FORM RD 2006-46 (Rev. 01-98)

 

U.S. DEPARTMENT OF AGRICULTURE                            MANUAL    ISSUE No.

RURAL DEVELOPMENT                                           WSAL       SPECIAL

Washington, D.C  20250                                     DATE

                                                              November 7, 2008

 

 

 

PROCEDURE NOTICE

 

  

 

 

 

RD MANUAL CHANGES

INSERT RD 440.1
(WSAL)

 INTEREST RATES, AMORTIZATION, GUARANTEE FEE, ANNUAL CHARGE, AND FIXED PERIOD. 

Exhibit B is partially revised to update the Treasury Judgement Rate effective November 1, 2008;

REMOVE                                INSERT
Exhibit B:  Pages 1 & 2 (Rev 4).      Exhibit B:  Pages 1 & 2 (Rev 5).
 

 

INSERT RD INS 2060-A
(WSAL)

RURAL DEVELOPMENT PERFORMANCE APPRAISAL.  This Instruction is completely revised to add a new policy “Departmental Regulation 4040-430.”

Exhibits B and C are removed from the new policy.

REMOVE                                INSERT
Table of Contents;                    Table of Contents revised;
All Pages; and                        Pages 1 thru 11 revised; and
Exhibits A thru C.                    Exhibit A revised 11-07-08.

 

 

RD HANDBOOK CHANGES

INSERT RD HB-1-3550
(WSAL) 

DIRECT SINGLE FAMILY HOUSING LOANS AND GRANTS FIELD OFFICE HANDBOOK.  This Handbook is partially revised.  Specific revisions include:

Chapter 4, 12:

To update the net asset limitation for non-elderly families from $7,500 to $15,000 and for elderly families from $10,000 to $20,000.

Chapter 7:

Paragraph 7.12, to reflect the change in the regulation requiring insurance for loans on properties with secured indebtedness exceeding $15,000.

Attachment 7-C, to clarify that the hazard insurance deductible will be based on current industry standards and market conditions.

Appendix 1:

Paragraph 3550.10, to make a technical change to the rural area definition to change the date for census data collection from “2000” to “2010.” 

To clarify that the hazard insurance deductible will be based on current industry standards and market conditions.

To update the net asset limitation for non-elderly families from $7,500 to $15,000 and for elderly families from $10,000 to $20,000.  The effective date for these changes in Appendix 1 is November 5, 2008.

REMOVE                                INSERT
Chapter 4 dated 01-23-03:             Chapter 4 dated 01-23-03:
  Pages 4-37 & 4-38;                    Pages 4-37 & 4-38 revised;
Chapter 7 dated 01-23-03:             Chapter 7 dated 01-23-03:
  Pages 7-9 & 7-10,                     Pages 7-9 & 7-10,
  Attachment 7-C:  Pages 1 & 2;         Attachment 7-C:  Pages 1 & 2 revised;
Chapter 12 dated 01-23-03:            Chapter 12 dated 01-23-03:
  Pages 12-3 & 12-4; and                Pages 12-3 & 12-4 revised;
Appendix 1 dated 01-23-03:            Appendix 1 dated 01-23-03:
  Pages 19 & 20, 37 thru 40,            Pages 19 & 20, 37 thru 40,
  55 & 56 and 59 thru 62.               55 & 56 and 59 thru 62 revised 11-07-08.

 

 

INSERT RD HB-3-3560
(WSAL)

MULTI-FAMILY HOUSING PROJECT SERVICING HANDBOOK.  This Handbook is partially revised.  Specific revisions include:

Table of Contents:

To add Attachments 15-F through 15-H.

Chapter 15:

Paragraph 15.6, Under “Initial notice” to delete “complete” and insert “written request to prepay the loan;”

Paragraph 15.8, to clarify the date the Agency receives owner’s intent to prepay;

Paragraph 15.9, to remove last bullet under “Complete Request;”

Paragraph 15.16, to clarify when unused State RA may be used;

Paragraph 15.16, to clarify that CRCU standard and when CRCU can be exceeded;

Paragraph 15.16 F., to state that the Agency may subordinate its lien position in third-party transactions;

Paragraph 15.21, to provide Loan Servicer four options for borrowers who rejects incentives;

Paragraph 15.21, to clarify role of the Civil Right Staff as it relates to impact on minorities;

Paragraph 15.21, to clarify that the rent will remain at the subsidized amount even though the tenant will no longer receive rental assistance (RA);

Paragraph 15.22 C., to add the requirement to place a deed restriction on the property to establish the use restrictions;

Paragraph 15.22 D., to clarify that the Loan Servicer must visit the site on an as needed basis to perform a physical inspection;

Paragraph 15.22 D., to require the State Director to establish a notification system to alert Agency personnel of upcoming annual certification due dates on all prepaid loans and that the Loan Servicer must keep owner certifications and records of visits in the project file;

Paragraph 15.28, to replace “bona fide” with “good faith;”

Paragraph 15.29, last paragraph, to change “$20,000” to “$50,000;”

Attachment 15-A, to remove 3rd bullet and to clarify what happens if the borrower loses an appeal or chooses not to appeal and adverse decision;

Attachment 15-B, to change paragraph numbering from "1, 2, 3," to "A, B, C…," and to add new paragraph G regarding overburdened tenants; and

To add the following Attachments:  Attachment C – Sample Letters to Tenants
“15-C-1 thru 15-C-8; Attachments 15-E, -15-F, -15-G and 15-H.

To make minor grammatical and/or typographical errors throughout this Chapter.

Appendix 1:

§ 3560.652(e) is added to document that a third party subsidy (e.g., Section 8) will not be used as a substitute for restrictions;

§ 3560.653(b)(4), to clarify that the owner not the housing project submits the prepayment request;

 

 § 3560.653(b)(5) to delete “(MFH);”

§ 3560.653(b)(6), to delete “of the prepayment request;”

§ 3560.656(a)(2), to replace “affect” with “effect;”

§ 3560.656(e), to clarify when the Agency considers costs of deferred maintenance;

§ 3560.659(e)(6), to replace “bona fide” with “good faith;” and

§ 3560.660, to move the language from paragraph (b) to paragraph (c).  The effective date for these changes in Appendix 1 is November 4, 2008.

REMOVE                                INSERT
Table of Contents dated 02-24-05:     Table of Contents dated 02-24-05:
  Pages 19 & 20; and                    Pages 19 thru 21 revised; and
Chapter 15 dated 02-24-05:            Chapter 15 dated 02-24-05:
  Pages 15-1 thru 15-26,                Pages 15-1 thru 15-24,
  Attachments 15-A thru 15-E            Attachments 15-A thru 15-H revised;
Appendix 1 dated 02-24-05:            Appendix 1 dated 02-24-05:
  Pages 17 thru 19 and                    Pages 17 thru 19 and
  177 thru 192.                           177 thru 192 revised 11-07-08.

 

 

 

 

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