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Federal Credit Supplement Budget of the U.S Government Fiscal Year 2013 Office of Management and Budget www.budget gov Federal Credit Supplement Budget of the U.S Government Fiscal Year 2013 Office of Management and Budget www.budget gov Scan here to go to our website TABLE OF CONTENTS Page Introduction iii Credit Program Supplementary Tables Table - Direct Loans: Subsidy Rates, Obligations, and Average Loan Size Table - Loan Guarantees: Subsidy Rates, Commitments, and Average Loan Size Table - Direct Loans: Assumptions Underlying the 2012 Subsidy Estimates Table - Loan Guarantees: Assumptions Underlying the 2012 Subsidy Estimates 13 Table - Direct Loans: Assumptions Underlying the 2013 Subsidy Estimates 17 Table - Loan Guarantees: Assumptions Underlying the 2013 Subsidy Estimates 21 Table - Direct Loans: Subsidy Reestimates 25 Table - Loan Guarantees: Subsidy Reestimates 57 Table - Direct Loan Program Disbursement Rate Assumptions Underlying the 2013 Subsidy Estimates 81 Table 10 - Loan Guarantee Program Disbursement Rate Assumptions Underlying the 2013 Subsidy Estimates 85 i INTRODUCTION The 2013 Federal Credit Supplement (Supplement) provides summary information about Federal direct loan and loan guarantee programs subject to the Federal Credit Reform Act (FCRA) of 1990, as amended by the Balanced Budget Act of 1997 The credit activities of programs exempt from FCRA not appear in the Supplement, such as the credit activities of certain agencies providing deposit insurance Tables and provide 2012 and 2013 subsidy rates, obligations/commitments, the average loan size for direct loan and loan guarantee programs, and programs’ respective classification as discretionary or mandatory under the Budget Enforcement Act (BEA) of 1990 For more information on the BEA and credit reform concepts, see Chapter 12, “Budget Concepts” in the Analytical Perspectives volume of the 2013 Budget Tables and provide information about the major components of 2012 subsidy rates and about the characteristics of direct loans and loan guarantees, respectively Tables and provide the same information for direct loans and loan guarantees included in the President’s 2013 Budget request The subsidy rate reflects the net present value cost for each dollar of credit assistance It is comprised of four components—defaults, net of recoveries; interest; fees; and all other Loan characteristics describe the terms of the loan agreement between the borrower and the agency or lender, and estimated nominal default and recovery rates Loan maturity and grace period data are expressed in years; all other characteristics are expressed as a percentage The grace period data may be for repayment of principal and/or interest Tables and provide information on the lifetime reestimates of direct loan and loan guarantee cohorts 1992 through 2011 by agency, program, bureau, and risk category The tables show for each cohort: the original subsidy rate at the point of obligation or commitment, the current reestimated subsidy rate, the change in subsidy rates due to interest and technical updates, dollar reestimates for the current year, net lifetime reestimate data, and lifetime disbursements through September 30, 2011 Some cohorts displayed in the 2013 Supplement have closed—there are no outstanding direct or guaranteed loans in the cohort and no further activity is expected These cohorts are identified in a footnote and will not be displayed in future Supplements