The Housing Assistance Council (HAC) presents this month’s report on Fiscal Year 2021 USDA Rural Housing program obligations.
As of the end of June, USDA obligated 106,072 loans, loan guarantees, and grants totaling about $18.3 billion. This is $1.9 billion higher than obligation levels from this time last year. At that time, there were 103,122 loans, loan guarantees, and grants obligated totaling nearly $16.4 billion.
Federal agencies operated under a series of short-term continuing resolutions (CR) for most of the first quarter of FY 2021. A final CR was signed into law on December 27, 2020 which provides funding for the remainder of the fiscal year. Since March 20, 2020, USDA offices have been operating from remote locations due to the COVID-19 virus.
Single Family Housing Program Highlights
The Section 502 Guaranteed loan program, the largest of the Single Family Housing programs, obligated almost $17.4 billion (98,173 loan guarantees) up from over $15.3 billion (93,226 loan guarantees) this time last year.
For the Section 502 Direct program, loan obligations totaled over $712.2 million (3,822 loans), a bit less than last year’s obligation level of $742.2 million (4,310 loans.) About 36 percent of the loan dollars went to Very Low-income (VLI) applicants. VLI loans represented nearly 43 percent of the total number of Section 502 Direct loans.
The Section 504 Repair and Rehabilitation programs obligated 1,511 loans representing $9.4 million. Loan volume was down from this time last year (1,912 loans representing $11.6 million.) There were 2,458 grants totaling about $16.1 million obligated in the Section 504 grant program compared to $22.4 million (3,474 grants) last year.
USDA’s Section 523 Self Help Housing Grant program funded 28 grants and contracts totaling $16.9 million, up from last year’s 19 grants and contracts but less than the total of $22.6 million.
Multi-Family Housing Program Highlights
USDA’s Section 538 Multifamily Housing program obligated 56 loan guarantees totaling about $145.3 million compared to last year’s 96 loan guarantees. No Section 515 Rural Rental Housing program have been funded so far this year, similar to last year at this time. There have been no loans or grants obligated in the MPR program so far this year compared to 28 loans and 3 grants representing $29.9 million and nearly $990 thousand, respectively last year.
No Farm Labor Housing loans or grants have been funded so far this year. Last year at this time, 14 loans and 5 grants were obligated (about $19.8 million and $5.9 million, respectively.)
USDA obligated funds for 171,799 rental assistance units under the Section 521 Rental Assistance program totaling over $998.4 million. This compares to about 178,225 units (over $1 billion) obligated same time last year. There were also 5,732 Rural Housing Vouchers totaling $27.7 million compared to 5,700 vouchers representing $26.4 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 email@example.com.