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Code of Federal Regulations Title 7. Agriculture § 7.1940.560 Guarantee Rural Rental Housing Program

Current as of January 02, 2025 | Updated by Findlaw Staff

When funding levels are under $100,000,000, all funds will be held in a National Office reserve and made available administratively in accordance with the Notice of Funding Availability (NOFA) and program regulations. When program levels are sufficient for a nationwide program, funds are allocated based upon the following criteria and weights.

(a) Amount available for allocations. See § 1940.552(a) of this subpart.

(b) Basic formula criteria, data source and weight. See § 1940.552(b) of this subpart.

Each factor will receive a weight respectively of 40%, 40% and 20%. The criteria used in the basic formula are:

(1) State's percentage of National rural population,

(2) State's percentage of the National number of rural households between 50 and 115 percent of the area median income, and

(3) State's percentage of National average cost per unit. The data source for the criterion specified in paragraph (b)(1) of this section is the most recent decennial Census of the United States (decennial Census). The data source for the criterion specified in paragraph (b)(2) of this section is 5–year income data from the American Community Survey (ACS) or, if needed, other Census Bureau data. The data source for the criterion specified in paragraph (b)(3) of this section is the cost per unit data using the applicable maximum per unit dollar amount limitations under section 207(c) of the National Housing Act, which can be obtained from the Department of Housing and Urban Development. The percentage representing each criterion is multiplied by the weight assigned and totaled to arrive at a State factor.

State Factor = (criterion No. 1 x weight of 40%) + (criterion No. 1 x weight of 40%) + (criterion No. 1 x weight of 20%)

(c) Basic formula allocation. See § 1940.552(c).

(d) Transition formula. See § 1940.552(d).

(e) Base allocation. See § 1940.552(e). Jurisdictions receiving administrative allocations do not receive base allocations.

(f) Administrative allocations. See § 1940.552(f). Jurisdictions receiving formula allocations do not receive administrative allocations.

(g) Reserve. See § 1940.552(g).

(h) Pooling of funds. See § 1940.552(h).

(i) Availability of the allocation. See § 1940.552(i).

(j) Suballocation by the State Director. See § 1940.552(j).

(k) Other documentation. Not applicable.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.1940.560 Guarantee Rural Rental Housing Program - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-1940-560/

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