Tables and 10 show the rates at which the 2013 cohorts of direct loans and guaranteed loans are expected to disburse Electronic versions of the Supplement in both PDF and Excel formats are available at http://www.whitehouse.gov/omb/budget iii Table DIRECT LOANS: SUBSIDY RATES, OBLIGATIONS, AND AVERAGE LOAN SIZE (Dollars in thousands) 2012 Agency, Bureau, Program and Risk Category BEA Category Subsidy rate (percent) 2013 Obligations Average loan size Subsidy rate (percent) Obligations Average loan size Department of Agriculture Farm Service Agency: Agricultural Credit Insurance Fund: Farm Ownership Farm Operating Emergency Disaster Indian Tribe Land Acquisition Boll Weevil Eradication Indian Highly Fractionated Land Farm Storage Facility Loans: Farm Storage Facility Loans Sugar Storage Facility Loans Discretionary Discretionary Discretionary Discretionary Discretionary Discretionary 4.80 5.63 5.01 -13.89 -2.16 1.93 475,000 1,050,089 18,008 2,000 60,000 10,000 162 64 105 1,000 5,000 1,000 4.24 5.57 3.80 -14.85 -2.54 1.73 475,000 1,050,089 34,658 2,000 60,000 10,000 166 61 103 1,000 5,000 1,000 Mandatory Mandatory -2.30 -0.34 300,000 2,500 75 833 -2.46 -3.30 300,000 2,500 77 833 Discretionary Discretionary Discretionary Discretionary 36.84 61.74 54.29 -3.03 7,899 4,661 8,944 1,300,000 1,580 518 308 1,160 61.44 58.28 -2.08 31,000 58,969 2,000,000 518 324 1,198 Discretionary Discretionary Discretionary Discretionary Discretionary Discretionary 4.73 34.12 14.21 34.15 -1.01 -16.85 900,000 64,478 10,000 27,188 5,000 10,000 118 608 1,295 357 52 5.97 13.67 33.34 652,764 27,952 25,699 121 1,353 Rural Business Cooperative Service: Rural Microenterprise Direct Loans Discretionary Intermediary Relending Program Discretionary Rural Economic Development Loans Mandatory 33.88 12.98 17,710 79,227 341 639 14.95 32.04 12.39 22,448 18,889 33,077 401 350 662 Discretionary 9.58 846,645 1,545 8.07 1,000,000 1,595 Discretionary Discretionary Discretionary Discretionary -14.40 -4.00 -13.78 -1.19 100,000 6,500,000 145,000 250,000 8,333 36,723 8,056 13,889 -1.14 690,000 14,681 Rural Housing Service: Multifamily Housing Revitalization: Multi-Family Housing Relending Demo Multi-Family Housing Revitalization Seconds Multi-Family Revitalization Zero Community Facility Loans Rural Housing Insurance Fund: Section 502 Single Family Housing Section 515 Multi-Family Housing Section 504 Housing Repair Section 514 Farm Labor Housing Section 523 Self-Help Housing Single Family Housing Credit Sales Rural Utilities Service: Water and Waste Disposal Loans Rural Electrification and Telecommunications Loans: Electric Hardship Loans FFB Electric Loans Telecommunication Hardship Loans Treasury Telecommunications Loans Table DIRECT LOANS: SUBSIDY RATES, OBLIGATIONS, AND AVERAGE LOAN SIZE—Continued (Dollars in thousands) 2012 Agency, Bureau, Program and Risk Category BEA Category 295,000 424,286 18,438 424,286 3.55 735,948 9,558 -12.80 -13.77 1.00 24,000 59,000 32,000 3.09 Discretionary Discretionary Discretionary Discretionary National Oceanic and Atmospheric Administration: Fisheries Finance: Individual Fishing Quota Loans Discretionary Traditional Direct Loans Discretionary SEIN Buyback Discretionary FFB Telecommunications Loans FFB Guaranteed Underwriting Electric Treasury Plus Distance Learning, Telemedicine, and Broadband Program: Broadband Treasury Rate Loans 2013 Subsidy rate (percent) -6.05 Subsidy rate (percent) -3.64 -6.32 Obligations Average loan size Obligations Average loan size 6,100,000 