USDA-Rural Development (RD) posted a number of materials related to regulation and policy changes for rural multifamily housing programs. They are as follows:
· Handbook Updates
o Multifamily Asset Management Handbook (RD HB-2-3560)
Attachment 3-F is revised to reflect RDs decision not to increase management fees for FY 2013.
o Multifamily Project Service Handbook (RD HB-3-3560)
Chapter 7 has been updated to reflect the appraisal guidance found in the regulations (7 CFR Part 3560) and the Direct Single Family Housing Loans and Grant Centralized Servicing Center Handbook (RD HB-1-3560). The change consolidates all appraisal guidance and removes the misinterpretation of the values required when processing a Transfer of Ownership.
More information on the handbook changes may be found here: http://www.rurdev.usda.gov/regs/pn/pn458.html
· Unnumbered Letters (UL) August 2012
o Results of the 2012 Multi-Family Housing Annual Fair Housing Occupancy Report (August 1, 2012)
The UL presents the 2012 Rural Development Multi-Family Housing (MFH) Annual Occupancy Report. The results are based on April 2012 data from the Multi-Family Information System (MFIS). The report found that:
§ RD saw a reduction of 221 properties in its portfolio in the past year, representing about 2,135 apartments.
§ The current population shows an overall reduction in the White population.
§ There was a slight decrease in very-low income households.
§ Average household incomes have increased about 1.7 percent.
§ The tenant characteristics show that female-headed households remained approximately the same, there are fewer elderly households, and more disabled households since last year.
o Guidance on the Capital Needs Assessment Process (August 7, 2012)
This UL provides guidance on the Rural Development Capital Needs Assessment (CNA) process for multifamily properties.
o Dynamic Servicing Strategies for the Multi-Family Housing Direct Loan Portfolio (August 28, 2012)
This Unnumbered Letter (UL) is being re-issued (originally issues in May 2011) to highlight steps to be taken in evaluating and resolving servicing actions related to defaulted properties in the Multi-Family Housing (MFH) Programs Direct Loan portfolio. The reissued UL still contains language that allows RD to recapture and retire rental assistance from foreclosed or prepaid properties.
o Multi-Family Housing Administrators Exception Authority Request (August 31, 2012)
The purpose of this UL is to reiterate the Administrators Exception Authority Requests documentation support requirements. The intended outcome of this UL is to improve the quality of the requests reviewed by the Administrator. A timely and responsive reply to your request is contingent on the inclusion of proper and complete support information with your submission.
Copies of all the August 2012 ULs may be found here: http://www.rurdev.usda.gov/SupportDocuments/ulaugust12.pdf
· Administrative Notices (AN)
o AN 4674 Direct and Guaranteed Loan Parity Lien Requirements (September 10, 2012)
This AN clarifies parity lien requirements for when a Community Facilities (CF) direct loan and a guaranteed loan are made on the same project.
A copy of AN 4674 may be found here: http://www.rurdev.usda.gov/SupportDocuments/an4674.pdf
o AN 4678 Submitting Servicing Action Requests to Rural Development (National Office) (September 13, 2012)
This AN clarifies that requests for waivers must include documentation to support why proposed actions are in the best interest of USDA.
A copy of AN 4678 may be found here: http://www.rurdev.usda.gov/SupportDocuments/an4678.pdf