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Changes Related to Insurance Requirements in Multi-Family Housing (MFH) Direct Loan and Grant Programs
Plain English Summary
The Rural Housing Service (RHS) is changing the insurance requirements for its Multi-Family Housing Direct Loan and Grant programs. These changes will make insurance coverage types, amounts, and deductibles easier to understand and more in line with what is commonly used in affordable housing. This aims to improve the overall experience for customers dealing with insurance requirements. Insurance agents should familiarize themselves with these new standards to better assist clients in navigating the updated requirements.
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The Rural Housing Service (RHS or the Agency), a Rural Development (RD) agency of the United States Department of Agriculture (USDA), will implement changes related to insurance requirements under the Multi-Family Housing (MFH) Direct Loan and Grant programs. This final rule will align RD insurance coverage types, amounts, and deductibles with affordable housing industry standards to simplify the coverage amounts, deductible limits, and improve customer experience with updated and understandable insurance requirements.