38,125 9.47 94,139 9,414 320 1,903 32,000 -2.70 -4.83 24,000 59,000 320 1,903 15,000 15,000 5.50 367,982 22,999 6.29 320,350 13,989 Mandatory Mandatory 11.69 11.69 177,915 177,915 47,309 47,309 11.71 10.89 195,706 96,563 52,040 28,947 Mandatory Mandatory Mandatory Mandatory Mandatory Mandatory Mandatory Mandatory Mandatory -0.75 5.94 -28.26 -32.83 -8.70 -8.68 -16.57 -15.15 41,185,917 41,185,917 68,052,012 21,971,045 63,608,335 63,608,335 194,817,310 194,817,310 4 13 23 23 7 -6.05 -0.95 -28.38 -32.66 -12.30 -11.85 -21.29 -20.08 -29.10 36,994,800 36,994,800 77,113,749 24,053,697 28,544,483 28,544,483 166,706,729 166,706,729 4,737,268 3 14 42 42 6 25.60 15,870,933 1,058,062 0.00 15.70 16,800,000 1,072,170 1,866,667 268,043 0.00 15,000,000 2,500,000 Department of Commerce Department of Defense Family Housing: Family Housing Improvement Fund Direct Loans Discretionary Department of Education Office of Postsecondary Education: Historically Black Colleges and Universities Discretionary Office of Federal Student Aid: Teacher Education Assistance: TEACH Grants TEACH Grants (Legislative Proposal) Federal Direct Student Loans: Stafford Stafford (Legislative Proposal) Unsubsidized Stafford PLUS Consolidation Consolidation (Legislative Proposal) Weighted Average of Total Obligations Weighted Average of Total Obligations (Legislative Proposal) Federal Perkins Loans (Legislative Proposal) Department of Energy Energy Programs: Advanced Technology Vehicles Manufacturing Loans Discretionary Title 17 Innovative Technology Loan Guarantee Program: Section 1703 FFB Loans (Self Pay) Discretionary Section 1703 FFB Loans (EERE) Discretionary Table LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued (In percentages, unless noted otherwise) Characteristics of Subsidy Reestimates Agency, Bureau, Program, Risk Category, and Cohort Year FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 Section 504 Certified Development Companies Debentures— DELTA FY 1996 FY 1997 FY 1998 FY 1999 SBIC Debentures FY 1992 FY 1993 FY 1994 FY 1995 FY 1996 FY 1997 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 FY 2009 Original subsidy rate Current reestimated rate Percentage point change due to interest rates Percentage point change due to technical assumptions Current reestimate amount ($ thousands) Net lifetime reestimate amount ($ thousands) Net lifetime reestimate amount, excluding interest ($ thousands) Total disbursements to date ($ thousands) 0.00 0.00 0.00 0.00 -0.07 0.00 0.00 11.80 18.70 23.05 20.62 15.21 8.52 5.95 -0.07 -0.04 0.05 0.06 11.87 18.74 23.00 20.56 15.28 8.52 5.95 89,813 173,454 234,832 165,839 34,911 44,385 36,361 617,103 1,019,507 1,282,881 872,965 139,841 49,596 36,361 461,185 842,969 1,137,009 801,135 128,327 46,767 34,661 4,216,905 4,769,253 5,216,078 4,195,814 856,908 558,430 596,471 0.57 1.01 0.72 1.29 -1.09 -170.13 -160.18 -3.03 (4) (4) (4) (4) -1.66 -171.14 -160.90 -4.32 -2 -8 -16 -249 -4,897 -12,424 -105 -134 -2,868 -8,248 -72 8,463 1,727 5,278 1,725 14.29 15.40 16.25 14.65 15.46 3.19 1.94 1.38 0.00 0.00 0.00 22.01 1.63 -3.77 -17.89 -27.22 -21.04 1.15 6.32 0.07 -1.88 3.05 0.19 0.07 -0.46 0.41 -0.02 -0.01 -2.89 -2.36 (4) (4) (4) 7.53 -13.84 -19.56 -32.95 -42.66 -24.22 2.10 7.30 0.07 -1.88 3.05 48 209 24 19 1,429 1,748 1,631 -129 4,115 12,310 11,692 -18,965 -33,388 -59,617 -75,677 -56,017 -13,917 18,688 2,765 -7,231 14,818 4,398 -8,590 -19,545 -32,742 -44,355 -32,234 -1,309 13,617 453 -7,454 11,005 60,060 63,350 100,000 104,430 108,570 138,725 382,035 292,750 