assisted project, Heatherwood Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
Date Granted: June 9, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refunding bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on May 21, 1993. Refunding
bonds have been priced to an average yield of 6.38%. The tax-exempt
refunding bond issue of $1,905,000 at current low-interest rates will
save section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of
11.75% at the call date in 1993 with tax-exempt bonds yielding 6.38%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 12% to 7.50%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

24. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: The HDC of Washington refunding of bonds which
financed two section 8 assisted projects in Seattle: New Central
Building and Jackson Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
Date Granted: June 16, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refunding bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on June 1, 1993. Refunding
bonds have been priced to an average yield of 5.95%. The tax-exempt
refunding bond issue of $1,400,000 at current low-interest rates will
save section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt bonds yielding
5.95%. The refunding will also substantially reduce the FHA mortgage
interest rates at expiration of the HAP contract, from 11.5% to 6.15%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

25. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Birmingham, Alabama HA refunding of bonds which
financed a section 8 assisted project, Roosevelt Manor Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: June 28, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on June 8, 1993. Refunding
bonds have been priced to an average yield of 6.10%. The refunding will
also substantially reduce the FHA mortgage interest tax-exempt
refunding bond issue of $1,210,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 10%
to 10.75% at the call date in 1993 with tax-exempt bonds yielding
6.10%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract, from 11.78% to 6.70%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

26. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project Activity: Enterprise, Alabama HA refunding of bonds which
financed a section 8 assisted project, Meadowbrook Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: June 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on May 24, 1, 1993.
Refunding bonds have been priced to an average yield of 6.22%. The tax-
exempt refunding bond issue of $1,870,000 at current low-interest rates
will save Section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 11% to 12% at the call date in 1993 with tax-exempt bonds yielding
6.22%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract, from 12% to 6.8%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's Section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

27. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Russellville, Alabama HA refunding of bonds which
financed a section 8 assisted project, Village Square Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted by: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: June 30, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
June 2, 1993. Refunding bonds have been priced to an average yield of
6.10%. The tax-exempt refunding bond issue of $1,500,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.5% at the call date in 1993 with tax-exempt bonds
yielding 6.10%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 12% to
5.55%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget,
deficit), and increasing the likelihood that projects will continue to
provide housing for lower-income families after subsidies expire, a
priority HUD objective.

28. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(2), 811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: The Industrial Development Authority of the
County of Maricopa, AZ refunding of bonds which financed one Section 8
assisted project in Guadalupe (Arizona), Barrio Nuevo.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
FHA Commissioner.
Date Granted: June 30, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refunding bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR Sec. 207.259(e) to call debentures prior to
maturity. This refunding proposal was approved by HUD on June 11, 1993.
Refunding bonds have been priced to an average yield of 5.90%. The tax-
exempt refunding bond issue of $2,880,000 at current low-interest rates
will save section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt bonds
yielding 11.75% at the call date in 1993 with tax-exempt bonds yielding
5.90%. The refunding will also substantially reduce the FHA mortgage
interest rates at expiration of the HAP contract, from 12.00% to 6.80%,
thus reducing FHA mortgage insurance risk. Several liens placed on the
project will be substantially forgiven and through the HUD required TPA
this will become a stand-alone project to which no other liens can be
attached. The refunding serves the important public purposes of
reducing HUD's section 8 program costs, improving Treasury tax
revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.

29. Regulation: 24 CFR 811.107(a)(2), 811.108(a)(1), 811.108(a)(3),
811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Allegheny County, Pennsylvania HA refunding of
bonds which financed a section 8 assisted project, Grayson Court
Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: June 30, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
June 15, 1993. Refunding bonds have been priced to an average yield of
6.04%. The tax-exempt refunding bond issue of $1,640,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11% at the call date in 1993 with tax-exempt bonds
yielding 6.04%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract from 11.23% to
6.90%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's Section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for lower-income families after subsidies expire, a
priority HUD objective.

30. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Allegheny County, Pennsylvania HA refunding of
bonds which financed a section 8 assisted project, Swissvale
Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted by: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: June 30, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
June 8, 1993. Refunding bonds have been priced to an average yield of
6.0%. The tax-exempt refunding bond issue of $3,850,000 at current low-
interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 10.4% at the call date in 1993 with tax-exempt bonds
yielding 6.0%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 10.66%
to 6.6%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's section 8
program costs, improving Treasury tax revenues, (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for lower-income families after subsidies
expire, a priority HUD objective.

31. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: The Outer Drive HFC (instrumentality of the City
of Detroit) refunding of bonds which financed a Section 8 assisted
project, the Greenhouse Project.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: June 30, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
May 7, 1993. Refunding bonds have been priced to an average yield of
6.03%. The tax-exempt refunding bond issue of $7,575,000 at current
low-interest rates will save Section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.5% at the call date in 1993 with tax-exempt bonds
yielding 6.03%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 11.5% to
5.25%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for lower-income families after subsidies expire, a
priority HUD objective.

32. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Vicksburg, MS HA refunding of bonds which
financed a Section 8 assisted project, Magnolia Manor Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: July 20, 1993.
Reasons Waived: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount. HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on June 17, 1993. Refunding
bonds have been priced to an average yield of 5.84%. The tax-exempt
refunding bond issue of $2,590,000 at current low-interest rates will
save Section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of
9.75%-10% at the call date in 1993 with tax-exempt bonds yielding
5.84%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract, from 10.5% to 7.10%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

33. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Dayton, Tennessee HA refunding of bonds which
financed a section 8 assisted project, Pikeville Townhouses, FHA No.
087-35146.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: July 28, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on June 17, 1993. Refunding
bonds have been priced to an average yield of 5.82%. The tax-exempt
refunding bond issue of $2,450,000 at current low-interest rates will
save section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax exempt coupons of 11%-
11.25% at the call date in 1993 with tax-exempt bonds yielding 5.82%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 11.74% to 6.95%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

34. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Springfield, Tennessee HA refunding of bonds
which financed a section 8 assisted project, Southfield Apartments, FHA
No. 086-35189.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing--
Federal Housing Commissioner.
Date Granted: July 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on June 23, 1993. Refunding
bonds have been priced to an average yield of 6.11%. The tax-exempt
refunding bond issue of $2,430,000 at current low-interest rates will
save section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax exempt coupons of 9.5%-
11% at the call date in 1993 with tax-exempt bonds yielding 6.11%. The
refunding will also substantially reduce the FHA mortgage interest rate
at expiration of the HAP contract, from 10.85% to 6.5%, thus reducing
FHA mortgage insurance risk. The refunding serves the important public
purposes of reducing HUD's section 8 program costs, improving Treasury
tax revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.

35. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Dayton, Kentucky HA refunding of bonds which
financed a section 8 assisted project, Speers Court Apartments, FHA No.
083-35566.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: July 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refunding bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on March 15, 1993.
Refunding bonds have been priced to an average yield of 5.91%. The tax-
exempt refunding bond issue of $2,815,000 at current low-interest rates
will save section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 11.75% at the call date in 1993 with tax-exempt bonds yielding
5.91%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract, from 12% to 6.25%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

36. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project Activity: Cleveland, Tennessee HA refunding of bonds which
financed a section 8 assisted project, Ocoee Village Apartments, FHA
No. 087-35150.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: July 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refunding bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on July 9, 1993. Refunding
bonds have been priced to an average yield of 6.13%. The tax-exempt
refunding bond issue of $1,265,000 at current low-interest rates will
save section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of
10.4%-11.5% at the call date in 1993 with tax-exempt bonds yielding
6.13%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract, from 11.57% to 6.75%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

37. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), and 811.115(b).
Project/Activity: Morristown, Tennessee HDC refunding of bonds
which financed a section 8 assisted project, McGhee Square Apartments.
Nature of Requirements: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: August 11, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
July 15, 1993. Refunding bonds have been priced to an average yield of
5.94%. The tax-exempt refunding bond issue of $2,700,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.24% at the call date in 1993 with tax-exempt bonds
yielding 5.94%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 11.49%
to 5.02%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's section 8
program costs, improving Treasury tax revenues, (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for lower-income families after subsidies
expire, a priority HUD objective.

38. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), and 811.115(b).
Project/Activity: Greater Arkansas, Marianna, Arkansas HAC
refunding of bonds which financed a section 8 assisted project Hickey
Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing--
Federal Housing Commissioner.
Date Granted: August 20, 1993.
Reasons Waived: The Part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
July 6, 1993. Refunding bonds have been priced to an average yield of
5.95%. The tax-exempt refunding bond issue of $1,425,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.14% at the call date in 1993 with tax-exempt bonds
yielding 5.95%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 12.00%
to 5.32%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's section 8
program costs, improving Treasury tax revenues, (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for lower-income families after subsidies
expire, a priority HUD objective.

39. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), and 811.115(b).
Project/Activity: Cheyenne North Housing Development Corporation,
Cheyenne, Wyoming refunding of bonds which financed a section 8
assisted project, Cheyenne North Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: August 27, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
August 3, 1993. Refunding bonds have been priced to an average yield of
5.89%. The tax-exempt refunding bond issue of $2,160,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 9.88% at the call date in 1993 with tax-exempt bonds
yielding 5.89%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 10.125%
to 6.095%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's section 8
program costs, improving Treasury tax revenues, (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for lower-income families after subsidies
expire, a priority HUD objective.

