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Federal Register / Vol. 86, No. 150 / Monday, August 9, 2021 / Rules and Regulations required typically for debt writedown or conservation contract will permit the local FSA agency official an additional 30 days to complete PLS processing.
Real estate appraisals often take weeks to obtain, which causes delay to the final PLS decision. Therefore, FSA is amending 7 CFR 766.106 to increase this timeframe to 90 days when a real estate appraisal is required.
Writedown and Non-Writedown Offers The regulations in 7 CFR 766.111
require that a borrower be offered both a writedown and non-writedown restructuring offer when both result in a feasible plan, even though the writedown offer can take longer to develop and requires additional appraisals. Often, the borrower does not request the writedown consideration since it results in debt forgiveness and can negatively impact eligibility for future loan assistance. Because FSA is required to complete the appraisals to determine a writedown amount, in many cases unnecessary time and expense is incurred for this process to be completed. As a result, FSA is amending 7 CFR 766.111 to allow the borrower to waive the writedown offer when the non-writedown offer results in a feasible plan. The change will result in a significant savings of FSA time and cost of obtaining appraisals in instances where the borrower does not request a writedown. FSA will discuss the alternatives with the borrower and will consider a writedown if desired. This modification will allow borrowers to make an informed decision regarding a writeddown and limitations established by Section 355 of the CONACT which only allows a borrower one writedown, not to exceed $300,000.
Notice, Comment, and Effective Date The Administrative Procedure Act 5
U.S.C. 553 provides that the notice and
comment and 30-day delay in the effective date of the provisions do not apply when the rule involves a matter relating to agency management or personnel or to public property, loans, grants, benefits, or contracts 5 U.S.C.
553a2. This rule involves loans and therefore falls within that exemption. In addition, because this rule is exempt from the requirements in 5 U.S.C. 553, is it also exempt from the regulatory analysis requirements of the Regulatory Flexibility Act 5 U.S.C. 601612, as amended by the Small Business Regulatory Enforcement Fairness Act of 1996 SBREFA. The requirements for the regulatory flexibility analysis in 5
U.S.C. 603 and 604 are specifically tied to the agency being required to issue a proposed rule by section 553 or any other law, further, the definition of rule in 5 U.S.C. 601 is tied to the publication of a proposed rule.
This rule is not a major rule for purposes of the Congressional Review Act; therefore, FSA is not required to delay the effective date for 60 days from the date of publication to allow for Congressional review. Consequently, this rule is effective upon publication in the Federal Register.
Executive Orders 12866 and 13563
Executive Order 12866, Regulatory Planning and Review, and Executive Order 13563, Improving Regulation and Regulatory Review, direct agencies to assess all costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches that maximize net benefits including potential economic, environmental, public health and safety effects, distributive impacts, and equity. Executive Order 13563
emphasized the importance of quantifying both costs and benefits, of reducing costs, of harmonizing rules, and of promoting flexibility. The
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requirements in Executive Orders 12866
and 13573 for the analysis of costs and benefits to loans apply to rules that are determined to be significant.
The Office of Management and Budget OMB designated this rule as significant under Executive Order 12866, and therefore, OMB has reviewed this rule. The costs and benefits of this rule are summarized below. The full cost benefit analysis is available on regulations.gov.
Cost Benefit Analysis Summary HPRP assists in the resolution of heirs property issues through intermediary lenders experienced nongovernmental non-profit organizations.
HPRP assists intermediary lenders in the establishment of revolving funds for the purpose of financing owners of heirs property seeking to resolve land titles.
The benefits are derived from clearly identifying the titles or deeds 1 to agricultural land by assisting with legal services and providing funding for heirs to buy out other heirs interest in jointly held land, resulting in improved participants financial standing.
Landowners with a clear title will have greater access to credit and will be able to more easily participate in Federal and State farm and conservation programs, leading to increased land values. The net benefit of HPRP is estimated using a present value analysis of the beneficial cash flows for an average program participant. This estimate is then summed over the total number of heirs properties traditionally used for agriculture in Uniform Partition of Heirs Property Act states.
Over the course of a 20-year period, when all the estimated impacts of HPRP
are summed up, there are a little over $1.109 billion in benefits compared to total costs of $869 million for a total net benefit of $239.7 million.

ECONOMIC BENEFIT AND COST OF HPRP TO USDA
In millions
lotter on DSK11XQN23PROD with RULES1

Total Benefits
Total Costs
Net Benefit of HPRP

$1,108.7
869.0
239.7

Heirs property values are expected to be restored to fair market value resulting in a benefit of $365 million that includes a $209 million effect to access to direct government payments that
accrue primarily to socially disadvantaged landowners see table below. The increase in credit made available from the ability to collateralize the market value of heirs property is
estimated to lead to incremental cash flows in farm income worth a little over $122 million. In addition, clear title allows increased opportunity for enrollment in farm programs, which has
1 In real property law: Title is the means whereby the owner of lands has the just possession of his property. Co. Litt 345; 2 Bl. Comm. 195. Title is the mean whereby a persons right to property is
established. Code Ga. 1S82. Blacks Law Dictionary. Proof of title to land is usually shown by a deed filed in real estate records in the county where the land is located. Clear title means that
there is no competing claim of ownership or interest in the propertythat is, no other person or entity can claim a superior right of ownership or financial interest in the property.

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