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VOLUME 16

A/iteo

NUMBER 227

Washington, Thursday, November 22, 1951
TITLE 6 AGRICULTURAL CREDIT
Chapter III Farmers Home Adminis tration, Department of Agriculture Subchapter A Farm Housing Loans and Grants
P art 305 P rocessing L oans
and
G rants
S ubpart B S u b se q u e n t L oans G rants
and
REVOCATION OF PRIOR APPROVAL

Paragraph d of 305.21, Title 6, Code of Federal Regulations 16 F. R.
112 is hereby revoked. Prior approval of the Administrator is no longer re quired for subsequent loans and grants when the amount of funds needed to complete development items exceeds 25
percent of the total cash cost of the item. , Sec. 5i0, 63 Stat. 437; 42 U. S. C. 1480. In
terprets or applies secs. 502-504, 63 Stat. 433, 434; 42 U. S. C. 1472-1474
D e r iv a t io n : 305.21 contained Instruction 443.13.

seal

in
FHA

D illard B. L asseter,
Administrator, Farmers Home Administration.
N ovember 6, 1951.

Approved: November 16, 1951, C harles F. B rannan ,
Secretary of Agriculture.
F. R. Doc. 51-13937; Filed, Nov. 21, 1951;
8:47 a. m.

P art 307 F arm and H ome M anag em e nt ;
Y ear-E nd S ervicing S ubpart A A n n u a l C h eck out S ection 503 B orrowers
for
CONTRIBUTIONS ON FARM HOUSING LOANS

Subchapter A, Chapter in , Title 6, Code of Federal Regulations 14 F. R.
6544,15 F. R. 1583, 3541, 6067, 6713, 6903, 8148, 9351, 16 F. R. 2821, 9295, 9297, 10305 is amended to add a new part with respect to the amount of contribu tion to which a section 503 Farm Hous ing borrower may be entitled. Part 307, Subpart A is added to read as follows:
Sec.
307.1
307.2
307.3
307.4

General.
Record books.
Collection policy.
Performing checkout.

Sec.
307.5
307.6

Determining amount of contribution.
Preparation and distribution of Form FHA-449, Contribution Determi nation on Farm Housing Loan.

CONTENTS
Agriculture Department
Pa8

See Farmers Home Administra tion; Production and Marketing A u t h o r i t y : 307. to 307.6 issued under
Administration; Rural Electri sec. 510 g , 63 Stat. 438; 42 U. S. C. 1480 g .
fication Administration.

Interpret or apply sec. 503, 63 Stat. 434; 42
U. S. C. 1473.
D e r iv a t io n : 307.1 to 307.6 contained in FHA Instruction 437.11.

307.1 General. The year-end serv icing actions for section 503 Farm Hous ing borrowers who may be eligible for a contribution will in general be performed in accordance with the procedures pre scribed for Farm Ownership borrowers in Part 337 of this chapter. This part supplements Part 337 of this chapter to the extent necessary to enable the County Supervisor to complete the yearend servicing and checkout actions and to determine the amount of contribution to which a section 503 borrower may be entitled.
a A section 503 Farm Housing bor rower may receive a contribution in the form of a credit on his note in an amount not to exceed the interest portion plus one-half of the principal portion of each installment which becomes due during the first five years of the loan, provided he is, in fact, unable to pay the full amount of each installment and has fo l lowed his farm plan with reasonable dil igence. Each request for a contribution must be supported by adequate records and accurate income and expense state ments.
b The term payment year as used in this part means the 12 month period ending the December 31 on which the payment is due.
c Each section 503 borrower whose loan was closed prior to December 16 of the payment year must submit a state ment of his income and expenses on Form FHA-528, Annual Income Re turn, which will be prepared with the assistance of the County Supervisor.
For each section 503 loan closed during the period from December 16 of the payment year to January 1 of the suc ceeding year, the borrower need not pre pare Form FHA-528. Such a borrower will, at the time of loan closing, remit the amount of the first installment or as much thereof as he is able to pay. I f the County Supervisor determines that Continued on p. 11797

Alien Property, Office of Notices:
AktieSelskapet Krystal; vesting order________________________ 11850

Army Department Alaska; revocation of public land order reserving public land for use of the Department for Na tional Guard pusposes see Land Management, Bureau o f.

Civil Aeronautics Administra tion Rules and regulations:
Standard instrument approach v procedures; very high fre quency omni-directional range procedures determina tion ___________________ ____11805

Commerce Department See Civil Aeronautics Administra tion; Federal Maritime Board;
International Trade, Office of;
National Shipping Authority.

Customs Bureau Notices:
Tariff classification; prospective classification of bar-le-duc as other berries, prepared or preserved___________________ 11839

Defense Mobilization, Office of Notices:
Finding and determination of critical defense housing area;
Camp McCoy, Wisconsin, a rea ________________________ 11844

Economic Stabilization Agency See Price Stabilization, Office of.

Executive Office of the President See Defense Mobilization, Office of.

Farmers Home Administration Ruls and regulations:
Farm housing loans and grants:
Farm and home management, year-end servicing; annual checkout for section 503
borrowers_________________11795
Processing loans and grants;
revocation of prior ap proval_____________________ 11795
11795