40. Regulation: 24 CFR 811.107(a)(2), 811.108(a)(1), 811.108(a)(3),
811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Albany, New York HA refunding of bonds which
financed a section 8 assisted project, Mansions Rehab Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: September 21, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
March 29, 1993. Refunding bonds were sold at an average yield of 6.50%.
The tax-exempt refunding bond issue of $1,955,000 at current low-
interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.55% at the call date in 1993 with tax-exempt bonds
yielding 6.50%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 11.75%
to 8.35%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's section 8
program costs, improving Treasury tax revenues, and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.

41. Regulation: 24 CFR 811.107(a)(2), 811.107(b), 811.108(a)(1),
811.108(a)(3), 811.114(b)(3), 811.114(d), 811.115(b).
Project/Activity: Chicago, Metropolitan HDC refunding of bonds
which financed a section 8 assisted project, Academy Square Apartments,
FHA No. 071-35493.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: September 30, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on September 8, 1993.
Refunding bonds have been priced to an average yield of 5.55%. The tax-
exempt refunding bond issue of $10,675,000 at current low-interest
rates will save section 8 subsidy. The Treasury also gains long-term
tax revenue benefits through replacement of outstanding tax-exempt
coupons of 9.25%-10.125% at the call date in 1993 with tax-exempt bonds
yielding 5.55%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 10.22%
to 6.65%, thus reducing FHA mortgage insurance risk. The refunding
serves the important public purposes of reducing HUD's section 8
program costs, improving Treasury tax revenues, (helping reduce the
budget deficit), and increasing the likelihood that projects will
continue to provide housing for lower-income families after subsidies
expire, a priority HUD objective.

42. Regulation: 24 CFR 811.114(d), 811.115(b), 811.117.
Project/Activity: The Northwestern Regional Housing Authority
refunding of bonds which financed a section 8 assisted project:
California Arms Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: March 22, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of a
refunding transaction in which bonds will be issued under section 103
of the Tax Code. This refunding proposal was approved by HUD on
September 21, 1992. Refunding bonds have been priced to an average
yield of 6.20%. The tax-exempt refunding bond issue of $1,095,000 at
current low-interest rates will save section 8 subsidy. The Treasury
also gains long-term tax revenue benefits through replacement of
outstanding tax-exempt coupons of 11.2% at the call date in 1992 with
tax-exempt bonds yielding 6.20%. The refunding will also substantially
reduce the FHA mortgage interest rates at expiration of the HAP
contract, from 11.2% to 7.45%, thus reducing FHA mortgage insurance
risk. The refunding serves the important public purposes of reducing
HUD's section 8 program costs, improving Treasury tax revenues,
(helping reduce the budget deficit), and increasing the likelihood that
projects will continue to provide housing for lower-income families
after subsidies expire, a priority HUD objective.

43. Regulation: 24 CFR 811.114(d), 811.115(b), 811.117.
Project/Activity: The Suffolk, Virginia RHA refunding of bonds
which financed a section 8 assisted project: Wilson Pines Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: April 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding bonds issued under section 103 of the Tax Code. This
refunding proposal was approved by HUD on March 23, 1993. Refunding
bonds have been priced to an average yield of 6.1%. The tax-exempt
refunding bond issue of $3,245,000 at current low-interest rates will
save section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 10.4%
at the call date in 1993 with tax-exempt bonds yielding 6.1%. The
refunding will also substantially reduce the FHA mortgage interest
rates at expiration of the HAP contract, from 10.7% to 5.1%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

44. Regulation: 24 CFR 811.114(d), 811.115(b), 811.1172.
Project/Activity: Plainfield, New Jersey HA refunding of bonds
which financed a section 8 assisted project: Liberty Village
Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: James E. Schoenberger, Associate General Deputy
Assistant Secretary for Housing.
Date Granted: April 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding bonds issued under section 103 of the Tax Code. This
refunding proposal was approved by HUD on April 23, 1993. Refunding
bonds have been priced to an average yield of 6.29%. The tax-exempt
refunding bond issue of $5,305,000 at current low-interest rates will
save section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 11.5%
at the call date in 1993 with tax-exempt bonds yielding 6.29%. The
refunding serves the important public purposes of reducing HUD's
section 8 program costs, improving Treasury tax revenues (helping
reduce the budget deficit), and increasing the likelihood that projects
will continue to provide housing for lower-income families after
subsidies expire, a priority HUD objective.