296,155 391,360 376,940 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.24 -1.95 -3.52 -3.99 -3.26 -0.66 0.77 0.03 -0.06 -0.20 0.15 1.21 -1.89 -3.32 -3.99 -3.41 -0.66 0.77 114 3,633 -2,535 -3,884 -4,063 2,742 3,069 5,544 -7,881 -11,093 -17,269 -21,892 -5,877 5,087 4,483 -9,044 -10,040 -15,269 -19,469 -5,909 4,503 403,750 460,780 301,420 419,705 649,285 906,545 588,140 76 Table LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued (In percentages, unless noted otherwise) Characteristics of Subsidy Reestimates Agency, Bureau, Program, Risk Category, and Cohort Year FY 2010 FY 2011 SBIC Participating Securities FY 1994 FY 1995 FY 1996 FY 1997 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 FY 2004 SBIC New Market Venture Capital FY 2002 FY 2003 7(a) General Business—DELTA FY 1995 FY 1996 FY 1997 FY 1998 FY 1999 FY 2000 FY 2001 FY 2002 FY 2003 Secondary Market Guarantee FY 2004 FY 2005 FY 2006 Original subsidy rate Current reestimated rate Percentage point change due to interest rates Percentage point change due to technical assumptions Current reestimate amount ($ thousands) Net lifetime reestimate amount ($ thousands) Net lifetime reestimate amount, excluding interest ($ thousands) Total disbursements to date ($ thousands) 0.00 0.00 1.24 0.07 1.24 0.07 6,888 469 11,411 469 10,806 351 789,315 548,950 9.00 8.90 9.00 3.29 2.20 2.19 1.80 1.31 0.00 0.00 0.00 -4.77 24.85 11.05 28.92 7.31 55.74 34.90 21.79 19.35 14.70 20.32 -0.41 0.18 -0.02 -0.10 -0.93 -1.03 0.26 -0.24 -0.22 -0.36 -0.07 -13.36 15.77 2.07 25.73 6.04 54.58 32.84 20.72 19.57 15.06 20.39 219 370 -1,034 -10,289 -3,972 -10,164 -76,291 -136,104 -139,916 -94,739 -283,497 -24,051 75,552 18,652 84,193 26,431 604,122 357,433 324,230 223,556 139,932 605,589 -20,738 33,142 3,975 57,767 35,469 480,262 362,215 287,714 191,800 143,064 533,480 149,660 219,940 231,230 232,830 677,825 930,450 1,089,560 1,677,425 1,107,935 1,057,225 2,910,155 14.47 15.46 3.15 6.17 1.16 1.23 -12.48 -10.52 -1,046 -2,087 -2,596 -5,885 -1,789 -4,326 18,750 53,250 4.86 3.15 3.47 3.36 2.08 1.83 1.87 1.73 1.51 1.07 9.50 0.88 6.11 9.87 7.00 22.30 -3.18 -1.48 (4) (4) (4) (4) (4) (4) (4) (4) (4) -3.79 6.35 -2.59 2.75 7.79 5.17 20.43 -4.91 -2.99 24 34 -91 2,413 -1,183 1,156 3,967 945 637 -57 -5 -47 1,283 -685 725 2,643 659 491 -48 -4 1,220 21,115 27,309 27,296 35,028 13,508 2,470 1,003 150 0.00 0.00 0.00 0.38 0.29 0.06 0.38 0.29 0.06 -16,959 -13,544 -6,637 131,195 10,227 2,063 142,783 11,844 1,956 38,008,032 4,224,301 3,633,474 77 Table LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued (In percentages, unless noted otherwise) Characteristics of Subsidy Reestimates Agency, Bureau, Program, Risk Category, and Cohort Year FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 SBIC 301(d) Guarantee FY 1992 FY 1993 FY 1994 FY 1995 FY 1996 502 Local Development Companies FY 1992 FY 1993 FY 1994 FY 1995 Secondary Market 504 First Mortgage Guarantees—ARRA FY 2010 FY 2011 ARC Loan Guarantees—ARRA FY 2009 FY 2010 7(a) General Business Loan Guarantees—ARRA FY 2009 FY 2010 Section 504 Certified Development Companies—ARRA FY 2009 FY 2010 7(m) Microloan Guarantees FY 1996 Original subsidy rate Current reestimated rate Percentage point change due to interest rates Percentage point change due to technical assumptions Current reestimate amount ($ thousands) Net lifetime reestimate amount ($ thousands) Net lifetime reestimate amount, excluding interest ($ thousands) Total disbursements to date ($ thousands) 0.00 0.00 0.00 0.00 0.00 