The Housing Assistance Council (HAC) presents this month’s report on Fiscal Year 2017 USDA Rural Housing program obligations.
As of the end of September, USDA obligated 149,860 loans, loan guarantees, and grants totaling about $20.7 billion. This is about $2.97 billion more than obligation levels from the same time last year when there were 132,093 loans, loan guarantees, and grants obligated totaling about $17.7 billion.
Single Family Housing Program Highlights
The Section 502 Guaranteed loan program, the largest of the Single Family Housing programs, obligated $19.6 billion (137,071 loan guarantees) up from $16.4 billion (116,684) at the same time last year.
For the Section 502 Direct program, there have been nearly $1 billion (7,187 loans), up from $903.5 million (6,727 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 38.1 percent.
The Section 504 Repair and Rehabilitation programs obligated 3,431 loans representing $19.6 million. As in the other single family housing programs, loan volume was up from this time last year (3,150 loans representing $17.4 million.) There were also $28.9 million (4,763 grants) obligated in the Section 504 grant program compared to $30.7 million (5,004 grants) at the same time last year.
In the Section 523 Mutual Self Help program, the agency obligated a total of 52 (in grants and contracts $36.6 million) compared to 41 grants and contracts ($28.5 million) in FY 2016.
There were also 8 credit sales of Single Family properties totaling $668,717.
Multi-Family Housing Programs.
USDA’s Section 538 Multifamily Housing obligated 106 loan guarantees totaling about $177 million, compared to 110 loan guarantees ($172.5 million.) In the Section 515 Rural Rental Housing program, there were 31 loans totaling $35.0 million obligated compared to 18 Section 515 loans were obligated this time last year totaling $18.0. For the Farm Labor Housing programs, USDA obligated 21 loans totaling $35.0 million and 6 grants compared to 20 loans ($32.2 million) and 11 grants ($15.7 million) this time last year. There were also 33 MPR loans and 3 grants totaling $26.8 million and $102,561 respectively, compared to 124 loans ($95.3 million) and 3 grants ($801,900) this time last year.
USDA obligated funds for 302,451 rental assistance units under the Section 521 Rental Assistance program totaling $1.37 billion. This compares to about 301,729 units ($1.39 billion) obligated same time last year. There were also 5,609 Rural Housing Vouchers totaling $22.0 million compared to 5,303 vouchers representing $19.5 million this time 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.