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A Rule by the Rural Housing Service on 12/09/2022

The Rural Housing Service (RHS or the Agency), a Rural Development (RD) agency of the United States Department of Agriculture (USDA), is announcing the implementation of a pilot program for simple transfers of USDA Section 515 Rural Rental Housing properties. The Agency’s intention is to evaluate the existing regulations and remove regulatory barriers to reduce application requirements for certain types of transfers, resulting in lower transaction-related costs for applicants and improved processing times.

DATES:

The effective date of the Simple Transfer Pilot Program is December 9, 2022. The duration of the pilot program is anticipated to continue until December 9, 2024, at which time the RHS may extend the pilot program (with or without modifications) or terminate it depending on the workload and resources needed to administer the program, feedback from the public, and the effectiveness of the program. If the pilot program is extended or terminated, the RHS will notify the public.

FOR FURTHER INFORMATION CONTACT:

For general information about the pilot program, contact Stephanie Vergin, MFH Production and Preservation Division at [email protected] or David Willis, Asset Management Division at [email protected]. Owners that are interested in participating in the pilot program should contact the project’s assigned servicing specialist in the Field Operations Division. The assigned specialist can be found on the Agency’s website at https://www.sc.egov.usda.gov/data/MFH.html. Select the file under the heading Multifamily Housing 514 & 515 Property Assignments. The servicing specialist is listed in the column labeled “Assigned To” and their email is in the column “Assigned To Email.”