The Housing Assistance Council (HAC) presents this month’s report on Fiscal Year 2021 USDA Rural Housing program obligations.
As of the end of September, USDA obligated 139,227 loans, loan guarantees, and grants totaling about $24.2 billion, $354.0 million more than last year. At the end of last year, the agency obligated 151,876 loans, loan guarantees, and grants totaling $24.5 billion.
Single Family Housing Program Highlights
The Section 502 Guaranteed loan program, the largest of the Single Family Housing programs, obligated $22.7 billion (127,389 loan guarantees) compared to $23.0 billion (137,970 loan guarantees) last year.
For the Section 502 Direct program, loan obligations totaled $1.0 billion (5,355 loans), nearly the same dollar amount as last year’s obligation level of $1.0 billion but fewer loans (5,821 loans.) About 36 percent of the loan dollars went to Very Low-income (VLI) applicants. VLI loans represented over 43 percent of the total number of Section 502 Direct loans.
The Section 504 Repair and Rehabilitation programs obligated 2,289 loans representing $14.8 million less than last year (2,739 loans representing $16.6 million.) There were also about $24.6 million (3,709 grants) obligated in the Section 504 grant program compared to $31.5 million (4,842 grants) last year.
USDA’s Section 523 Self Help Housing Grant program funded 51 grants and contracts totaling $31.8 million a bit less than last year’s 55 grants and contracts totaling $32.8 million.
Multi-Family Housing Program Highlights
USDA’s Section 538 Multifamily Housing program obligated 96 loan guarantees totaling $229.9 million compared to last year’s 150 loan guarantees ($228.5 million.) The agency funded 44 Section 515 Rural Rental Housing loans totaling $37.4 million compared to 40 loans ($40.0 million) last year. There have been 142 loans and 5 grants obligated in the MPR program totaling $89.2 million and $251,778 this year compared to 80 loans and 3 grants representing $57.1 million and $988,734, respectively last year.
The Farm Labor Housing program funded 2 loans and 1 grant have been funded representing $3.1 million and $1.6 million respectively compared to 15 loans and 7 grants ($20.1 million and $8.9 million) last year.
USDA also funded 283,781 units under the Section 521 Rental Assistance program totaling $1.5 billion compared to about 241,208 units ($1.4 billion) last year. There were also 7,261 Rural Housing Vouchers totaling $34.6 million compared to last year’s 7,489 vouchers representing $34.5 million.
* 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.