The Rural Housing Service of the USDA issued a final rule to update regulations for Multi-Family Housing and Community Facilities, aligning them with new federal financial assistance guidelines from the Office of Management and Budget. Significant changes include raising the audit threshold to $1 million for certain federal financial assistance recipients and revising financial language to ensure compliance with OMB updates. Additionally, the rule clarifies exceptions and updates language in specific sections related to applications and financial reporting requirements. These changes are effective from December 6, 2024.
Simple Explanation
The government is making some new rules to help with housing and community buildings by changing the money-checking limit from $750,000 to $1 million and updating the words to match new rules, but some parts are still a bit confusing and could be clearer.