The Housing Assistance Council (HAC) presents this month’s report on Fiscal Year 2022 USDA Rural Housing program obligations.
As of the end of November, USDA obligated 18,236 loans, loan guarantees, and grants totaling about $3.2 billion. This is $721 million less than obligation levels from this time last year. At that time, there were 23,321 loans, loan guarantees, and grants obligated totaling nearly $4 million.
Funding has been provided through a continuing resolution until December 3, 2021.
Single Family Housing Program Highlights
The Section 502 Guaranteed loan program, the largest of the Single Family Housing programs, obligated about $3 million (16,781 loan guarantees) less than last year’s $3.8 billion (21,758 loan guarantees.)
For the Section 502 Direct program, loan obligations totaled nearly $155 million (769 loans), a bit higher than last year’s obligation level of $142 million (756 loans.) About 32 percent of the loan dollars went to Very Low-income (VLI) applicants. VLI loans represented nearly 38 percent of the total number of Section 502 Direct loans.
The Section 504 Repair and Rehabilitation programs obligated 252 loans representing nearly $1.9 million. The number of loans was a bit lower than last year but the dollar obligations was higher (317 loans representing nearly $1.8 million.) There were also about $2.8 million (419 grants) obligated in the Section 504 grant program compared to nearly $3 million (478 grants) last year.
USDA’s Section 523 Self Help Housing Grant program funded 1 grant totaling $105,650 up from last year’s 5 grants and contracts totaling almost $3.5 million.
There were also 3 grants in the Section 306 C, Water and Waste Disposal program.
Multi-Family Housing Program Highlights
USDA’s Section 538 Multifamily Housing obligated 11 loan guarantees totaling over $27 million, higher than last year’s 7 loan guarantees (about $21.5 million.) In the Section 515 Rural Rental Housing program, there were 0 loans totaling $0 (including disaster assistance) obligated compared to 0 loans totaling $0 last year. No other Multifamily housing loans or grants have been obligated so far this 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.