The information collected in this package will be to assist individuals in obtaining affordable housing, a borrowerÂs house payment may be subsidized to an interest rate as low as 1%. The amount of subsidy is based on the borrowerÂs household income. The information requested by RHS is vital to be able to process applications for RHS assistance and make prudent credit and program decisions. It includes borrowerÂs financial information such as household income, assets and liabilities and monthly expenses. Without this information the Agency would be unable to determine if a borrower would qualify for services or if assistance has been granted to which the customer would not be eligible under current regulations and statutes.
This final rule is adopting homeownership education requirements resulting in a program change increase of 121,768 burden hours. There is an adjustment increase of 28 hours comprised of 18 hours for previously approved form 3550-30 and 10 hours to correct an error in OMB's inventory hours.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.