0.09 0.03 -0.03 0.29 0.23 0.05 0.01 0.09 0.03 -0.03 0.24 0.22 -3,593 -387 1,489 -2,306 10,010 3,328 1,236 -803 9,896 10,010 3,212 1,256 -680 9,626 9,667 3,678,115 4,137,912 2,381,185 3,379,396 4,299,164 27.30 28.88 29.92 27.85 28.93 -3.19 29.34 30.12 29.18 30.07 (4) (4) (4) (4) (4) -30.49 0.46 0.20 1.33 1.14 -10,086 64 55 647 15 -3,612 49 25 299 12,290 11,030 13,240 23,320 700 5.95 5.58 1.60 1.50 5.87 1.06 1.96 0.24 (4) (4) (4) (4) -0.08 -4.52 0.36 -1.26 -17 -3,339 350 -945 -7 -1,476 129 -443 28,070 34,301 36,626 36,985 0.00 0.00 4.09 2.10 0.01 4.08 2.10 1,662 3,392 1,662 3,392 1,617 3,220 40,035 156,449 75.77 76.15 50.31 50.70 3.83 0.87 -29.29 -26.32 -9,728 -25,286 -23,924 -46,824 -22,031 -45,176 88,294 179,517 3.10 4.23 6.17 6.01 0.17 0.17 2.90 1.61 31,348 21,948 170,196 45,864 169,073 45,013 5,630,318 2,497,252 2.14 2.05 13.81 11.63 11.67 9.58 85,169 63,754 252,290 98,356 225,223 93,505 2,045,432 937,780 11.95 3.86 (4) -8.09 -189 -104 1,579 78 Table LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued (In percentages, unless noted otherwise) Characteristics of Subsidy Reestimates Agency, Bureau, Program, Risk Category, and Cohort Year FY 1997 FY 1998 FY 1999 FY 2000 FY 2001 7(a) Dealer Floor Plan FY 2011 7(a) Dealer Floor Plan—ARRA FY 2009 FY 2010 Section 504 Certified Development Companies Debentures—ARRA Ext FY 2010 FY 2011 504 Commercial Real Estate (CRE) Refinance Program FY 2011 7(a) Business Loan Guarantees—ARRA Extension FY 2010 FY 2011 Original subsidy rate Current reestimated rate Percentage point change due to interest rates Percentage point change due to technical assumptions Current reestimate amount ($ thousands) Net lifetime reestimate amount ($ thousands) Net lifetime reestimate amount, excluding interest ($ thousands) Total disbursements to date ($ thousands) 8.21 8.15 7.97 8.32 7.95 0.87 3.86 5.99 0.94 0.43 (4) (4) (4) (4) (4) -7.34 -4.29 -1.98 -7.38 -7.52 -294 -206 -39 -111 -186 -177 -133 -27 -76 -144 2,702 3,654 1,757 1,150 2,000 0.02 -0.02 -0.04 -6 -6 -4 7,608 0.20 0.21 0.13 0.18 -0.07 -0.03 -56 -99 -53 -82 -41 -70 70,188 314,923 2.05 2.18 11.13 7.74 9.08 5.56 95,407 33,662 137,911 33,662 130,788 32,036 1,406,014 589,919 0.00 6.67 6.67 3,926 3,926 3,742 57,375 4.23 5.48 6.00 6.02 0.17 1.60 0.54 65,219 39,352 96,065 39,352 94,057 38,434 5,310,351 6,741,553 4.91 3.74 4.06 6.72 6.65 6.66 7.83 5.90 7.47 7.44 2.03 -5.70 -2.20 -3.71 -4.13 -2.04 0.59 1.90 -0.37 0.45 -2.88 -9.44 -6.26 -10.43 -10.78 -8.70 -7.24 -3.99 -7.83 -6.99 -303 -14,515 77,780 -584 -2,790 -24,652 -9,379 -10,004 -10,654 -24,772 -356,447 -1,096,516 -833,733 -774,244 -1,054,632 -899,468 -738,153 -548,619 -797,118 -748,142 -356,224 -1,086,160 -887,633 -773,862 -1,052,918 -884,988 -733,048 -543,339 -792,026 -738,636 8,102,397 6,752,316 9,448,361 5,490,571 6,449,940 8,422,038 6,937,365 11,692,113 9,730,538 10,785,546 Other Independent Agencies Export-Import Bank of the United States: Guarantee and Insurance FY 1992 FY 1993 FY 1994 FY 1995 FY 1996 FY 1997 FY 1998 FY 1999 FY 2000 FY 2001 79 Table LOAN GUARANTEES: SUBSIDY REESTIMATES 1—Continued (In percentages, unless noted otherwise) Characteristics of Subsidy Reestimates Agency, Bureau, Program, Risk Category, and Cohort Year Original subsidy rate Current reestimated rate Percentage point change due to interest rates FY 2002 5.29 1.44 FY 2003 0.57 0.48 FY 2005 -0.13 -0.31 FY 2006 -1.31 0.47 FY 2007 0.04 -0.71 FY 2008 -0.68 -0.31 FY 2009 -0.97 -0.56 1.20 FY 2010 4.34 FY 2011 * $500 or less Reestimates for some programs did