45. Regulation: 24 CFR 811.114(d), 811.115(b), and 811.117.
Project/Activity: City of San Diego, California refunding of bonds
which financed a section 8 assisted project, University Canyon North
Apartments, FHA No. 129-35076.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: July 28, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
July 15, 1993. Refunding bonds have been priced to an average yield of
5.81%. The tax-exempt refunding bond issue of $3,490,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 10.4% at the call date in 1993 with tax-exempt bonds
yielding 5.81%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 10.2% to
6.2%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for lower-income families after subsidies expire, a
priority HUD objective.

46. Regulation: 24 CFR 811.114(d), 811.115(b), and 811.117.
Project/Activity: The Newark HA refunding of bonds which financed a
section 8 assisted project: St. Mary's Villa Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: June 10, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
April 9, 1993. Refunding bonds have been priced to an average yield of
6.12%. The tax-exempt refunding bond issue of $17,455,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 11.4%-12% at the call date in 1993 with tax-exempt
bonds yielding 6.12%. The refunding will also substantially reduce the
FHA mortgage interest rate at expiration of the HAP contract, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

47. Regulation: 24 CFR 811.114(d), 811.115(b), 811.117.
Project/Activity: San Bernardino, California HA refunding of bonds
which financed a section 8 assisted project, Virginia Terrace
Apartments, FHA No. 143-35075.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted by: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commission.
Date Granted: August 5, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on February 3, 1993.
Refunding bonds have been priced to an average yield of 5.76%. The tax-
exempt refunding bond issue of $3,835,000 at current low-interest rates
will save section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 10%-11% at the call date in 1993 with tax-exempt bonds yielding
5.76%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract, from 11.4% to 6.26%,
this reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

48. Regulation: 24 CFR 811.114(d), 811.115(b), 811.117.
Project/Activity: Sierra Vista, Arizona, IDA refunding of bonds
which financed a section 8 assisted project, Mountain View Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted by: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: August 19, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on July 15, 1993. Refunding
bonds have been priced to an average yield of 5.84%. The tax-exempt
refunding bond issue of $2,370,000 at current low-interest rates will
save section 8 subsidy. The Treasury also gains long-term tax revenue
benefits through replacement of outstanding tax-exempt coupons of 9%-
10.5% at the call date in 1993 with tax-exempt bonds yielding 5.84%.
The refunding will also substantially reduce the FHA mortgage interest
rate at expiration of the HAP contract, from 10.72% to 6.25%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

49. Regulation: 24 CFR 811.114(d), 811.115(b), 811.117.
Project/Activity: Fairfax County Department of Housing and
Community Development refunding of bonds which financed a section 8
assisted project, Burke Center Station Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: August 27, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refunding bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on August 18, 1993.
Refunding bonds have been priced to an average yield of 5.72%. The tax-
exempt refunding bond issue of $4,470,000 at current low-interest rates
will save section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 10.27% at the call date in 1993 with tax-exempt bonds yielding
5.72%. The refunding will also substantially reduce the FHA mortgage
interest rate effectively immediately, from 10.41% to 7.05%, thus
reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

50. Regulation: 24 CFR 811.114(d), 811.115(b), 811.117.
Project/Activity: St. Louis, Missouri IDA refunding of bonds which
financed a section 8 assisted project, Douglas Manor Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: September 8, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under section 103 of the Tax Code. To credit
enhance refundings bonds not fully secured by the FHA mortgage amount,
HUD also agrees not to exercise its option under 24 CFR 207.259(e) to
call debentures prior to maturity. This refunding proposal was approved
by HUD on July 29, 1993. Refunding bonds have been priced to an average
yield of 5.83%. The tax-exempt refunding bond issue of $1,805,000 at
current low-interest rates will save section 8 subsidy. The Treasury
also gains long-term tax revenue benefits through replacement of
outstanding tax-exempt coupons of 10.8%-12% at the call date in 1993
with tax-exempt bonds yielding 5.83%. The refunding will also
substantially reduce the FHA mortgage interest rate at expiration of
the HAP contract, from 11.51% to 6.28%, thus reducing FHA mortgage
insurance risk. The refunding serves the important public purposes of
reducing HUD's section 8 program costs, improving Treasury tax
revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.

