The Unnumbered Letter linked in this announcement was sent out to subscribers of CARH’s Electronic AN Express on November 15th. To subscribe, contact CARH at carh@carh.org.
On November 19, RD sent out the following Multifamily Housing Stakeholder Announcement:
Washington DC, November 19, 2024 – Effective January 1, 2025, USDA, Rural Development’s (RD) Multifamily Housing programs will implement the passbook savings rate of 0.45 percent for all tenant certifications with an effective date on or after January 1, 2025. This 0.45 percent rate will be effective until the Department of Housing and Urban Development (HUD) publishes a new passbook savings rate.
Owners and management agents must use this passbook savings rate when calculating imputed asset income for net family assets. Annual income is defined in 7 CFR 3560.153 and is calculated in accordance with 24 CFR 5.609, which further defines which sources of income to count and which to exclude.
To learn more, read the full Announcement here.