Rural Housing Service February 2007 – Federal Register Recent Federal Regulation Documents

Notice of Request for Extension of a Currently Approved Information Collection
Document Number: 07-867
Type: Notice
Date: 2007-02-27
Agency: Department of Agriculture, Farm Service Agency, Rural Housing Service
In accordance with the Paperwork Reduction Act of 1995, this notice announces the Agencies intention to request an extension for a currently approved information collection in support of the Real Estate Title Clearance and Loan Closing regulation.
Notice for Requests for Proposals for Guaranteed Loans under the Section 538; Guaranteed Rural Rental Housing Program (GRRHP) for Fiscal Year 2007
Document Number: E7-3172
Type: Notice
Date: 2007-02-26
Agency: Department of Agriculture, Rural Housing Service
This is a request for proposals for guaranteed loans under the section 538 Guaranteed Rural Rental Housing Program (GRRHP) pursuant to 7 CFR 3565.4 for Fiscal Year (FY) 2007 subject to the availability of funding. FY 2006 funding for the section 538 was $99 million. This Notice is being issued prior to passage of a final appropriations bill to allow applicants sufficient time to leverage financing and submit proposals in the form of ``RESPONSES'', and give the Agency maximum time to process applications within the current fiscal year. A Notice of Funding Availability will be published announcing the funding level for GRRHP for FY 2007 once an appropriations act has been enacted. The commitment of program dollars will be made to applicants of selected responses that have fulfilled the necessary requirements for obligation, to the extent an appropriation act provides funding for GRRHP for FY 2007. Expenses incurred in developing applications will be at the applicant's risk. The following paragraphs outline the timeframes, eligibility requirements, lender responsibilities, and the overall response and application processes. The GRRHP operates under 7 CFR part 3565. The GRRHP Origination and Servicing Handbook (HB-1-3565) is available to provide lenders and the general public with guidance on program administration. HB-1-3565, which contains a copy of 7 CFR part 3565 in Appendix 1, can be found at the Rural Development Instructions Web site address http:// www.rurdev.usda.gov/regs/hblist.html#hbw6. Eligible lenders are invited to submit responses for the development of affordable rural rental housing, the acquisition with rehabilitation of affordable rural rental housing, and the revitalization, repair, and transfer (as stipulated in 7 CFR 3560.406) of existing direct section 515 housing (transfer costs are subject to Agency approval and must be an eligible use of loan proceeds as listed in 7 CFR 3565.205). Equity payment, as stipulated 7 CFR 3560.406, in the transfer of existing direct section 515 housing, is an eligible use of loan proceeds. In order to be considered, direct section 515 housing projects must need repairs and/or undergo revitalization of a minimum of $6,500 per unit. The Rural Housing Service (RHS) will review responses submitted by eligible lenders, on the lender's letterhead, and signed by both the prospective borrower and lender. Although a complete application is not required in response to this Notice of requests for proposals, eligible lenders may submit a complete application concurrently with the response. However, submitting a complete application will not have an effect on the respondent's score.
Direct Single Family Housing Loans and Grants
Document Number: E7-1817
Type: Rule
Date: 2007-02-05
Agency: Department of Agriculture, Rural Housing Service
Through this action, the Rural Housing Service (RHS) is adopting homeownership education requirements. The lack of homeownership education is a well-known barrier to successful homeownership for many families. The intended effect of this action is to assure that first time homeowners financed under the Section 502 Direct program are well prepared for homeownership by assuring that they receive homeownership education.