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Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Rules and Regulations redundancy and focus on items that best ensure program dollars are targeted to communities the IRP was designed to assist. To ensure more equitable priority scoring, separate scoring criteria for initial applications and existing intermediaries seeking funds to replenish their revolving loan funds were created. Expanded scoring thresholds for equity contributions to the revolving loan fund are included.
Due to the removal of the intermediary service area restriction, the Agency added a criterion regarding the makeup of the governing board of the organization. The Agency provided clarification on the median household income calculation used in scoring and reiterated that the source of unemployment information was the Department of Labor. To better prioritize projects, two new criteria were added.
The first provides points if greater than 50 percent of the service area is experiencing trauma due to a natural disaster, and the second is for loan requests of $750,000 or less.
Second. Under the prior regulation, the leveraging criteria was calculated on three levels which caused confusion and inconsistencies in scoring projects and thereby affected whether the most noteworthy applicants were funded.
The updated rule will only evaluate intermediary contributions toward ultimate recipient total project costs from its equity contributions to the IRP
revolving loan fund. To incentivize the change, increased points will be awarded if the intermediarys equity contribution to an ultimate recipient project is 50 percent or more of the project costs from 15 points to 25
points. An intermediarys equity contribution must be loaned out prior to, or on a pro rata basis, with Agency IRP loan funds.
Third. The scoresheet is being automated to remove repetitive criteria, reduce errors in mathematical calculations and include the Administrator points criteria. The Administrator points scoring was modified to two criteria, versus six criteria in the prior regulation. This change significantly reduces the subjective nature that can arise in awarding points and allows for a more objective process that is based purely on hard facts. As such, the number of Administrator points that can be awarded is reduced from 35 points to a maximum 10 points. The overall combined scoresheet is more userfriendly, cleanly outlined and complies with Department requirements to automate forms.

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Letter of Conditions 4274.345, Formerly 4274.350
There is minimum change to this section and the Agency has clarified that there are separate Agency forms, one for each of the Letter of Conditions, Letter of Intent to Meet Conditions and Request for Obligation of Funds, that must be completed by the intermediary.
The Agency has also clarified that any changes to the letter of conditions proposed by the intermediary must be approved in writing by the Agency prior to finalization and approval of the letter of conditions.
Loan Closing 4274.346, Formerly 4274.356
The format and layout of the loan closing documents, and process has been adjusted to be consistent with other RBCS programs.
Loan Approval and Obligating Funds 4274.351
The format and layout have been adjusted to be consistent with other RBCS programs. The Request for Obligation of Funds was previously mentioned as administrative text and was needed, but the regulation now clarifies that the form is required.
Loan Documentation for Ultimate Recipients 4274.352, Formerly 4274.361
Section 4274.352b was added to provide information on loans made by the intermediary with revolved funds as there has been confusion among Agency staff and intermediaries on the process and information required.
Executive Orders and Other Certifications Executive Order 12866 and 13563
This final rule has been determined to be non-significant for purposes of Executive Order E.O. 12866 and 13563
and therefore has not been reviewed by the Office of Management and Budget OMB.
Assistance Listing Assistance Listing Formerly Known as Catalog of Federal Domestic Assistance The assistance listing number for the program impacted by this action is 10.767, Intermediary Relending Program. All active assistance listing programs and the assistance listing catalog can be found at the following website: https sam.gov/. The website also contains a PDF file version of the catalog that, when printed, has the same layout as the printed document that the Government Publishing Office GPO

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provides. GPO prints and sells the assistance listing to interested buyers.
For information about purchasing the Catalog of Federal Domestic Assistance from GPO, call the Superintendent of Documents at 202 5121800 or toll free at 866 5121800, or access GPOs online bookstore at https
bookstore.gpo.gov.
Executive Order 12372
This Program is not subject to the provisions of E.O. 12372, which requires intergovernmental consultation with State and local officials.
Executive Order 12988
This rule has been reviewed under Executive Order 12988, Civil Justice Reform. RBCS has determined that this rule meets the applicable standards provided in 3 of the Executive Order.
Additionally, 1 all State and local laws and regulations that are in conflict with this rule will be preempted; 2 no retroactive effect to the Executive Order will be given to the rule; and 3
administrative appeal procedures, if any, must be exhausted before litigation against the Department or its agencies may be initiated, in accordance with the regulations of the National Appeals Division of USDA at 7 CFR part 11.
Executive Order 13132, Federalism The policies contained in this rule do not have any substantial direct effect on States, on the relationship between the national government and the States, or on the distribution of power and responsibilities among the various levels of government. Nor does this final rule impose substantial direct compliance costs on State and local governments. Therefore, consultation with States is not required.
Regulatory Flexibility Act In compliance with the Regulatory Flexibility Act 5 U.S.C. 601 et seq. the undersigned has determined and certified by signature of this document that this rule, while affecting small entities, will not have an adverse economic impact on small entities. This rule does not impose any significant new requirements on program recipients, nor does it adversely impact proposed real estate transactions involving program recipients as the buyers.
National Environmental Policy Act/
Environmental Impact Statement This final rule has been reviewed in accordance with 7 CFR part 1970
Environmental Policies and Procedures. Rural Development has determined that this action was
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