Research requirements

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Showing 61–80 of 80 results

• federalUnited StatesRD 515Review limitations
  Tenant contribution is the highest of four standards and is capped at note rentRequirement excerpt: The borrower must set a Section 515 tenant's contribution to rent at the HIGHEST of four standards, but never at more than note rent: thirty percent of monthly adjusted income; ten percent of gross monthly income; the portion of a…Read conditions and sources →
• federalUnited StatesRD 515
  Tenants have a grievance procedure with a 10-day response right and a hearing before a neutral officer or panelRequirement excerpt: A Section 515 borrower must permanently post tenant grievance procedures in a conspicuous place at the housing project, keep copies at the management office for inspection by tenants and the Agency, give each tenant an Agency summary of…Read conditions and sources →
• federalUnited StatesRD 515Review limitations
  Tenants must be income eligible under the Rural Development income limitsRequirement excerpt: Under the ordinary RD income-eligibility route, a household must qualify as very low-, low-, or moderate-income, using adjusted income. Section 3560.152(a)(3) also recognizes eligibility for qualifying housing benefits from another source…Read conditions and sources →
• federalUnited StatesRD 538Review limitations
  The affordability restriction runs for the original term of the guaranteed loan and is recorded as a deed restrictionRequirement excerpt: For the ORIGINAL TERM of the guaranteed loan, a Section 538 property must remain available for occupancy by low and moderate income households in accordance with 7 CFR part 3565 subpart E, and that requirement must be recorded in a deed…Read conditions and sources →
• federalUnited StatesRD RAReview limitations
  The Agency may move Rental Assistance to another eligible project for a tenant displaced by prepayment, liquidation or a natural disaster, and the tenant must begin using it within four monthsRequirement excerpt: Rental Assistance is normally obligated to a project, but it can follow a person. The Agency may transfer Rental Assistance from one housing project to another ELIGIBLE housing project for a tenant who is moving DUE TO DISPLACEMENT as a…Read conditions and sources →
• federalUnited StatesRD 515Review limitations
  The annual housing project budget is due 60 days before the fiscal year, or 90 days if a rent change is requestedRequirement excerpt: The borrower must submit a proposed annual housing project budget to Rural Development for approval before the start of the project's fiscal year, using an Agency-approved format and including a capital budget section covering anticipated…Read conditions and sources →
• federalUnited StatesRD 538Review limitations
  The borrower must provide an annual audited financial statement, and the lender must forward it to Rural DevelopmentRequirement excerpt: A Section 538 borrower must maintain complete project books and financial records and provide the Agency and the lender with an annual audited financial statement after the end of each fiscal year - a covenant the regulatory agreement…Read conditions and sources →
• federalUnited StatesRD 538
  The lender approves every reserve release, and must certify condition and compliance before any surplus cash reaches the ownerRequirement excerpt: The lender is responsible for approving or disapproving ALL borrower requests for release of funds from the reserve and escrow accounts; security deposit accounts are not treated as reserve or escrow accounts for this purpose. Before any…Read conditions and sources →
• federalUnited StatesRD 538Review limitations
  The lender must inspect a Section 538 property annually and certify compliance with state and local codesRequirement excerpt: The lender must ANNUALLY INSPECT a Section 538 property to ensure it is in compliance with state and local codes and programme requirements, and must certify to Rural Development that the property is in such compliance or report any…Read conditions and sources →
• federalUnited StatesRD 538
  The lender must report monthly to Rural Development on any loan that is delinquent, in default, or out of complianceRequirement excerpt: The lender must review the borrower's financial reports to assure that the property is in sound fiscal condition and the borrower complies with financial requirements, and must report its findings to the Agency. The lender must submit…Read conditions and sources →
• federalUnited StatesRD 538Review limitations
  The project's average rent, taken annually across all unit rents, must not exceed 30 percent of 100 percent of AMIRequirement excerpt: In addition to the per-unit ceiling, on an ANNUAL basis the AVERAGE rent for a Section 538 project, taking into account all individual unit rents, must not exceed 30 percent of 100 percent of area median income, adjusted for family size.…Read conditions and sources →
• federalUnited StatesRD RA
  The Rental Assistance payment is basic rent plus the utility allowance, less the net tenant contributionRequirement excerpt: A borrower's request for a Rental Assistance payment must be based on the difference between the basic rent PLUS the utility allowance for the unit and the net tenant contribution of the tenant. Rental subsidies exist to close exactly that…Read conditions and sources →
• federalUnited StatesRD 515
  The reserve account is a supervised account and every withdrawal needs prior Agency approvalRequirement excerpt: A Section 515 borrower must establish and maintain a reserve account for major capital expenses, hold it in an interest-bearing account or securities, and operate it as a supervised account in which the Agency approves all withdrawals. The…Read conditions and sources →
• federalUnited StatesRD RA
  The tenant contribution must be adjusted on any revised certification or approved rent or utility allowance change, and a borrower who files late is charged overage and loses the RARequirement excerpt: The Rental Assistance payment is a residual - basic rent plus the utility allowance less the net tenant contribution - so it moves whenever the contribution moves, and the regulation makes the adjustment mandatory rather than periodic.…Read conditions and sources →
• federalUnited StatesRD 515
  Utility allowances must be reviewed annually and the result reported to Rural Development even when nothing changesRequirement excerpt: In a Section 515 project where tenants pay the utilities, the borrower must establish a utility allowance for each size and type of rental unit based on estimated utility costs, review those allowances annually, adjust them for accuracy,…Read conditions and sources →
• federalUnited StatesRD 514/516
  Vacant farm labor units go first to active laborers, then to those who retired or became disabled locallyRequirement excerpt: Occupancy of off-farm labor housing is prioritised in a fixed order, and within each tier by income. First priority goes to eligible ACTIVE farm laborer households. Second priority goes to retired and disabled domestic farm laborer…Read conditions and sources →
• federalUnited StatesLIHTC
  VAWA notices, certification form and an emergency transfer plan are requiredRequirement excerpt: Covered housing providers must provide the notice of occupancy rights and the certification form at three points (when an applicant is denied, when a tenant is admitted, and when a tenant receives notice of eviction or termination of…Read conditions and sources →
• federalUnited StatesRD RAReview limitations
  When an expiring Rental Assistance agreement is not renewed because funding is unavailable, the borrower must notify tenants of the rent increase and those tenants may quit the lease without penaltyRequirement excerpt: Rental Assistance can run out, and the regulation says exactly what happens when it does. If a request to renew an expiring agreement is denied BECAUSE FUNDING IS NOT AVAILABLE, the Agency notifies the borrower, and the borrower must then…Read conditions and sources →
• federalUnited StatesRD 538
  Where Section 538 sits on a tax credit deal, the borrower must satisfy every programme, and the Agency will generally defer to the most stringentRequirement excerpt: A Section 538 guaranteed property may carry supplemental financing or housing subsidies with their own occupancy or management requirements, and some of those programmes -- low income housing tax credits among them -- impose more…Read conditions and sources →
• federalUnited StatesRD RA
  Where the utility allowance exceeds the tenant's net contribution the borrower must pay the tenant the difference monthlyRequirement excerpt: Where a tenant receiving Rental Assistance is billed directly for utilities and the utility allowance exceeds the tenant's net contribution to rent, the borrower must pay the tenant the difference between the utility allowance and the net…Read conditions and sources →