not appear in the 2013 Appendix because they were $500,000 or less Current year reestimates including interest on reestimates Percentage point change due to technical assumptions Total (net cumulative) reestimates including interest on reestimates Breakout between technical and interest reestimates is not available Cohort is closed as of the end of 2011 The 2011 cohort includes activity for fiscal years 1998 through 2011 Subsidy costs are calculated using the discount rate required by the Federal Credit Reform Act adjusted for market risks, as required by law 80 -3.85 -0.09 -0.17 1.78 -0.75 -0.37 -0.41 Current reestimate amount ($ thousands) -70,866 -75,637 -50,096 -136,827 -22,933 -29,931 -10,848 Net lifetime reestimate amount ($ thousands) -486,574 -93,547 -77,345 204,839 5,973 -28,528 -10,889 Net lifetime reestimate amount, excluding interest ($ thousands) -461,397 -68,111 -64,633 236,227 10,886 -23,131 -9,546 Total disbursements to date ($ thousands) 12,804,697 24,677,709 10,338,972 29,936,109 8,570,361 14,396,876 1,602,710 Table DIRECT LOAN PROGRAM DISBURSEMENT RATE ASSUMPTIONS UNDERLYING THE 2013 SUBSIDY ESTIMATES Percentage of total disbursements made in year: Agency, Bureau, Program and Risk Category One Two Three Four Five Six Seven Eight Nine Ten and Later Department of Agriculture Farm Service Agency: Agricultural Credit Insurance Fund: Farm Ownership Farm Operating Emergency Disaster Indian Tribe Land Acquisition Boll Weevil Eradication Indian Highly Fractionated Land Farm Storage Facility Loans: Farm Storage Facility Loans Sugar Storage Facility Loans Rural Housing Service: Multifamily Housing Revitalization: Multi-Family Housing Revitalization Seconds Multi-Family Revitalization Zero Community Facilities Loans Rural Housing Insurance Fund: Section 502 Single-Family Housing Section 504 Housing Repair Section 514 Farm Labor Housing Rural Business Cooperative Service: Rural Microenterprise Direct Loans Intermediary Relending Program Rural Economic Development Loans Rural Utilities Service: Water and Waste Disposal Loans Rural Electrification and Telecommunications Loans: Treasury Telecommunications Loans Electric Treasury Plus Distance Learning, Telemedicine, and Broadband: Broadband Treasury Rate Loans 79 91 93 100 100 94 20 1 1 40 40 60 60 11 62 50 30 30 44 30 14 79 88 25 20 12 27 20 28 72 23 28 31 58 23 13 16 10 3 21 28 20 11 2 15 21 21 17 18 15 13 11 15 10 10 10 27 14 10 10 11 5 19 19 33 47 12 3 Department of Commerce National Oceanic and Atmospheric Administration: Fisheries Finance: Individual Fishing Quota Loans Traditional Direct Loans 81 Table DIRECT LOAN PROGRAM DISBURSEMENT RATE ASSUMPTIONS UNDERLYING THE 2013 SUBSIDY ESTIMATES 1—Continued Percentage of total disbursements made in year: Agency, Bureau, Program and Risk Category One Two Three Four Five Six Seven Eight Nine Ten and Later Department of Education Office of Postsecondary Education: Historically Black Colleges and Universities Office of Federal Student Aid: Teacher Education Assistance: TEACH Grants TEACH Grants (Legislative Proposal) Federal Direct Student Loans: Stafford Stafford (Legislative Proposal) Unsubsidized Stafford PLUS Consolidation Consolidation (Legislative Proposal) Weighted Average of Total Obligations Weighted Average of Total Obligations (Legislative Proposal) Federal Perkins Loans (Legislative Proposal) 100 61 77 26 63 63 61 58 99 99 68 68 47 24 24 24 36 22 22 41 21 21 21 21 15 37 28 58 20 17 15 11 78 22 100 100 Department of Energy Energy Programs: Title 