The Rural Housing Service (RHS), a branch of the USDA, has extended its pilot program for simplifying transfers of certain rural rental housing properties. This program, which now includes Section 514 properties, aims to reduce application requirements, lower costs, and improve processing times for ownership changes. There are three transfer options focusing on expedited ownership change, rehabilitation, and future rehabilitation plans, each tailored to different property conditions and needs. The program will run until December 9, 2025, and any changes or termination will be publicly announced by the RHS.
Simple Explanation
The USDA is trying a new way to make it easier and cheaper for people to buy and fix up special homes for farm workers and rural families until December 2025. They want to see if this helps people get their new homes faster and if it costs less money.