Rural Housing Service May 2006 – Federal Register Recent Federal Regulation Documents

Notice of Availability of Hurricane Disaster Assistance-Section 502 Guaranteed Loan Program
Document Number: E6-7901
Type: Notice
Date: 2006-05-24
Agency: Department of Agriculture, Rural Housing Service
The Rural Housing Service, an agency within the USDA Rural Development mission area, provides housing loan guarantees to rural residents through its Section 502 Guaranteed Loan Program. The Department of Defense, Emergency Supplemental Appropriations to Address Hurricanes in the Gulf of Mexico and Pandemic Influenza Act, 2006 (Act), Pub. L. 109-148 (12/30/05) provides USDA Rural Development with additional authorities and resources to address the damage caused by hurricanes that occurred during the 2005 calendar year. The intent of this NOFA is to introduce a temporary Mortgage Recovery Advance Program for existing Section 502 Guaranteed Loan Program borrowers impacted by certain 2005 hurricanes.
Notice of Request for Extension of a Currently Approved Information Collection
Document Number: 06-4744
Type: Notice
Date: 2006-05-23
Agency: Department of Agriculture, Farm Service Agency, Rural Business-Cooperative Service, Rural Housing Service
In accordance with the Paperwork Reduction Act of 1995, this notice announces the intention of USDA Farm Service Agency (FSA) and Rural Development, henceforth collectively known as Rural Development, or individually as Housing and Community Programs, Business and Cooperative Programs, Utility Programs, to request an extension for a currently approved information collection in support of compliance with the National Environmental Policy Act (NEPA) and other applicable environmental requirements.
Funding Opportunity: Section 525 Technical and Supervisory Assistance (TSA) Grants
Document Number: E6-7151
Type: Notice
Date: 2006-05-10
Agency: Department of Agriculture, Rural Housing Service
The Rural Housing Service is correcting a notice published in the Federal Register on Monday, April 17, 2006. This action is taken to correct a State Office address referenced in the contact information of the application and submission portion of the notice. This correction will insure that the applicant receives the most current and accurate information necessary for the submission of the proposal packages. Accordingly, the notice published on April 17, 2006 (71 FR 19682- 19690), is corrected as follows: On page 19685, in the third column under the heading, ``Where to file,'' the Delaware & Maryland State Office address is corrected to read as follows: Delaware & Maryland State Office, 1221 College Park Drive, Suite 200, Dover, DE 19904-8724. (302) 857-3600, TDD (302) 857- 3585, W. Drew Clendaniel.
Surety Requirements
Document Number: 06-4089
Type: Rule
Date: 2006-05-02
Agency: Department of Agriculture, Rural Housing Service
The Rural Housing Service is amending its regulations to change the threshold for surety requirements guaranteeing payment and performance from a $100,000 contract amount to the maximum Rural Development Single Family Housing area lending limit. This limit will vary by locality. This will liberalize the requirement for surety and take into account the increased construction cost of single family homes in Rural Development's Single Family Housing Program. This will ease the burden on small contractors for whom obtaining surety is difficult and expensive, thereby reducing costs to our single family housing borrowers. On August 26, 2005 (70 FR 50222), the Rural Housing Service proposed to change the surety requirements for Single Family Housing loans under Section 502 of the Housing Act of 1949 (42 U.S.C. 1472). The rule, open for comment for a period of 60 days, received two comments regarding its implementation in Rural Housing procedure. The first comment is in favor of this final rule, thus reinforcing the idea that reducing costs for the contractor by raising the threshold at which surety is required, ultimately benefits the borrower through greater cost savings. The second comment does not favor the proposed rule. The essence of this argument is based upon protecting federal funds, by providing surety (performance and payment bonds). The cost of surety places a greater financial burden on the borrower, as well as making it more difficult for small contractors in rural areas to service RHS borrowers. RHS oversees the construction process until the project is complete, insuring that Federal funds are properly disbursed for the adequate amount of completed construction demonstrated by the contractor. In addition, surety requirements are not entirely eliminated in Single Family Housing. If the borrower requests surety or the loan official feels that additional security is needed for a specific project, then surety will be provided.
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