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USDA/RHS | RIN: 0575-AD29 | Publication ID: Fall 2022 |
Title: ●7 CFR 3560, Subparts A, B, and C -Changes Related to Insurance Requirements in Multi-Family Housing (MFH) and Farm Labor Housing (FLH) Direct Loan | |
Abstract:
Under the authority of the Housing Act of 1949, (42 U.S.C. 1471 et seq.), as amended, the MFH Direct Loan and Grant Programs make direct loans or grants to provide affordable multi-family rental housing for low income, elderly, disabled individuals and families, or domestic farm workers in eligible rural areas. The program is implemented under 7 CFR 3560. Borrowers are required to purchase and maintain property insurance on all buildings included as security for an Agency loan. Borrowers must also furnish fidelity coverage, liability insurance and various other insurance coverage required by the Agency to protect the security of the asset. Insurance protects the asset against loss or damage. Failure to maintain adequate insurance coverage may lead to a non-monetary loan default. The Rural Housing Service (RHS) proposes to amend 7 CFR 3560.4, 7 CFR 3560.62 and 7 CFR 3560.105 to implement changes related to insurance requirements for the MFH Direct Loan and Grant programs. These proposed changes to 7 CFR 3560 Subparts A, B and C are intended to align insurance coverage types, amounts and deductibles with affordable housing industry standards, as well as simplify the coverage amounts and deductible limits. |
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Agency: Department of Agriculture(USDA) | Priority: Substantive, Nonsignificant |
RIN Status: First time published in the Unified Agenda | Agenda Stage of Rulemaking: Proposed Rule Stage |
Major: No | Unfunded Mandates: No |
CFR Citation: 7 CFR 3560 | |
Legal Authority: 42 U.S.C.1471, et seq. |
Legal Deadline:
None |
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Timetable:
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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: Jennifer Larson Department of Agriculture Rural Housing Service 1400 Independence Avenue SW, Washington, DC 20250 Phone:202 720-1615 Email: jennifer.larson@usda.gov |