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USDA/RHS RIN: 0575-AC70 Publication ID: Fall 2009 
Title: Guaranteed Rural Rental Housing Program--Appraisal Requirement 
Abstract: Rural Development is modifying 7 CFR 3565, section 3565.303(d)(1) to eliminate the updated appraisal requirement of the project as built for properties that meet the following criteria: (1) Have a Rural Development guaranteed loan to cost ratio of 50 percent or less, and (2) have an original appraised value equal to or greater than the section 538 guaranteed loan amount. The purpose of this change is to streamline the issuance of the permanent loan guarantee for projects that have very little risk of default. Historical foreclosure rates of low loan to cost value properties are reported to be 0.01 percent or 1 percent (Ernst & Young, LLC, “Ernst & Young Confirms Positive Returns,” Multi-Family Housing News, August 2004, pg. 6). Thus, Rural Development seeks to eliminate the undue burden of cost and time that an updated appraisal on low loan to cost value properties unnecessarily imposes on the borrower and Rural Development staff. 
Agency: Department of Agriculture(USDA)  Priority: Substantive, Nonsignificant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 7 CFR 3565 
Legal Authority: 5 USC 301; 7 USC 1989; 42 USC 1480 
Legal Deadline:  None
Timetable:
Action Date FR Cite
Direct Final Rule  03/00/2010   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: No  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Monica Cole
Finance and Loan Analyst
Department of Agriculture
Rural Housing Service
STOP 0781, 1400 Independence Avenue SW,
Washington, DC 20250-0781
Phone:202 720-1251
Email: monica.cole@wdc.usda.gov

 
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