51. Regulation: 24 CFR 811.114(d), 811.115(b), 811.117.
Project/Activity: Fairfax, County, Virginia RHA refunding of bonds
which financed a section 8 assisted project, Bridle Creek Apartments,
FHA No. 051-35318.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: September 15, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. This refunding proposal was approved by HUD on
September 2, 1993. Refunding bonds have been priced to an average yield
of 5.83%. The tax-exempt refunding bond issue of $3,175,000 at current
low-interest rates will save section 8 subsidy. The Treasury also gains
long-term tax revenue benefits through replacement of outstanding tax-
exempt coupons of 10.4% at the call date in 1993 with tax-exempt bonds
yielding 5.83%. The refunding will also substantially reduce the FHA
mortgage interest rate at expiration of the HAP contract, from 10.7% to
5.85%, thus reducing FHA mortgage insurance risk. The refunding serves
the important public purposes of reducing HUD's section 8 program
costs, improving Treasury tax revenues, (helping reduce the budget
deficit), and increasing the likelihood that projects will continue to
provide housing for lower-income families after subsidies expire, a
priority HUD objective.

52. Regulation: 24 CFR 811.114(d), 811.115(b), 811.117.
Project/Activity: North Dakota HFA refunding of bonds which
financed a section 8 assisted project, ``The 400'' Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: September 23, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions. To credit enhance refundings bonds not fully
secured by the FHA mortgage amount, HUD also agrees not to exercise its
option under 24 CFR 207.259(e) to call debentures prior to maturity.
This refunding proposal was approved by HUD on August 11, 1993.
Refunding bonds have been priced to an average yield of 5.75%. The tax-
exempt refunding bond issue of $1,975,000 at current low-interest rates
will save section 8 subsidy. The Treasury also gains long-term tax
revenue benefits through replacement of outstanding tax-exempt coupons
of 12%-12.75% at the call date in 1993 with tax-exempt bonds yielding
5.75%. The refunding will also substantially reduce the FHA mortgage
interest rate at expiration of the HAP contract, from 12% to 6.45%,
thus reducing FHA mortgage insurance risk. The refunding serves the
important public purposes of reducing HUD's section 8 program costs,
improving Treasury tax revenues, (helping reduce the budget deficit),
and increasing the likelihood that projects will continue to provide
housing for lower-income families after subsidies expire, a priority
HUD objective.

53. Regulation: 24 CFR 811.114(d), 811.115(b), 811.117.
Project/Activity: Nashville and Davidson County, Tennessee HEFB
refunding of bonds which financed a section 8 assisted project, Hickory
Forest Apartments.
Nature of Requirement: The Regulations set conditions under which
HUD may grant a section 11(b) letter of exemption of multifamily
housing revenue bonds from Federal income taxation and authorize call
of debentures prior to maturity.
Granted By: Nicolas P. Retsinas, Assistant Secretary for Housing-
Federal Housing Commissioner.
Date Granted: September 29, 1993.
Reasons Waived: The part 811 regulations cited above were intended
for original bond financing transactions and do not fit the terms of
refunding transactions under section 103 of the Tax Code. To credit
enhance refundings bonds not fully secured by the FHA mortgage amount,
HUD also agrees not to exercise its option under 24 CFR 207.259(e) to
call debentures prior to maturity. This refunding proposal was approved
by HUD on September 10, 1993. Refunding bonds have been priced to an
average yield of 5.59%. The tax-exempt refunding bond issue of
$2,470,000 at current low-interest rates will save section 8 subsidy.
The Treasury also gains long-term tax revenue benefits through
replacement of outstanding tax-exempt coupons of 9.5%-10.9% at the call
date in 1993 with tax-exempt bonds yielding 5.59%. The refunding will
also substantially reduce the FHA mortgage interest rate at expiration
of the HAP contract, from 11.06% to 5.08%, thus reducing FHA mortgage
insurance risk. The refunding serves the important public purposes of
reducing HUD's section 8 program costs, improving Treasury tax
revenues, (helping reduce the budget deficit), and increasing the
likelihood that projects will continue to provide housing for lower-
income families after subsidies expire, a priority HUD objective.

Note to Reader: The person to be contacted for additional
information about the waiver-grant items in this listing is: John
Comerford, Director, Financial Management Division, Office of Public
and Indian Housing, Department of Housing and Urban Development, 451
Seventh Street, SW., Washington, DC 20410, Phone: (202) 708-1872,
TTD: (202) 708-0850 (These are not toll-free numbers).

54. Regulation: 24 CFR 882.103(b) and 887.201(b)(3).
Project/Activity: Deny Owner Participation in the section 8 Rental
Assistance Programs if the Owner's Property Taxes are Delinquent,
Detroit Housing Department (DHD).
Nature of Requirement: 24 CFR 882.103(b) and 887.201(b)(3) prohibit
a public housing agency (HA) from directly or indirectly reducing,
either in the provision of assistance to any family in finding a unit
or by any other action, any family's opportunity to choose among the
available units in the housing market.
Granted By: Michael B. Janis, General Deputy Assistant Secretary
for Public and Indian Housing.
Date Granted: April 21, 1993.
Reason Waived: The Department is aware of an HA's need to weigh the
unsuitability of certain landlords against the family's ability to take
advantage of a wide range of housing choices. The supporting
documentation submitted by DHD reported that from October 1990 through
May 1992, there were only two cases where units selected by families
had owners with unpaid property taxes, and that in both cases the
owners agreed to make payment arrangements and the units were processed
for the program. The waiver was determined to be in the public interest
of the city of Detroit, and does not appear to result in any
significant reduction to the housing choices available to families.

