Rural Development

The section 538 Guaranteed Rural Rental Housing Program, which had been targeted for termination by the administration, has been saved from the chopping block in  H.R. 2112. Here is a graphic depicting the funding made available to all USDA Development programs through the Act:

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Today’s federal register contains a notice of funding availability for the Section 515 Rural Rental Housing Program for new construction or purchase and rehabilitation of existing rural multi-family properties in fiscal year 2011. The notice announces:

the timeframe to submit pre-applications for Section 515 Rural Rental Housing (RRH) loan funds, including pre-applications for the nonprofit set-aside for eligible nonprofit entities, set-aside for Rural Economic Area Partnership (REAP), and the set-aside for the most Underserved Counties and Colonias (Cranston-Gonzalez National Affordable Housing Act).

Deadline: The deadline for receipt of all pre-applications in response to this NOFA is 5 p.m., local time for each USDA Rural Development State Office, August 29, 2011.

Funding:

$2,025,940 in rental assistance will be available for new construction in Fiscal Year (FY) 2011.

The total amount available for FY 2011 for Section 515 Funding is $18,036,667.89:

  • $12,036,667.89 in Non-Restricted funds
  • 2,000,000.00 set-aside for non-profits
  • 2,000,000.00 set-aside for Underserved Counties and Colonias
  • 2,000,000.00 set-aside for REAP Zones

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Yesterday, The USDA announced the availability of funding for the Rural Development Voucher Program. Specifically, the notice announces  $13,972,000 in funds made available through the Department of Defense and full-year continuing Appropriations Act 2011 Public Law 112-10 (April 15, 2011). The voucher program is designed to provide assistance to eligible impacted families when an owner prepays a Section 515 Rural Rental Housing Program loan or  USDA action results in a foreclosure.

FOR FURTHER INFORMATION CONTACT:

Stephanie B.M. White, Director, Multi-Family Housing Portfolio Management Division, Rural Development, U.S. Department of Agriculture, 1400 Independence Avenue, SW., STOP 0782, Washington, DC 20250-0782, telephone (202) 720-1615. Persons with hearing or speech impairments may access this number via TDD by calling the toll-free Federal Information Relay Service at 800-877-8339.

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Last Thursday, The house passed H.R. 2112, the appropriations bill for Agriculture, Rural Development, Food and Drug Administration, and Related Agencies programs for the fiscal year 2012.  Here is a breakdown of what the bill means for rural development programs:

  • $846 million for the Section 502 single-family subsidized direct loan program, $276 million less than FY 2011
  • $24 billion for the Section 502 unsubsidized guaranteed loan program, the same as FY 2011
  • $59 million for the Section 515 rural rental housing program, $11 million less than in FY 2011
  • No funding for the section 538 multifamily loan guarantee program

 

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New USDA 538 form

by Ryan Sloan on Jan 6, 2011

A final rule, effective February 2, 2011, adds an additional form of Guarantee for construction advances and the permanent financing phase of 538 projects. The form is intended to, “to enhance efficiency, flexibility, and effectiveness in managing the program.”

FOR FURTHER INFORMATION CONTACT: Tammy S. Daniels, Financial and Loan Analyst, USDA Rural Development Guaranteed Rural Rental Housing Program, Multi-Family Housing Guaranteed Loan Division, U.S. Department of Agriculture, South Agriculture Building, Room 1271, STOP 0781, 1400 Independence Avenue, SW., Washington, DC 20250–0781. E-mail: tammy.daniels@wdc.usda.gov. Telephone: (202) 720–0021. This number is not toll-free. Hearing or speech-impaired persons may access that number by calling the Federal Information Relay Service toll-free at (800) 877–8339.

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