rural-development · Rural Housing Service · Rule · Published 2015-06-17 · Effective 2015-08-17 · 80 FR 34531
Document
Document number
2015-14783
Federal Register citation
80 FR 34531
CFR reference
7 CFR 3560
Type
Rule
Action
Final rule.
Category
rural-development
Sub-agency
Rural Housing Service
Publication date
2015-06-17
Effective date
2015-08-17
Abstract
The Rural Housing Service (RHS or "Agency") is amending its regulation to change the requirements of the reserve account for direct Multifamily Housing (MFH) loans. The intended effect of this action is to address the reserve account requirement of the Agency to countersign with the borrower when a Section 538 guaranteed loan is involved, and to also clarify that reserve account funds cannot be used to pay for fees associated with the Section 538 guaranteed loan program.