17 Innovative Technology Program: Section 1703 FFB Loans (Self Pay) Department of Health and Human Services Centers for Medicare and Medicaid Services: Consumer Operated and Oriented Plan: Startup Loans Solvency Loans Department of Homeland Security Federal Emergency Management Agency: Disaster Assistance Direct Loans Department of State Administration of Foreign Affairs: Repatriation Loans International Assistance Programs Agency for International Development: Development Credit Authority (DCA) Direct Loan Program 82 Table DIRECT LOAN PROGRAM DISBURSEMENT RATE ASSUMPTIONS UNDERLYING THE 2013 SUBSIDY ESTIMATES 1—Continued Percentage of total disbursements made in year: Agency, Bureau, Program and Risk Category Overseas Private Investment Corporation: OPIC Direct Loans One Two Three Four Five Six Seven Eight Nine Ten and Later 17 67 17 Federal Highway Administration: Federal-aid Highways: Transportation Infrastructure, Finance & Innovation (TIFIA) Lines of Credit TIFIA Direct Loans 10 10 20 20 20 20 20 20 20 20 10 10 TIFIA General Fund: TIGER TIFIA Direct Loans 10 20 20 20 20 10 Federal Railroad Administration: Railroad Rehabilitation and Improvement Financing Direct Loans 42 26 18 100 33 33 33 100 100 90 100 Business Loans: 7(m) Direct Microloans 22 48 19 Disaster Loans: Disaster Assistance Loans 64 30 Export-Import Bank of the United States: Direct Loans: Tied Aid War Chest 25 25 25 25 National Infrastructure Bank: Infrastructure Direct Loans (Legislative Proposal) 11 22 22 22 22 Department of Transportation Department of the Treasury Departmental Offices: Community Development Financial Institutions Fund Bond Guarantee Program Department of Veterans Affairs Benefits Programs: Veterans Housing Benefit Program Fund: Acquired Direct Loans Vendee Direct Loans Native American Veteran Housing Loan: Native American Direct Loans Vocational Rehabilitation Small Business Administration Other Independent Agencies In some cases disbursement rates may not add to 100 percent due to cancellations 83 84 Table 10 LOAN GUARANTEE PROGRAM DISBURSEMENT RATE UNDERLYING THE 2013 SUBSIDY ESTIMATES Percentage of total disbursements made in year: Agency, Bureau, Program and Risk Category One Two Three Four Five Six Seven Eight Nine Ten and Later Department of Agriculture Farm Service Agency: Agricultural Credit Insurance Fund: Farm Ownership–Unsubsidized Farm Operating–Unsubsidized Conservation–Guaranteed Commodity Credit Corporation Export Loans: GSM 102 Export Guarantee Program–Facilities 78 90 78 18 18 1 70 70 30 30 Rural Housing Service: Community Facility Loan Guarantees Rural Housing Insurance Fund: Guaranteed 538 Multi-Family Housing Guaranteed 502 Single Family Housing 10 31 31 14 2 76 26 21 23 27 10 Rural Business Cooperative Service: Business and Industry Loan Guarantees Renewable Energy Loan Guarantees 42 39 45 12 30 15 Rural Utilities Service: Water and Waste Disposal Loan Guarantees 22 35 11 11 3 5 100 100 100 100 Public and Indian Housing Programs: Title VI Indian Federal Guarantees Program Indian Housing Loan Guarantee Native Hawaiian Housing Loan Guarantees 60 68 53 20 21 24 20 20 Community Planning and Development: Community Development Loan Guarantees (Section 108) 10 35 20 15 10 Department of Commerce Economic Development Administration: Science Parks Loan Guarantees Department of Health and Human Services Health Resources and Services Administration: Health Resources and Services: Facilities Renovation Loans Managed Care Network Loans Managed Care Plan Loans