Overview
Title
60-Day Notice of Proposed Information Collection: Request for Prepayment of Section 202 or 202/8 Project; OMB Control No.: 2502-0554
Agencies
ELI5 AI
HUD is asking people to share their thoughts about a plan to make sure certain homes are kept affordable for a long time. They want to learn how to do this in a way that isn't too hard for those who need to respond.
Summary AI
The Department of Housing and Urban Development (HUD) is asking for public feedback on a proposed information collection. This request is part of the process required by the Paperwork Reduction Act, and includes a 60-day period for public comments. The collection involves a use agreement for the prepayment of Section 202 or 202/8 projects, ensuring these housing projects continue operating under favorable terms for at least 20 years. The proposal aims to gather opinions on its necessity, accuracy, potential improvements, and how to minimize respondent burden, including using electronic submissions.
Abstract
HUD is seeking approval from the Office of Management and Budget (OMB) for the information collection described below. In accordance with the Paperwork Reduction Act, HUD is requesting comment from all interested parties on the proposed collection of information. The purpose of this notice is to allow for 60 days of public comment.
Keywords AI
Sources
AnalysisAI
The document is a notice from the Department of Housing and Urban Development (HUD) requesting public feedback on a proposed information collection related to Section 202 or 202/8 housing projects. The notice is in accordance with the Paperwork Reduction Act and allows for a 60-day public comment period to ensure input from interested parties. This initiative involves prepayment use agreements aimed at maintaining the operation of such housing projects under favorable terms for at least 20 years after the original loan's maturity. The document is published in the Federal Register as 89 FR 104558 and identifies the changes under the OMB Control No.: 2502-0554.
General Summary
The central aim of the initiative is to continue the operation of housing projects with advantageous terms for tenants. HUD is inviting public comment on various aspects, such as the necessity, accuracy, and potential improvements of this information collection. It further explores ways to minimize the burden on respondents, possibly through automated submissions.
Significant Issues or Concerns
Several concerns arise from the notice:
Cost Implications: The document lacks information regarding the financial impact on respondents or potential cost savings. Clarity concerning financial implications would be useful for stakeholders evaluating the proposal.
Clarity of Purpose: While the document outlines the need for collecting this information, it could better detail why this data is essential for HUD's operations and what impacts might occur if the information is not collected.
Frequency of Response: The term "Varies" for response frequency is vague, leaving uncertainty for respondents about how frequently they need to provide information.
OMB Control Number: There is no explanation for selecting OMB Control No.: 2502-0554 over another number, which might confuse some readers.
Impact on Small Businesses: Although the document states that businesses are among the respondents, it does not specifically address the implications for small businesses, which could be more significantly affected.
Missing Attachment: The document references an "Attachment 1" concerning the Section 202 Prepayment Use Agreement, but this attachment is not included. Its absence could limit understanding and feedback.
Potential Impact on the Public
For the general public, particularly tenants and communities involved with Section 202 or 202/8 housing projects, this notice could mean continued access to affordable housing options with favorable terms secured long into the future. However, public participation and feedback are essential to ensure that the proposal aligns with community needs and practicalities.
Impact on Specific Stakeholders
Owners and Operators of Housing Projects: They may face additional administrative burdens related to the proposed information collection. Understanding the exact nature of these requirements will be crucial for compliance and operational planning.
Business and Non-profit Institutions: These entities, identified as potential respondents, may need to adjust their operations to handle potential reporting demands. Any unexplained bureaucratic or financial burdens could adversely affect them, especially small businesses that might lack resources compared to larger organizations.
HUD and Policy Makers: The data collected is likely intended to assist in developing policies that ensure long-term, favorable housing options. Feedback from stakeholders will be vital in shaping policies that are effective and efficient.
Conclusion
The notice is an important step in soliciting public input on maintaining favorable housing options. However, it does present areas needing clarification to ensure informed feedback from stakeholders. Understanding the financial and operational implications will be critical for the different entities affected by this initiative.
Issues
• The document does not specify the cost implications or the financial impact of the information collection on the respondents or HUD. More clarity on potential expenditure or cost savings associated with this collection would be beneficial.
• The description of the 'need for the information and proposed use' section could be clearer in explaining why this specific information is critical to HUD's operations and what consequences may arise from not collecting it.
• The 'Frequency of Response' is listed as 'Varies,' which is ambiguous. Providing examples or a more detailed explanation of what determines the frequency of response would improve clarity.
• While the notice invites comments, the reasons for choosing the specific OMB Control Number 2502-0554 over others are not provided. This could lead to ambiguity for readers unfamiliar with the selection or tracking of such numbers.
• There is no specific mention of any potential impact or consideration for small businesses, although they might be among the 'Business' respondents. Addressing this might provide a clearer view of how different types of organizations are affected.
• The notice refers to 'Attachment 1’ regarding the Section 202 Prepayment Use Agreement, but this attachment is not included in the document summary provided, which could limit comprehensive understanding and feedback from the public.