🏡Proposed Rule on Household Income Calculations in Rural Housing Programs
Revisions to the Calculation of Annual Household Income and Net Family Assets in the Section 515 Rural Rental Housing and Section 514/516 Farm Labor Housing Programs
Summary
The Rural Housing Service (RHS or Agency), a Rural Development (RD) agency of the United States Department of Agriculture (USDA), proposes to amend its regulation to implement changes related to income calculation and net family assets for properties that receive funding from the Multi-Family Housing (MFH) Section 515 Rural Rental Housing and the Section 514/516 Farm Labor Housing Direct Loan and Grant programs. These proposed changes are intended to align the Agency's annual income certification requirements with the Housing Opportunity Through Modernization Act of 2016 (HOTMA).
Agencies
- Agriculture Department
- Rural Housing Service
Business Impact
$$ - Med
The proposed rule revises income calculation and assets for Rural Housing Service programs, affecting financial assistance and compliance requirements for businesses involved in multi-family and farm labor housing. These changes could influence funding decisions and operational practices for property owners and executives managing these properties.