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USDA Update: Guidance Issued for Section 515/Section 514 Multi-Family Housing Tenant Eligibility Documentation Retention

17 December 2020
 December 17, 2020
Category Industry News, News

USDA’s Rural Housing Service recently issued an Unnumbered Letter, Section 515 and Section 514 Multi-Family Housing Property Tenant Eligibility Documentation Retention Policies and Best Practices for Owners and Management. The purpose of this Unnumbered Letter is to review the tenant file documentation retention requirements for Rural Development Multi-Family Housing Section 515 Rural Rental Housing and Section 514 Farm Labor Housing Owners. This guidance is intended to specifically address the loss or unavailability of required Section 515 or Section 514 tenant eligibility documentation that may be requested as part of an agency review and or during the transition of management for a property financed under these multifamily housing direct loan programs.

The Unnumbered Letter for Section 515 and Section 514 Multi-Family Housing Property Tenant Eligibility Documentation Retention Policies and Best Practices for Owners and Management is attached and can be viewed here.

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