The Rural Housing and Community Development Service (RHCDS) proposes to revise its regulations for Single Family Rural Housing (``RH'') Loans. Under the reorganization of the Department of Agriculture, RHCDS is the successor to the former Farmers Home Administration for the administration of rural housing programs under the Housing Act of 1949. References to RHCDS will also include actions of FmHA prior to the reorganization. Regulations regarding Receiving and Processing Applications, Planning and Performing Site Development Work, 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, to conform the section 502 RH program with the Guaranteed Rural Housing Loan program and industry standards, and to notify the public of the Agency's policy.
Agency Contact: Betsy McDaniel, Senior Loan Specialist, Rural Housing and Community Development Service, USDA, Ag Box 0783, Room 5334, South Agriculture Building, 14th and Independence SW., Washington, DC 20250, Telephone (202) 720-1474.
This is a proposed regulation. Comments were due on July 11, 1995.