55. Regulation: 24 CFR 882.730(a) and 882.732.
Project/Activity: Section 8 Project-Based Certificate Assistance
for 46 units of permanent housing for the homeless in Philadelphia
rehabilitated by the Committee for Dignity and Fairness for the
Homeless Housing Development, Inc. (Dignity).
Nature of Requirement: The Regulations require that an Agreement to
Enter Into Housing Assistance Payments Contract for Project-Based
Certificate Assistance must be executed prior to start of any
rehabilitation to be performed under the Agreement.
Granted by: Michael B. Janis, General Deputy Assistant Secretary
for Public and Indian Housing.
Date Granted: April 16, 1993.
Reason Waived: Section 155 of the Housing and Community Development
Act of 1992, provides that the rehabilitation of 46 dwelling units in
Philadelphia for permanent housing for the homeless undertaken by
Dignity is deemed to have been conducted pursuant to an agreement with
the Secretary of Housing and Urban Development.

56. Regulation: 24 CFR 887.165(b).
Project/Activity: Homestead Housing Authority (HHA) extension of
the term of rental voucher beyond 120 days.
Nature of Requirement: Regulation limits the term of a rental
voucher to 120 days from the date of issuance.
Granted By: Michael B. Janis, General Deputy Assistant Secretary
for Public and Indian Housing, PD.
Date Granted: March 15, 1993.
Reason Waived: Additional search time is necessary for families
issued rental vouchers by the HHA because of the severe shortage of
decent, safe and sanitary housing in Dade County as a result of
Hurricane Andrew. This waiver was granted only for the special disaster
rental vouchers provided by the Dire Emergency Supplemental
Appropriations Act of 1992. This waiver enables the Homestead Housing
Authority to extend the term for the special disaster rental vouchers
for an additional 120 days or a total term of 240 days.

57. Regulation: 24 CFR 887.165(b).
Project/Activity: Hialeah Housing Authority (HHA) extension of the
term of rental voucher beyond 120 days.
Nature of Requirement: Regulation limits the term of a rental
voucher to 120 days from the date of issuance.
Granted By: Michael B. Janis, General Deputy Assistant Secretary
for Public and Indian Housing, PD.
Date Granted: March 15, 1993.
Reason Waived: Additional search time is necessary for families
issued rental vouchers by the HHA because of the severe shortage of
decent, safe and sanitary housing in Dade County as a result of
Hurricane Andrew. This waiver was granted only for the special disaster
rental vouchers provided by the Dire Emergency Supplemental
Appropriations Act of 1992. This waiver enables the Hialeah Housing
Authority to extend the term for the special disaster rental vouchers
for an additional 120 days or a total term of 240 days.

Note To Reader: The person to be contacted for additional
information about the waiver grant items in this listing is: Mr.
Edward Moses, Director, Office of Resident Initiatives, Department
of Housing and Urban Development, 451 Seventh Street SW, Room 4116,
Washington, DC 20410, (202) 619-8201 (This is not a toll-free
number).

58. Regulation: 24 CFR 904 subpart B (Turnkey III Homeownership
Opportunity Program) and Corresponding Provisions of the Turnkey III
Handbook (7495.3).
Project/Activity: Philadelphia, Pennsylvania Housing Authority,
Turnkey III Homeownership Opportunity Programs Project(s) Whitman Park
(PA 2-51) and Brown St. Village (PA 2-96).
Nature of Requirement: 24 CFR 904 subpart B and the Turnkey III
Handbook require that upon sale of a homeownership unit that the monies
received be remitted to HUD to reduce the capital indebtedness on the
project. Excess Residual Receipts and or Operating Reserves are also to
be remitted to HUD.
Granted By: Michael B. Janis, General Deputy Assistant Secretary
for Public and Indian Housing, PD.
Date Granted: June 4, 1993.
Reason Waived: Project debt forgiveness was authorized by the
provisions of section 3004 of the Housing and Community Development
Reconciliation Amendments of 1985 (the Amendments), Public Law 99-272
(April 7, 1986), which amends section 4 of the United States Housing
Act of 1937. The Amendments authorized the Secretary of HUD to forgive
outstanding principal and interest on loans made by the Secretary to
Public Housing Agencies (PHAs)/Indian Housing Authorities (IHAs) and to
cancel the terms of any contract with respect to repayment.
Turnkey III debt forgiveness, as authorized above, is implemented
according to existing HUD procedures.
The housing authority has shown good cause and demonstrated
compliance with all applicable regulatory requirements for debt
forgiveness.

