[Code of Federal Regulations]

[Title 7, Volume 15]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 7CFR3560.6]



[Page 472]

 

                          TITLE 7--AGRICULTURE

 

     CHAPTER XXXV--RURAL HOUSING SERVICE, DEPARTMENT OF AGRICULTURE

 

PART 3560_DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS--Table of Contents

 

              Subpart A_General Provisions and Definitions

 

Sec. 3560.6  Borrower responsibility and requirements.



    (a) Borrower responsibilities and requirements specified in this 

part may be carried out by an individual or entity designated by the 

borrower to act on behalf of the borrower such as a resident manager or 

management agent. Ultimate accountability to the Agency, however, is 

with the borrower whether or not the borrower designated another person 

or entity to act on the borrower's behalf.

    (b) Borrowers who have not executed a loan agreement, and who were 

not required to execute a loan agreement by the regulations in effect at 

the time of their loan closing are exempt from the requirements of 

subparts D through G of this part, as long as the borrower is not in 

default of any applicable requirement, security instrument, payment, or 

any other agreement with the Agency. Such borrowers must provide 

evidence of tenant income eligibility in accordance with Sec. 

3560.152(a), except in Farm Labor Housing where the tenant is not paying 

shelter cost.