Department of Housing and Urban Development 85 Table 10 LOAN GUARANTEE PROGRAM DISBURSEMENT RATE UNDERLYING THE 2013 SUBSIDY ESTIMATES 1—Continued Percentage of total disbursements made in year: Agency, Bureau, Program and Risk Category Housing Programs: FHA Mutual Mortgage Insurance (MMI) Fund: MMI Fund MMI HECM MMI Refi FHA General and Special Risk Insurance Fund Multifamily Development Tax Credit New Construction Apartments Refinance 241 Supplemental Loans Housing Finance Authority Risk Sharing GSE Risk Sharing Health Care and Nursing Homes Health Care Refinances Hospitals Other Rental Title Property Improvement Title Manufactured Housing One Two Three Four Five Six Seven Eight Nine Ten and Later 100 100 100 100 100 100 100 100 100 100 100 100 75 100 100 25 100 36 34 42 40 18 18 Agency for International Development: Development Credit Authority (DCA) Loan Guarantees Development Credit Authority (DCA) Line of Credit Guarantees 16 100 26 26 32 Overseas Private Investment Corporation: OPIC Loan Guarantees OPIC Investment Funds 100 18 18 18 18 19 Office of the Secretary: Minority Business Resource Center Loan Guarantees 100 Federal Highway Administration: Transportation Infrastructure, Finance, & Innovation (TIFIA) Loan Guarantees 100 Government National Mortgage Association: Guarantees of Mortgage-Backed Securities Department of the Interior Bureau of Indian Affairs: Indian Guaranteed Loans Indian Insured Loans International Assistance Programs Department of Transportation 86 Table 10 LOAN GUARANTEE PROGRAM DISBURSEMENT RATE UNDERLYING THE 2013 SUBSIDY ESTIMATES 1—Continued Percentage of total disbursements made in year: Agency, Bureau, Program and Risk Category Federal Railroad Administration: Railroad Rehabilitation and Improvement Financing Guarantees One Two Three Four Five Six Seven Eight Nine Ten and Later 42 26 18 100 100 100 59 29 22 100 25 50 33 26 21 16 18 24 18 10 19 14 14 12 100 Export-Import Bank of the United States Long Term Guarantees Medium Term Guarantees Short Term Insurance Medium Term Insurance Working Capital Fund 25 25 25 25 25 75 75 75 75 75 National Infrastructure Bank: Infrastructure Loan Guarantees (Legislative Proposal) 11 22 22 22 22 Department of the Treasury Departmental Offices: Troubled Asset Relief Program, Housing Programs FHA Refi Letter of Credit Department of Veterans Affairs Benefits Programs: Veterans Housing Benefit Program Fund: Housing Guaranteed Loans Guaranteed Loan Sale Securities–Vendee Small Business Administration Business Loans: 7(a) General Business Loan Guarantees Section 504 Certified Development Companies Debentures SBIC Debentures Secondary Market Guarantee 7(a) Dealer Floor Plan 7(a) Revolvers Disaster Loans: Expedited Disaster Assistance Other Independent Agencies In some cases disbursement rates may not add to 100 percent due to cancellations 87 Executive Office of the President Office of Management and Budget Wa s h i n g t o n , D C ... Federal Credit Supplement Budget of the U.S Government Fiscal Year 2013 Office of Management and Budget www .budget gov Scan here to go to our website TABLE OF CONTENTS Page... on the BEA and credit reform concepts, see Chapter 12, ? ?Budget Concepts” in the Analytical Perspectives volume of the 2013 Budget Tables and provide information about the major components of. .. (Supplement) provides summary information about Federal direct loan and loan guarantee programs subject to the Federal Credit Reform Act (FCRA) of 1990, as amended by the Balanced Budget Act of