59. Regulation: 24 CFR 904 subpart B (Turnkey III Homeownership
Opportunity Program) and Corresponding Provisions of the Turnkey III
Handbook (7495.3).
Project/Activity: The Butler Metropolitan Housing Authority,
Hamilton, Ohio, Turnkey III Homeownership Opportunity Programs Projects
OH 15-06 and OH 15-11.
Nature of Requirement: 24 CFR part 904 subpart B and the Turnkey
III Handbook require that upon sale of a homeownership unit that the
monies received be remitted to HUD to reduce the capital indebtedness
on the project. Excess Residual Receipts and or Operating Reserves are
also to be remitted to HUD.
Granted By: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing, P.
Date Granted: June 11, 1993.
Reason Waived: Project debt forgiveness was authorized by the
provisions of section 3004 of the Housing and Community Development
Reconciliation Amendments of 1985 (the Amendments), Public Law 99-272
(April 7, 1986), which amends section 4 of the United States Housing
Act of 1937. The Amendments authorized the Secretary of HUD to forgive
outstanding principal and interest on loans made by the Secretary to
Public Housing Agencies (PHAs)/Indian Housing Authorities (IHAs) and to
cancel the terms of any contract with respect to repayment.
Turnkey III debt forgiveness, as authorized above, is implemented
according to existing HUD procedures.
The housing authority has shown good cause and demonstrated
compliance with all applicable regulatory requirements for debt
forgiveness.

60. Regulation: 24 CFR 904 subpart B (Turnkey III Homeownership
Opportunity Program) and Corresponding Provisions of the Turnkey III
Handbook (7495.3).
Project/Activity: The Nashua, New Hampshire Housing Authority,
Turnkey III Homeownership Opportunity Programs Project NH 36-P002-008.
Nature of Requirement: 24 CFR 904 subpart B and the Turnkey III
Handbook require that upon sale of a homeownership unit that the monies
received be remitted to HUD to reduce the capital indebtedness on the
project. Excess Residual Receipts and or Operating Reserves are also to
be remitted to HUD.
Granted By: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing, P.
Date Granted: June 16, 1993.
Reason Waived: Project debt forgiveness was authorized by the
provisions of section 3004 of the Housing and Community Development
Reconciliation Amendments of 1985 (the Amendments), Public Law 99-272
(April 7, 1986), which amends section 4 of the United States Housing
Act of 1937. The Amendments authorized the Secretary of HUD to forgive
outstanding principal and interest on loans made by the Secretary to
Public Housing Agencies (PHAs)/Indian Housing Authorities (IHAs) and to
cancel the terms of any contract with respect to repayment.
Turnkey III debt forgiveness, as authorized above, is implemented
according to existing HUD procedures.
The housing authority has shown good cause and demonstrated
compliance with all applicable regulatory requirements for debt
forgiveness.

61. Regulation: 24 CFR 904 Subpart B (Turnkey III Homeownership
Opportunity Program) and Corresponding Provisions of the Turnkey III
Handbook (7495.3).
Project/Activity: Charlotte, North Carolina Housing Authority,
Turnkey III Homeownership Opportunity Programs Projects NC 3-13, NC 3-
14 and NC 3-15.
Nature of Requirement: 24 CFR 904 Subpart B and the Turnkey III
Handbook require that upon sale of a homeownership unit that the monies
received be remitted to HUD to reduce the capital indebtedness on the
project. Excess Residual Receipts and or Operating Reserves are also to
be remitted to a HUD.
Granted By: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing, P.
Date Granted: June 17, 1993.
Reason Waived: Project debt forgiveness was authorized by the
provisions of section 3004 of the Housing and Community Development
Reconciliation Amendments of 1985 (the Amendments), Public Law 99-272
(April 7, 1986) which amends section 4 of the United States Housing Act
of 1937. The Amendments authorized the Secretary of HUD to forgive
outstanding principal and interest on loans made by the Secretary to
Public Housing Agencies (PHAs)/Indian Housing Authorities (IHAs) and to
cancel the terms of any contract with respect to repayment.
Turnkey III debt forgiveness, as authorized above, is implemented
according to existing HUD procedures.
The housing authority has shown good cause and demonstrated
compliance with all applicable regulatory requirements for debt
forgiveness.

