The Housing Assistance Council (HAC) presents this month’s report on Fiscal Year 2016 USDA Rural Housing program obligations.
As of the end of March, USDA obligated 56,760 loans, loan guarantees, and grants totaling about $7.46 billion. This is less than obligation levels from the same time last year when there were 67,388 loans, loan guarantees, and grants obligated totaling about $8.9 billion.
Single Family Housing Program Highlights
The Section 502 Guaranteed loan program, the largest of the Single Family Housing programs, obligated $7.0 billion (50,513) in loan guarantees. This is about $1.59 billion (11,896) less than the same time last year.
For the Section 502 Direct program, there have been nearly $355 million (2,699 loans) in loan obligations so far in FY 2016; about $105.2 million (635 loans) more than the same time last year. Very low-income (VLI) loan obligations comprised 30.4 percent of the total Section 502 Direct loan dollars obligated so far this year. Last year at this time, 33.6 percent of the Section 502 Direct loan dollars obligated were for VLI loans.
The Section 504 Repair and Rehabilitation programs obligated 1,250 loans representing $6.75 million. This is 374 more loans or $1.7 million higher than this time last year. There were 2,213 Section 504 grants totaling about $13.6 million. This is $1.6 million (248 grants) more than obligated this time last year.
So far this year, USDA obligated 2 Section 523 grants totaling $1.3 million and 12 credit sale loans of Single Family properties totaling $859,477.
Multi-Family Housing Programs
There have been 47 Section 538 Guaranteed Rental Housing loans obligated so far this year totaling $75.3 million. This represents 21 more loans and $38.4 million more than this time last year.
For the Farm Labor Housing program, one loan for $2.2 million has been obligated so far this year. This time last year, there were 4 FLH loans and 2 grants representing about $1.3 million and $2 million respectively. There have also been 3 Multifamily Housing Preservation & Revitalization loans ($1.6 million) obligated.
Section 521 Rental Assistance obligations reached $977.2 million (207,855 units) in March. This is about $218 million (37,203 units) higher than this time last year.
There were 2,751 Rural Housing Voucher obligations representing $10.4 million, an increase of 330 units or $1.9 million higher than the same time last year.
Individual Program Files
* 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.