Page 12 - July 2018

Prime rate or, if that exceeds the maximum interest Rural Business-Cooperative Service (RBC) has
rate permitted by the constitution or laws of a given invited applications for grants to provide Technical
state, the maximum interest rate will be the rate Assistance for Rural Transportation (RT) systems
permitted by the constitution or laws of the given under the Rural Business Development Grant
state. The notice may be viewed at: (RBDG) to provide Technical Assistance for RT
https://www.gpo.gov/fdsys/pkg/FR-2018-07- systems and for RT systems to Federally Recognized
03/pdf/2018-14208.pdf. Federal Register, Vol. 83, Native American Tribes’ and the terms provided in
No. 128, 07/03/2018, 31246-31247. such funding. Successful applications will be selected
by RBC for funding and subsequently awarded from
FCA Proposes Standards of Conduct and funds appropriated for the RBDG program.
Referral of Known or Suspected Criminal Applications are due 09/25/2018. The notice may be
Violations. viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-
06-27/pdf/2018-13752.pdf. Federal Register, Vol.
83, No. 124, 06/27/2018, 30102-30106.
The Farm Credit Administration (FCA) proposes
amendments to its regulations governing standards of
conduct of directors and employees of Farm Credit RHS Proposes Amendments to Single
System (FCS) institutions, excluding the Federal Family Housing Guaranteed Loan
Agricultural Mortgage Corporation. The proposed Program.
rule would replace the original proposed rule, and
would require every FCS institution to have or The Rural Housing Service (RHS) proposes
develop a Standards of Conduct Program based on amendments to the Single Family Housing
core principles to put into effect ethical values as part Guaranteed Loan Program (SFHGLP) on the subject
of corporate culture. Comments are due 09/13/2018. of Single Close Combination Construction to
The notice may be viewed at: Permanent Loans. RHS proposes to amend the
https://www.gpo.gov/fdsys/pkg/FR-2018-06- regulation to provide increased flexibility in loan
15/pdf/2018-12874.pdf. Federal Register, Vol. 83, terms that affect the costs of interim construction
No. 116, 06/15/2018, 27922-27932. financing and the viability of combination
construction to permanent loans on the secondary
FCA Issues Correction to Final Rule on market in a manner which will enable more lenders to
Investments. make these combination construction to permanent
loans to SFHGLP borrowers. Specifically, RHS
FCA is correcting a final rule that appeared in the proposes to: Allow and define a maximum interest
Federal Register on 06/12/2018 that amends rate for interim construction financing that is
regulations governing investments of both Farm different than the underlying rate; allow for the
Credit System (FCS) banks and associations. The escrow or reserve of regularly scheduled principal,
final rule strengthens eligibility criteria for interest, taxes and insurance (PITI) payments; and
investments that FCS banks purchase and hold, and remove the requirement for loan modification or re-
implements section 939A of the Dodd-Frank Act by amortization once construction is complete.
removing references to and requirements for credit Comments are due 08/20/2018. The notice may be
ratings and substituting other appropriate standards of viewed at: https://www.gpo.gov/fdsys/pkg/FR-2018-
creditworthiness. The final rule revises FCA’s 06-20/pdf/2018-13154.pdf. Federal Register, Vol.
regulatory approach to investments by FCS 83, No. 119, 06/20/2018, 28547-28550.
associations by limiting the type and amount of
investments that an association may hold for risk RHS Invites Applications for Section 514
management purposes. The correction is effective Farm Labor Housing Loans and Section
01/01/2019. The notice may be viewed at: 516 Farm Labor Housing Grants for Off-
https://www.gpo.gov/fdsys/pkg/FR-2018-07- Farm Housing for Fiscal Year 2018.
02/pdf/2018-14107.pdf. Federal Register, Vol. 83,
No. 127, 07/02/2018, 30833. RHS announced the timeframe to submit pre-
applications for Section 514 Farm Labor Housing
RBC Invites Applications for Technical (FLH) loans and Section 516 FLH grants for the
Assistance for Rural Transportation construction of new off-farm FLH units and related
Systems Grants. facilities for domestic farm laborers and for the
purchase and substantial rehabilitation of non-FLH
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