The Rural Housing Service, part of the U.S. Department of Agriculture, has introduced a final rule updating how credit reports are obtained for the eligibility and feasibility assessments in the Multifamily Housing Programs. Starting January 30, 2025, applicants will need to provide their own credit reports instead of paying a fee for the agency to do it, simplifying the process and aligning with industry practices. This update also includes adding definitions and specific requirements for credit reports, aiming to streamline and modernize the applications for housing loans and grants in rural areas.
Simple Explanation
The USDA wants people who apply for certain housing help in the country to bring their own credit report, like bringing a report card from school. This means they won't have to pay a fee for the report, making it easier for them to get help.