News | RD Announces the 2024 Passbook Savings Rate of .4%
Dec 01, 2023
Rural Development published a notice on November 28, 2024. The announcement is copied below. NOTE | This is the first hint from RD that HOTMA factors (including the new passbook savings rate) will apply to RD. Noting that income is "calculated in accordance with 24 CFR 5.609" for RD reminds us that HOTMA's significant revision of 5.609 will apply to RD properties. Stay tuned for more from RD as to relates to HOTMA.
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.
Need help identifying forms needing HOTMA adjustment? Check out our new upcoming HOTMA training:
One 4-hour webinar or easily digestible weekly installments for 12 weeks.
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