Federal Register #Docket No. RHS24MFH0044

USDA Rural Housing Service Updates Income and Asset Calculation Standards for Rural Housing Programs

This final rule from the USDA's Rural Housing Service updates income and asset calculation methods for rural housing programs: - Government Buyer: - United States Department of Agriculture (USDA), Rural Housing Service (RHS) - Affected Programs: - Section 515 Rural Rental Housing - Section 514/516 Farm Labor Housing Direct Loan and Grant programs - Regulatory Alignment: - Aligns RHS income certification with the Housing Opportunity Through Modernization Act (HOTMA) - Incorporates Department of Housing and Urban Development (HUD) definitions and calculation methods - Annual income: 24 CFR 5.609 - Net family assets: 24 CFR 5.603(b) - Impact: - Applies to tenants and property owners in USDA rural housing programs - Requires annual income certification using new standards - Notable Details: - No procurement of products or services is involved - No OEMs or vendors are solicited or awarded - This is a regulatory update affecting program administration, not a contract opportunity

Description

The Rural Housing Service (RHS), part of the USDA, has issued a final rule amending regulations to update how annual household income and net family assets are calculated for properties funded under the Section 515 Rural Rental Housing and Section 514/516 Farm Labor Housing programs. These changes align the income certification requirements with the Housing Opportunity Through Modernization Act of 2016 (HOTMA) and incorporate HUD's updated definitions and calculations. The rule clarifies that annual income and net family assets will be calculated according to HUD regulations at 24 CFR 5.609 and 24 CFR 5.603(b), respectively. This update affects tenants who must annually certify their household income under these programs.

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