rural-development · Rural Housing Service · Rule · Published 1999-05-26 · Effective 1999-06-25 · 64 FR 28333
Document
Document number
99-13117
Federal Register citation
64 FR 28333
CFR reference
7 CFR 1980
Type
Rule
Action
Final rule.
Category
rural-development
Sub-agency
Rural Housing Service
Publication date
1999-05-26
Effective date
1999-06-25
Abstract
The Rural Housing Service (RHS) is amending the Community Programs (CP) Guaranteed Loans regulation, which is also utilized by the Rural Utilities Service (RUS), by removing the requirements for Community Facilities and implementing a new Community Programs Guaranteed Loans regulation. RUS will continue to use 7 CFR part 1980, subpart I for RUS guaranteed loans. This action is needed to streamline and update the Community Programs Guaranteed Loans program. The intended effect is to simplify and clarify the regulation; shift some responsibility for loan documentation and analysis from the Government to the lenders; make the program more responsive to the needs of lenders, local community public bodies, and nonprofit corporations; and provide for smoother processing of applications.