The Housing Assistance Council (HAC) presents this month’s report on Fiscal Year 2022 USDA Rural Housing program obligations.
As of the end of October, USDA obligated 9,056 loans, loan guarantees, and grants totaling about $1.6 billion. This is nearly $311 million higher than obligation levels from this time last year. At that time, there were 11,071 loans, loan guarantees, and grants obligated totaling over $1.9 billion.
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 $1.5 billion (8,436 loan guarantees), about $326 million (2,230 loan guarantees) less than last year’s $1.85 billion (10,666 loan guarantees.)
For the Section 502 Direct program, loan obligations totaled about $81.4 million (400 loans), nearly $11 million more than last year’s obligation level of $70.6 million (366 loans.) About 32 percent of the loan dollars went to Very Low-income (VLI) applicants. VLI loans represented over 39 percent of the total number of Section 502 Direct loans.
The Section 504 Repair and Rehabilitation programs obligated 80 loans representing $640 million. Loan volume was up from this time last year (36 loans representing $306 million.) There were also about $929 million (136 grants) obligated in the Section 504 grant program. No grants were obligated as of this time last year.
There were no other Single Family housing obligations in October.
Multi-Family Housing Program Highlights
USDA’s Section 538 Multifamily Housing obligated 4 loan guarantees totaling nearly $12 million, higher than last year’s 3 loan guarantees ($8.9 million.)
No other Multifamily funds obligated in October.
* 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.