An owner must file a financing and renovation plan before approval
What the document says“Before the approval of a rental assistance contract authorized under this section, the Secretary shall require, through an annual notice in the Federal Register, the owner to submit to the Secretary a plan that identifies financing sources and a timetable for renovations and improvements determined to be necessary by the Secretary to maintain and preserve the project.”
The new section 545 requires the Secretary of Agriculture, through an annual notice in the Federal Register, to make an owner file a plan naming financing sources and a timetable for the renovations and improvements the Secretary finds necessary to keep the project going, before approving a rental assistance contract under the section.
What the document actually says“Before the approval of a rental assistance contract authorized under this section, the Secretary shall require, through an annual notice in the Federal Register, the owner to submit to the Secretary a plan that identifies financing sources and a timetable for renovations and improvements determined to be necessary by the Secretary to maintain and preserve the project.”
The owner must hand in a plan before the deal is approved. The plan names where the money will come from. It also gives dates for the repair work.
The farm agency asks for this through a yearly notice. That notice goes in the Federal Register. Without the plan there is no contract.
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