The Rural Housing and Community Development Service (RHCDS) is amending the regulations on Single Family Rural Housing Loans. Under the reorganization of the Department of Agriculture, RHCDS is the successor to the former Farmers Home Administration (FmHA) for the administration of rural housing (RH) programs under title V of the Housing Act of 1949. References to RHCDS will also include actions of FmHA prior to the reorganization. Regulations regarding Receiving and Processing Applications, Borrower Supervision, Servicing, and Collection of Single Family Housing Loan Accounts, and Security Servicing for Single Family Rural Housing Loans are also impacted by the proposed revisions. This action is taken to implement the provisions of section 315 of the Housing and Community Development Act of 1987, Pub. L. 100-242, to improve the delivery of the program to the public, provide for the orderly processing of loan applications, reduce workload of RHCDS field staffs, and to conform the RH direct loan program under section 502 of the Housing Act of 1949 with the Guaranteed Rural Housing Loan program and industry standards.
Agency Contact: Betsy McDaniel, Senior Loan Specialist, Rural Housing and Community Development Service, USDA, Room 5346-S, South Agriculture Building, 14th and Independence SW, Washington, DC 20250, Telephone (202) 720-1486.
This rule is final. Its effective date is October 27, 1995.