USDA Rural Development has announced a change in the Multifamily Housing Passbook Savings Rate. Effective January 1, 2025, the rate will be adjusted to 0.45%.
What This Means for You
This change will impact how asset income is calculated for net family assets. Property owners and management agents must use the new rate for all tenant certifications effective on or after January 1, 2025.
Key Points to Remember:
- The new passbook savings rate is 0.45%.
- This rate will be in effect until the Department of Housing and Urban Development (HUD) publishes a new rate.
- The change impacts calculations for imputed asset income.
For More Information
Please refer to the full announcement on the USDA Rural Development website for detailed information and guidance. If you have specific questions about your property, please get in touch with your assigned Servicing Specialist.
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