The Housing Assistance Council (HAC) presents this month’s report on Fiscal Year 2017 USDA Rural Housing program obligations.
As of the end of July, USDA obligated 137,383 loans, loan guarantees, and grants totaling about $18.8 billion. This is about $2.57 billion more than obligation levels from the same time last year when there were 121,462 loans, loan guarantees, and grants obligated totaling about $16.3 billion.
Single Family Housing Program Highlights
The Section 502 Guaranteed loan program, the largest of the Single Family Housing programs, obligated $17.6 billion (122,910 loan guarantees) up from $15.0 billion (107,185) at the same time last year.
For the Section 502 Direct program, there have been over $911.7 million (6,573 loans), up from $853.9 million (6,349 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 37.6 percent, similar to the VLI obligation level at the same time last year.
The Section 504 Repair and Rehabilitation programs obligated 3,115 loans representing $17.8 million. As in the other single family housing programs, loan volume was up from this time last year (2,822 loans representing $15.4 million.) There were also $27.8 million (4,577 grants) obligated in the Section 504 grant program compared to $28.4 million (4,637 grants) at the same time last year.
There were also 6 credit sales of Single Family properties totaling $443,697.
Multi-Family Housing Programs.
USDA’s Section 538 Multifamily Housing obligated 80 loan guarantees totaling $135.9 million, down from 110 loan guarantees ($172.4 million.) In the Section 515 Rural Rental Housing program, there were 20 loans totaling $20.0 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 8 loans totaling $10.8 million and 1 grant compared to 16 loans ($25.2 million) and 9 grants ($14.4 million) this time last year. There were also 30 MPR loans and 2 grants totaling $21.8 million and $53,200 respectively, compared to 99 loans ($81.5 million) and 3 grants ($801,900) this time last year.
USDA obligated funds for 246,269 rental assistance units under the Section 521 Rental Assistance program totaling $1.09 billion. This compares to about 282,279 units ($1.3 billion) obligated same time last year. There were also 5,342 Rural Housing Vouchers totaling $21.0 million compared to 4,979 vouchers representing $18.2 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.