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USDA Releases Maturing Mortgage Dates for Multifamily Loans

In an update to the issue of maturing rural multifamily mortgages, USDA released a loan level database of all rural multifamily loans and their projected “exit” or maturity date. These data can be accessed on USDA’s data site.

USDA’s Section 515 rental properties were financed with USDA loans that could be amortized over terms as long as 50 years. Once the USDA loan is paid in full, owners are under no obligation to maintain the properties as affordable housing. After the loan matures, tenants living in these properties are also no longer eligible for USDA’s Rental Assistance.

The Housing Assistance Council (HAC) analyzed data on USDA’s multifamily loan portfolio as of the end of March 2016. At that time, there were about 13,830 Section 515 properties with over 416,000 rental units. Nearly two-thirds of the households in these properties receive USDA Rental Assistance. The average tenant household has an income of about $13,600.

USDA calculated a “exit date’ which includes a loan maturity, or estimated payoff date. According to HAC analyses, these projections indicate that an average of 74 properties (1,788 units) per year will leave the program over the next 12 years (2016 – 2027). In 2028, the number properties exiting the program is expected to increase significantly with an average loss of 556 properties (16,364 units) per year through 2032. For the following eight years after 2032, the numbers of properties exiting the program increases for an average loss of roughly 22,500 units per year until peaking in 2040.

For a summary analysis of the updated maturing mortgage estimates see HAC’s Rural Policy Note.

To view an interactive map of properties and estimated exit dates for each property visit HAC’s Mapping Rural America page at https://arcg.is/29638UI.

The data and corresponding data dictionary are available on USDA’s Rural Development Datasets page.

USDA Rural Housing Program Funding Activity Year End Report FY 2014

USDA Rural Development Housing Funding Activity FY 2014Fiscal Year (FY) 2014 USDA Rural Housing Program Funding Activity Year End Report

USDA Rural Development Housing Funding Activity FY 2014Fiscal Year (FY) 2014 USDA Rural Housing Program Funding Activity Year End Report

The Housing Assistance Council tabulated data using the USDA Finance Office obligation reports (USDA/Rural Development report code 205c, d and f) and data from the USDA Single Family Housing and Multifamily Housing Divisions in the National Office. The comprehensive report includes tables and maps showing obligation data by program and by State. The report also includes data by fiscal year for each of the programs since program inception.

This document is available by its individual chapters or as one large compiled document. The compilation document is formatted to print as double-sided pages for printers that are able to print on both sides of the paper. Each chapter starts with a divider page which is intentionally blank to maintain consistency throughout the document.

2015, 164 pages

Download the Full Report
Executive summary

CONTENTS

Introduction/Table of Contents

  1. Summary of USDA Rural Housing Obligations
  2. Single Family Housing Program Obligations
  3. Multifamily Housing Program Obligations
  4. Other Program Obligations
  5. State Obligation Tables
  6. Historical Activity for Selected Programs
  7. Direct Loan Share of Total Obligations for Selected Programs
  8. Homeowner and Tenant Average Income By State
  9. Appropriation and Obligation Tables
  10. About the Data

Reports

Fiscal Year (FY) 2013 USDA Rural Housing Program Obligations Year End Report

 

In Fiscal Year 2013, USDA’s Rural Development (RD) Agency obligated approximately $23.4 billion in loans, grants, and loan guarantees which were used to build, purchase, repair, or support 177,387 units of affordable housing for low- and moderate-income families in rural areas.

The Housing Assistance Council tabulated data using the USDA Finance Office obligation reports (USDA/Rural Development report code 205c, d and e) and data from the USDA Single Family Housing and Multifamily Housing Divisions in the National Office. The comprehensive report includes tables and maps showing obligation data by program. In addition, data are compiled for each State’s program activity. The report also includes data by fiscal year for each of the programs since program inception.

This document is available by its individual chapters or as one large compiled document. The compilation document is formatted to print as double sided pages for printers that are able to print on both sides of the paper. Each chapter starts with a divider page which is intentionally blank to maintain consistency throughout the document.

2014, 151 pages

Contents

Introduction/Table of Contents

I. Summary of USDA Rural Housing Obligations
II. Single Family Housing Program Obligations
III. Multi-Family Housing Program Obligations
IV. Other Program Obligations
V. Rural Housing Program Historical Activity
VI. State Obligation Tables
VII. About the Data


All Files are in PDF format and require Adobe Acrobat Reader.

Questions about the data on this page? Contact Michael Feinberg, michael@ruralhome.org 202-842-8600

If you are having trouble connecting downloading any files on this page, contact Dan Stern, dan@ruralhome.org 202-842-8600.

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