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Announcing Change in Multifamily Housing Passbook Savings Rate
Effective January 1, 2024, USDA, Rural Development's (RD) Multifamily Housing programs will implement the passbook savings rate of 0.40 percent for all tenant certifications with an effective date on or after January 1, 2024. This 0.40 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 include and which to exclude.
If you have any questions, please feel free to reach out to the Servicing Specialist assigned to your property.
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