Updated Terminology for State Housing Agency Housing Assistance Payments Contracts

Document 2024-28297 is a Final Rule published by the Department of Housing and Urban Development in the Federal Register on December 4, 2024, with an effective date of January 3, 2025. This final rule revises HUD's regulations for Housing Assistance Payments contracts that were initially issued and administered by a State Housing Finance Agency. This final rule clarifies the meaning of the terms "HFA (Housing Finance Agency)" and "State Agency (Agency)" when HUD either assumes contract administration responsibilities or assigns the contract administration responsibilities to a Performance-Based Contract Administrator. This final rule also clarifies how reserve accounts may be transferred following assumption of contract administration duties by a new party. These regulatory changes conform with longstanding HUD policy and practice. This final rule adopts HUD's July 17, 2024, proposed rule without change. View the original at https://www.federalregister.gov/documents/2024/12/04/2024-28297/updated-terminology-for-state-housing-agency-housing-assistance-payments-contracts.

No. Document 2024-28297 is not classified as economically significant under Executive Order 12866. Economically significant rules require OIRA review and are estimated to have impacts of $100 million or more per year.