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The Rural Housing Service (RHS) published a proposed rule on June 2, 2003 [68 FR 32872], to streamline and consolidate 14 regulations into 7 CFR 3560.  Part 3560 sets forth requirements, policies, and procedures for originating, processing, and servicing Rural Development's Multi-Family Housing (MFH) direct loans and grants. The programs covered by this part are authorized by Title V of the Housing Act 1949, as amended. An interim rule was published on November 26, 2004 [69 FR 69032 - 69176] to implement those changes, with an effective date of February 24, 2005.

This proposed rule will amend the interim rule in order to 1) implement programmatic changes related to development of a sustainability plan for the Rental Assistance (RA) Program, including new Agency flexibilities in managing the RA distribution; 2) integrate new asset management policies; and 3) incorporate technical corrections to clarify reference and formatting issues in the regulation.