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USDA/RHS RIN: 0575-AC80 Publication ID: Spring 2010 
Title: Guaranteed Rural Rental Housing Program--Continuous Guarantee--Uni-GRRHP 
Abstract: The Agency intends to add a section to regulation 7 CFR part 3565 to include a new guarantee product, "The Uni-GRRHP." After extensive consultation with our internal and external stakeholders and researching current and projected future industry practices, it became clear that the product we are proposing to add is wanted and needed by the stakeholders we serve. Currently we offer a "combination guarantee" that offers one guarantee to cover construction advances only and that ends upon the issuance of a certificate of occupancy. The construction guarantee is complemented with a second guarantee on the permanent financing that is issued only after certain regulatory requirements are met. This two-step combination guarantee has served the program well, even though there is generally a gap in coverage between the construction and permanent financing phases. The stakeholders were concerned about this gap in coverage and questioned its necessity, particularly in projects where the Government's risk exposure was negligible. After long and careful analysis, the program decided to test the viability of a continuous guarantee, the Uni-GRRHP, on a demonstration basis. The Uni-GRRHP's cradle-to-grave guarantee would be offered to project proposals that met a set of specific, more risk adverse criteria, including loan to cost (LTC) ratios of 50 percent or less. The main thrust of this demonstration would be to establish and test the criteria, process, and procedures under which only one Loan Note Guarantee that will be issued at closing and remain in force throughout the construction and permanent financing phases of the project. 
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
NPRM  01/29/2010  75 FR 4707 
NPRM Comment Period End  03/30/2010   
Final Action  09/00/2010   
Regulatory Flexibility Analysis Required: No  Government Levels Affected: Undetermined 
Small Entities Affected: No  Federalism: Undetermined 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Tammy Daniels
Senior Loan Specialist
Department of Agriculture
Rural Housing Service
STOP 0781, 1400 Independence Avenue SW,
Washington, DC 20250
Phone:202 720-0021
Email: tammy.daniels@wdc.usda.gov

 
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