The eRulemaking Program
05/17/2023 | Press release | Distributed by Public on 05/17/2023 07:24
FR–7075–N–06 60-Day Notice of Proposed Information Collection: Survey of Market Absorption of New Multifamily Units; OMB Control No.: 2528–0013
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
[Docket No. FR-7075-N-06]
60-Day Notice of Proposed Information Collection: Survey of Market Absorption of New Multifamily Units; OMB Control No.: 2528-0013
Agency
Office of Policy Development and Research, HUD.
Action
Notice.
Summary
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.
Dates
Comments Due Date: July 17, 2023.
Addresses
Interested persons are invited to submit comments regarding this proposal. Written comments and recommendations for the proposed information collection can be submitted within 60 days of publication of this notice to www.reginfo.gov/public/do/PRAMain. Find this particular information collection by selecting, "Currently under 60-day Review-Open for Public Comments" or by using the search function. Interested persons are also invited to submit comments regarding this proposal by name and/or OMB Control Number and can be sent to: Anna Guido, Reports Management Officer, REE, Department of Housing and Urban Development, 451 7th Street SW, Room 8210, Washington, DC 20410-5000 or email at [email protected].
For Further Information Contact
Anna Guido, Reports Management Officer, Department of Housing and Urban Development, 451 7th Street SW, Washington, DC 20410; email Anna Guido at [email protected], telephone 202-402-5535 (this is not a toll-free number). HUD welcomes and is prepared to receive calls from individuals who are deaf or hard of hearing, as well as individuals with speech or communication disabilities. To learn more about how to make an accessible telephone call, please visit https://www.fcc.gov/consumers/guides/telecommunications-relay-service-trs.
Copies of available documents submitted to OMB may be obtained from Ms. Guido.
Supplementary Information
This notice informs the public that HUD is seeking approval from OMB for the information collection described in section A.
A. Overview of Information Collection
Title of Information Collection: Survey of Market Absorption of New Multifamily Units.
OMB Approval Number: 2528-0013.
Type of Request: Extension without change to a currently approved collection.
Form Number: N/A.
Description of the need for the information and proposed use: The Survey of Market Absorption (SOMA) provides the data necessary to measure the rate at which new rental apartments and new condominium apartments are absorbed; that is, taken off the market, usually by being rented or sold, over the course of the first 12 months following completion of a building. The data are collected at quarterly intervals until the 12 months conclude, or until the units in a building are completely absorbed. The survey also provides estimates of certain characteristics, including asking rent/price, number of units, and number of bedrooms. The survey provides a basis for analyzing the degree to which new apartment construction is meeting the present and future needs of the public.
Members of affected public: Rental Agents/Builders.
Estimated Number of Respondents: 12,000 yearly (maximum).
Estimated Time per Response: 15 minutes/initial interview and 5 minutes for any subsequent interviews (up to three additional, if necessary).
Frequency of Response: Four times (maximum).
Estimated Total Annual Burden Hours: 6,000 (12,000 buildings × 30 minutes).
Estimated Total Annual Cost: The only cost to respondents is that of their time. The total estimated cost to HUD in FY 2023 is $1,940,000.
Legal Authority: The survey is conducted under title 12, United States Code, section 1701z.
| Information collection | Number of respondents | Frequency of response | Responses per annum | Burden hour per response | Annual burden hours | Hourly cost per response | Cost |
| SOMA | 12,000 | 4 | 48,000 | .125 (30 minutes total divided by four interviews) | 6,000 | $40.51 | $243,060 |
Respondent's Obligation: Participation is voluntary.
B. Solicitation of Public Comment
This notice is soliciting comments from members of the public and affected parties concerning the collection of information described in Section A on the following:
(1) Whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility;
(2) The accuracy of the agency's estimate of the burden of the proposed collection of information;
(3) Ways to enhance the quality, utility, and clarity of the information to be collected, and
(4) Ways to minimize the burden of the collection of information on those who are to respond; including through the use of appropriate automated collection techniques or other forms of information technology, e.g., permitting electronic submission of responses.
HUD encourages interested parties to submit comments in response to these questions.
C. Authority
Section 3507 of the Paperwork Reduction Act of 1995, 44 U.S.C. 3507.
Todd M. Richardson,
General Deputy Assistant Secretary for Policy, Development and Research.
[FR Doc. 2023-10529 Filed 5-16-23; 8:45 am]
BILLING CODE 4210-67-P