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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 part 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 would amend the provisions established by 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 regulations.