rural-development · Rural Housing Service · Rule · Published 1997-05-07 · Effective 1997-05-07 · 62 FR 25062
Document
Document number
97-11817
Federal Register citation
62 FR 25062
Type
Rule
Action
Interim final rule with request for comments.
Category
rural-development
Sub-agency
Rural Housing Service
Publication date
1997-05-07
Effective date
1997-05-07
Abstract
The Rural Housing Service (RHS), formerly Rural Housing and Community Development Service (RHCDS), a successor Agency to the Farmers Home Administration (FmHA), amends its regulations for the Rural Rental Housing (RRH) program to implement legislative reforms mandated by the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1997, Public Law 104-180, enacted August 6, 1996 (hereinafter referred to as the Act.) The following revisions are included in this rule: Prioritization of assistance; assurances that the amount of assistance provided is no more than is necessary; assurance that project transfers are in the best interest of the tenants and the government; elimination of the occupancy surcharge; changes to the equity loan program; and implementation of penalties for equity skimming by project owners and managers. The intended effect of these reforms is to improve the effectiveness of the Section 515 Rural Rental Housing Program.