Announcements
Jennifer Emerling / There Is More Work To Be Done
Jennifer Emerling / There Is More Work To Be Done
USDA Rural Development Notifies Rural Rental Housing Borrowers Regarding Section 521 Rental Assistance Shortfall
In March 2013, Congress passed a final appropriations bill for the current fiscal year. While the final language included full spending bills for USDA, it was also subject to a 5% sequester and a 2.5% across the board cut. This resulted in a reduction of approximately $65 million to the Section 521 Rental Assistance program. USDA recently notified approximately 900 of its Section 515 Rural Rental Housing and Section 514 Farm Labor Housing borrowers whose rental assistance contracts would normally be renewed about the time funds will be exhausted. This short fall is ultimately expected to impact nearly 15,000 units in approximately 600 rental projects. USDA has committed to working closely with these borrowers to maintain the financial stability of the property. HAC urges affected borrowers to begin working with USDA at the earliest possible date to address the gap in Rental Assistance. USDA’s notice and a list of affected projects are below: