Federal Register - August 9, 2021
Versione di testo Cosa è?Dateas è un sito indipendente non affiliato a entità governative. La fonte dei documenti PDF che pubblichiamo qui è l'entità governativa indicata in ciascuno di essi. Le versioni in testo sono trascrizioni che realizziamo per facilitare l'accesso e la ricerca di informazioni, ma possono contenere errori o non essere complete.
Source: Federal Register
43388
Federal Register / Vol. 86, No. 150 / Monday, August 9, 2021 / Rules and Regulations
a direct value of almost $299 million.
The legal costs and interest charges on the loans used to pay them reduce this amount by almost $295 million.
Additionally, untitled co-tenants, who are typically family members of the heir gaining title, gain $171 million when they are bought out. However, this is also a cost to the titled heir and so has a neutral effect on the participants costs and benefits. Therefore, net expected
benefits to HPRP participants are estimated at $654 million.
Net benefits of nearly $133 million also accrue to the intermediary lenders.
This results from $158 million in returns to lending minus $25 million in servicing and marketing costs.
Costs to the Federal Government are estimated to be $547 million, but $508
million are direct Farm Program payments and their impact on the sales value of properties that are transfers
from a society-wide perspective included in the table below as both a benefit and a cost of HPRP, so they become a net cost of zero. Actual program costs to the Federal Government are estimated to be only $39 million over 20 years. This includes the 20 years of appropriations and administrative costs of HPRP. When all costs are considered, the net benefit of HPRP is estimated to be $240 million.
ECONOMIC BENEFIT AND COST OF HPRP LIFE OF PROGRAM 20 YEARS BY STAKEHOLDER
$ millions HPRP Participants Benefits:
Restoration of Sales Value without USDA payments
Net Increase in Sales Value of Properties due to USDA payments
Increase in Net Farm Income without USDA payments
Benefit to Untitled Co-tenants from Buy-outs
Direct Government Payments
$147.3
209.1
122.4
170.9
298.6
Total Benefits
Costs:
Legal Services
Purchasing Interests of Co-tenants
Loan Application Paperwork
948.3
117.9
170.9
5.7
Total Costs
Net Expected Benefit
294.5
653.8
Intermediary Lenders BenefitReturns to Loans
CostNon-interest Expense
CostCommunication Expense
157.6
12.0
12.6
Net Expected Benefit
133.0
lotter on DSK11XQN23PROD with RULES1
FSA
CostBudget and Subsidy Costs
CostAdministrative Costs
BenefitOffset Returns to Loans
TotalAdministrative and Budget Costs
TransferDirect USDA Payments
TransferImpact to Sales Value due to USDA payments
41.4
0.8
$2.8
39.4
298.6
209.1
Net Expected Cost
Net Benefit of HPRP
547.1
239.7
Separate from heirs property considerations, the final rule also streamlines and consolidates various loan-making processes, thereby reducing unnecessary burdens on customers and FSA personnel. These changes are minor and are not expected to affect budget considerations associated with farm loan program lending authorities. As a result, no further analysis of these changes is provided in the cost benefit analysis for this rule.
Environmental Review The environmental impacts of this final rule have been considered in a
VerDate Sep<11>2014
16:04 Aug 06, 2021
Jkt 253001
manner consistent with the provisions of the National Environmental Policy Act NEPA, 42 U.S.C. 43214347, the regulations of the Council on Environmental Quality 40 CFR parts 15001508, and the FSA regulations for compliance with NEPA 7 CFR part 799. This rule implements the new HPRP, as authorized by the 2018 Farm Bill.
The discretionary provisions needed to implement HPRP, specifically those relating to FSA loans to the intermediaries include the loan making and servicing rules. One discretionary provision that will not mirror current FSA direct and guaranteed loan
PO 00000
Frm 00008
Fmt 4700
Sfmt 4700
programs rules is that implementation will be through an intermediary that will relend the HPRP funds. HPRP
funds may not be used for new development or change in land use. All discretionary aspects of these loan actions are covered by the Categorical Exclusions in 7 CFR 799.31b.
FSA will continue to require sitespecific reviews for each loan application, as defined in 799.31, 799.32, and 799.33. As such, FSA will not prepare an environmental assessment or environmental impact statement for this regulatory action.
E:FRFM09AUR1.SGM
09AUR1
