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HUD’s Housing Notice 2014-15 established a new Passbook Savings Rate of 0.06 percent effective Feb. 1, 2015, which supersedes the rate published in paragraph 5-7(F) of HUD Handbook 4350.3. To comply with the requirements of the notice, owners are required to use the new Passbook Savings Rate of 0.06 percent for all certifications effective Feb. 1, 2015, and later. If owners have already completed a certification to be effective on Feb. 1, 2015, or later, the certification will need to be corrected using the 0.06 percent rate.
