Rule2025-01922
Multifamily Housing Program Update to the Credit Report Process
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 29, 2025
Effective
December 31, 2024
Issuing agencies
Agriculture DepartmentRural Housing Service
Abstract
The Rural Housing Service (RHS or Agency), a Rural Development (RD) agency of the United States Department of Agriculture (USDA), published a final rule on December 31, 2024, to update its regulation on how credit reports are obtained for the purposes of determining eligibility and feasibility for Multifamily Housing (MFH) Programs. The effective date of that final rule was January 30, 2025. This document delays the effective date of the final rule by 60 days.
Full Text
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<title>Federal Register, Volume 90 Issue 18 (Wednesday, January 29, 2025)</title>
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[Federal Register Volume 90, Number 18 (Wednesday, January 29, 2025)]
[Rules and Regulations]
[Pages 8367-8368]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-01922]
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DEPARTMENT OF AGRICULTURE
Rural Housing Service
7 CFR Parts 1910, 1955, and 3560
[Docket No. RHS-24-MFH-0042]
RIN 0575-AD30
Multifamily Housing Program Update to the Credit Report Process
AGENCY: Rural Housing Service, U.S. Department of Agriculture (USDA).
ACTION: Final rule; delay of effective date.
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SUMMARY: The Rural Housing Service (RHS or Agency), a Rural Development
(RD) agency of the United States Department of Agriculture (USDA),
published a final rule on December 31, 2024, to update its regulation
on how credit reports are obtained for the purposes of determining
eligibility and feasibility for Multifamily Housing (MFH) Programs. The
effective date of that final rule was January 30, 2025. This document
delays the effective date of the final rule by 60 days.
DATES: As of January 29, 2025, the effective date of the final rule
published on December 31, 2024, at 89 FR 106977, is delayed until March
31, 2025.
FOR FURTHER INFORMATION CONTACT: Abby Boggs, Branch Chief, Program
Support Branch, Production and Preservation Division, Multifamily
Housing, Rural Development, U.S. Department of Agriculture, 1400
Independence Avenue SW, Washington, DC 20250, telephone: 615-490-1371;
or email: <a href="/cdn-cgi/l/email-protection#c180a3a3b8ef83aea6a6b281b4b2a5a0efa6aeb7"><span class="__cf_email__" data-cfemail="fabb989883d4b8959d9d89ba8f899e9bd49d958c">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION: In accordance with the memorandum of January
20, 2025, from the President to executive departments and agencies,
entitled ``Regulatory Freeze Pending Review,'' this action temporarily
delays the effective date of the rule entitled ``Multifamily Housing
Program Update to the Credit Report Process'' published in the Federal
Register on December 31, 2024, at 89 FR 106977. That rule made changes
to 7 CFR part 3560 to require that in lieu of applicants and borrowers
submitting credit report fees, the Agency will require applicants and
borrowers to provide the credit report(s). The final rule also includes
conforming changes to rescind 7 CFR part 1910, subparts B and C, and 7
CFR 1955.118, which are outdated.
[[Page 8368]]
This action is exempt from notice and comment under 5 U.S.C. 553
and is effective immediately upon publication in this issue of the
Federal Register, based on the good cause exceptions in 5 U.S.C.
553(b)(B) and 553(d)(3), respectively. Seeking public comment is
impracticable, unnecessary, and contrary to the public interest. The
temporary delay in effective date is necessary to give Department
officials the opportunity for further review and consideration of new
regulations, consistent with the President's memorandum of January 20,
2025. Given the imminence of the effective date, seeking prior public
comment on this temporary delay would have been impractical, as well as
contrary to the public interest in the orderly promulgation and
implementation of regulations. The imminence of the effective date is
also good cause for making this action effective immediately upon
publication.
Angilla Denton,
Acting Administrator, Rural Housing Service.
[FR Doc. 2025-01922 Filed 1-27-25; 11:15 am]
BILLING CODE 3410-XV-P
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</html>Indexed from Federal Register on January 29, 2025.
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