The Housing Assistance Council (HAC) presents this month’s report on Fiscal Year 2019 USDA Rural Housing program obligations.
As of the end of February, USDA obligated 35,131 loans, loan guarantees, and grants totaling about $4.9 billion. This is about $2.0 million less than obligation levels from the same time last year when there were 49,912 loans, loan guarantees, and grants obligated totaling about $6.9 billion.
The agency has been operating under several continuing resolutions and a 35-day government shutdown since October 1, 2019.The Consolidated Appropriations Act, 2019 was signed into law on February 15, 2019 which provided funding for the rest of the fiscal yearSingle Family Housing Program Highlights
The Section 502 Guaranteed loan program, the largest of the Single Family Housing programs, obligated $4.6 billion (32,217 loan guarantees) down from $6.5 billion (45,125) at the same time last year.
For the Section 502 Direct program, there have been about $209.7 million (1,318 loans), down from $305.8 million (2,110 loans) in loan obligations this time last year. Very low-income (VLI) loan obligations as a percentage of the total Section 502 Direct loan dollars was over 40 percent.
The Section 504 Repair and Rehabilitation programs obligated 668 loans representing about $4.0 million. Loan volume was down from this time last year (1,027 loans representing $6.1 million.) There were also $5.2 million (877 grants) obligated in the Section 504 grant program compared to $9.9 million (1,605 grants) at the same time last year.
USDA’s Section 523 Self Help Housing Grant program funded 4 grants totaling $2.9 million which is up from last year at this time when funding totaled $1.5 million.
USDA has also funded 2 credit sales representing $157,785.
Multifamily Housing Program Highlights
USDA Section 538 Multifamily Housing obligated 39 loan guarantees totaling $58 million, up from 23 loan guarantees ($34.9 million.) In the Section 515 Rural Rental Housing program, there were 4 loans totaling $5.0 million obligated compared to 6 loans totaling $6.1 million this time last year. There were also no MPR loans or grants compared to 6 loans (4.8 million) and 1 grant ($15,400) this time last year.
USDA obligated funds for 97,544 rental assistance units under the Section 521 Rental Assistance program totaling $490 million. This compares to about 92,941 units ($472.6 million) obligated same time last year. There were also 2,530 Rural Housing Vouchers totaling $10.8 million compared to 2,629 vouchers representing $11.0 million this time last year.
In the Farm Labor Housing programs, 1 loan and 1 grant have been funded totaling $1.5 million and $700,000 respectively. Last year, there were no loans or grants at this time.
There were also 0 Section 533 Housing Preservation grants obligated so far this year, similar to last year.
* The Rural Housing Service (RHS) monthly obligation reports are produced by the Housing Assistance Council (HAC) 1025 Vermont Ave., NW, Suite 606, Washington, DC 20005. The monthly figures derive from HAC tabulations of USDA –RHS 205c, d, and f report data. For questions or comments about the obligation reports, please contact Michael Feinberg at 202-842-8600 or firstname.lastname@example.org.