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USDA/RHS

RIN: 0575-AC82

Publication ID: Spring 2011

Title: Payment Assistance Formula, Modest Housing Provisions, and Area Loan Limit Guidance
Abstract: The Rural Housing Service (RHS) proposes to revise 7 CFR 3550, Direct Single Family Housing Loans and Grants, regarding payment assistance, modest housing provisions, and area loan limits. Section 502 Direct Loans provides payment assistance to assist borrowers with the mortgage payment and consequently increase affordability. The amount of assistance is calculated based on a formula that has changed, or adjusted, multiple times over the life of the 502 Direct Loan Program. The formula was modified in FY 2008 to address problems noted after implementation in 1995. The Agency seeks to adjust the formula.
Agency: Department of Agriculture(USDA)	Priority: Other Significant
RIN Status: Previously published in the Unified Agenda	Agenda Stage of Rulemaking: Completed Actions
Major: No	Unfunded Mandates: No
CFR Citation: 7 CFR 3550
Legal Authority: 5 USC 301    42 USC 1480

Legal Deadline:  None

Timetable: Action Date FR Cite Withdrawn  03/01/2011

Additional Information: Withdrawn per Agency request. Dramatically reduced budget for Fiscal Year 2012.
Regulatory Flexibility Analysis Required: No	Government Levels Affected: None
Federalism: No
Included in the Regulatory Plan: No
RIN Data Printed in the FR: No
Agency Contact: Michael S. Feinberg Branch Chief, Loan Origination Branch Department of Agriculture Rural Housing Service 1400 Independence Avenue, STOP 0783, Washington, DC 20250-0783 Phone:202 720-3214 Fax:202 720-2232 Email: michael.feinberg@wdc.usda.gov