A rulemaking on an alternative draw schedule must begin within 120 days of the report
What the document says“Not later than 120 days after the date on which the Secretary publishes the report under paragraph (3), the Secretary shall initiate a rulemaking to examine an alternative draw schedule for construction financing loans provided to modular and manufactured”
The section requires the Secretary to start a rulemaking within 120 days of publishing the report, examining an alternative draw schedule for construction financing loans made to modular and manufactured home developers, with a chance for interested parties to comment. After the comment period the Secretary must either issue a final rule on the alternative schedule or explain why the rule will not become final.
What the document actually says“Not later than 120 days after the date on which the Secretary publishes the report under paragraph (3), the Secretary shall initiate a rulemaking to examine an alternative draw schedule for construction financing loans provided to modular and manufactured”
The housing agency must start work on a new rule. It has 120 days after the report. The rule looks at another way of paying out building loans.
A draw schedule sets when loan money is handed over. The public may comment on the plan. The agency must then make the rule final or say why not.
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