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Revisions to the Calculation of Annual Household Income and Net Family Assets in the Section 515 Rural Rental Housing and Section 514/516 Farm Labor Housing Programs
Plain English Summary
The Rural Housing Service (RHS) has updated its rules for calculating annual household income and family assets for certain housing programs. This affects properties funded under the Section 515 Rural Rental Housing and Section 514/516 Farm Labor Housing programs. The changes aim to make income reporting requirements consistent with a law passed in 2016 that modernizes housing opportunities. Agents should familiarize themselves with these new income calculation methods to ensure compliance when working with affected properties.
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The Rural Housing Service (RHS or Agency), a Rural Development (RD) agency of the United States Department of Agriculture (USDA), amends its regulation to implement changes related to income calculation and net family assets for properties that receive funding from the Multi-Family Housing (MFH) Section 515 Rural Rental Housing and the Section 514/516 Farm Labor Housing Direct Loan and Grant programs. These changes are intended to align the Agency's annual income certification requirements with the Housing Opportunity Through Modernization Act of 2016 (HOTMA).