62. Regulation: 24 CFR 904 Subpart B (Turnkey III Homeownership
Opportunity Program) and Corresponding Provisions of the Turnkey III
Handbook (7495.3).
Project/Activity: Jefferson County, Kentucky Housing Authority,
Turnkey III Homeownership Opportunity Programs Project KY 36-105-002.
Nature of Requirement: 24 CFR Part 904 Subpart B and the Turnkey
III Handbook require that upon sale of a homeownership unit that the
monies received be remitted to HUD to reduce the capital indebtedness
on the project. Excess Residual Receipts and or Operating Reserves are
also to be remitted to a HUD.
Granted By: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing, P.
Date Granted: June 25, 1993.
Reason Waived: Project debt forgiveness was authorized by the
provisions of section 3004 of the Housing and Community Development
Reconciliation Amendments of 1985, (the Amendments) Public Law 99-272
(April 7, 1986) which amends section 4 of the United States Housing Act
of 1937. The Amendments authorized the Secretary of HUD to forgive
outstanding principal and interest on loans made by the Secretary to
Public Housing Agencies (PHAs)/Indian Housing Authorities (IHAs) and to
cancel the terms of any contract with respect to repayment.
Turnkey III debt forgiveness, as authorized above, is implemented
according to existing HUD procedures.
The housing authority has shown good cause and demonstrated
compliance with all applicable regulatory requirements for debt
forgiveness.

63. Regulation: 24 CFR 904 Subpart B (Turnkey III Homeownership
Opportunity Program) and Corresponding Provisions of the Turnkey III
Handbook (7495.3).
Project/Activity: Knoxville, Tennessee Community Development
Corporation, Turnkey III Homeownership Opportunity Programs Projects
TN37P003015 and TN37P003016.
Nature of Requirement: 24 CFR Part 904 Subpart B and the Turnkey
III Handbook require that upon sale of a homeownership unit that the
monies received be remitted to HUD to reduce the capital indebtedness
on the project. Excess Residual Receipts and or Operating Reserves are
also to be remitted to HUD.
Granted By: Joseph Shuldiner, Assistant Secretary for Public and
Indian Housing, P.
Date Granted: August 13, 1993.
Reason Waived: Project debt forgiveness was authorized by the
provisions of section 3004 of the Housing and Community Development
Reconciliation Amendments of 1985, (the Amendments) Public Law 99-272
(April 7, 1986) which amends section 4 of the United States Housing Act
of 1937. The Amendments authorized the Secretary of HUD to forgive
outstanding principal and interest on loans made by the Secretary to
Public Housing Agencies (PHAs)/Indian Housing Authorities (IHAs) and to
cancel the terms of any contract with respect to repayment.
Turnkey III debt forgiveness, as authorized above, is implemented
according to existing HUD procedures.
The housing authority has shown good cause and demonstrated
compliance with all applicable regulatory requirements for debt
forgiveness.

Note to Reader: The person to be contacted for additional
information about waiver-grant item numbers in this listing is: Mr.
Dom Nessi, Director, Office of Indian Housing, Department of Housing
and Urban Development, 451 Seventh Street, SW, Washington, DC 20410,
Phone: (202) 708-1015, TDD: (202) 708-0850 (These are not toll-free
numbers).

64. Regulation: 24 CFR 905.325.
Project/Activity: Establishment of ceiling rents for Lac Vieux
Desert Chippewa Housing Authority.
Nature of the Requirement: Waiver of the Regulation cited above is
required to allow establishment of ceiling rents for their Rental
Program.
Granted By: Michael B. Janis, General Deputy Assistant Secretary,
PD.
Date Granted: March 2, 1993.
Reason Waived: This waiver was requested and granted to allow the
Lac Vieux Desert Chippewa Housing Authority to establish ceiling rents
for their rental program in accordance with PIH Notice 89-21, which
provides for the establishment of ceiling rents in a rental Indian
housing program.
65. Regulation: 24 CFR 905.325.
Project/Activity: Establishment of ceiling rents for Bad River
Housing Authority.
Nature of the Requirement: Waiver of the Regulation cited above is
required to allow establishment of ceiling rents for their Rental
Program.
Granted By: Michael B. Janis, General Deputy Assistant Secretary,
PD.
Date Granted: March 26, 1993.
Reason Waived: This waiver was requested and granted to allow the
Bad River Housing Authority to establish ceiling rents for their rental
program in accordance with PIH Notice 89-21, which provides for the
establishment of ceiling rents in a rental Indian housing program.
66. Regulation: 24 CFR 905.325.
Project/Activity: Establishment of ceiling rents for Fort Berthold
Housing Authority.
Nature of the Requirement: Waiver of the Regulation cited above is
required to allow establishment of ceiling re

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Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/fr%3A94-8017. Public record. Not legal advice.