RHSFinal Rule
Multifamily Housing Program Update to the Credit Report Process
HousingFinance & BankingAgriculture
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Summary
The U.S. Department of Agriculture's Rural Housing Service (RHS) is updating how it checks credit reports for people applying for multifamily housing loans. This change aims to make the credit review process fairer and more consistent when people want to rent or get loans for apartment buildings in rural areas.
Key Points
- 1RHS updated its procedures for reviewing applicants' credit reports when they apply for multifamily housing loans or rental assistance in rural areas
- 2The new process is designed to be more consistent and fair in how credit information is evaluated across all applicants
- 3This affects rural families and communities that rely on RHS programs to build, maintain, or afford apartment buildings and housing developments
- 4The updated credit review process takes effect after the January 29, 2025 publication date
- 5The changes help ensure that credit decisions are made using the same standards for all applicants seeking rural multifamily housing support
Key Dates
Published
January 29, 2025
This summary is for informational purposes only. It may not capture all nuances of the regulation. Always refer to the official text for authoritative information.
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