USDA

USDA Section 538 loans are part of the U.S. Department of Agriculture’s Rural Development program aimed at supporting the construction, renovation and preservation of affordable rental housing in rural areas.

The Multifamily Preservation and Revitalization (MPR) Program and Section 515 Subsequent Loans for Preservation for FY 2024 offer significant financial resources to help affordable multifamily rental developers maintain and improve their properties in rural areas.

The USDA’s Section 515 loan program for affordable multifamily housing has been instrumental in preserving and revitalizing rural properties.

The decoupling of rental assistance from Section 514/515 loans under the Consolidated Appropriations Act of 2024 will now permit properties with Section 514/515 maturing mortgages to continue to receive rental assistance to further preserve affordable housing. A stakeholder engagement session is being held on April 25 at 2 p.m. ET and those interested in participating are encouraged to register.

A new regulation allows owners of properties with financing from USDA’s Section 515 and 514/516 rental programs to apply cash to approved soft debt.

A new Rural Housing Service rule requires owners of Section 515 and 514/516 rental properties to give tenants written notification at least 30 days before terminating a lease or taking eviction actions.

Earlier this week, the Biden-Harris administration released its Fiscal Year (FY) 2025 budget request, which serves as a marker for policy priorities, especially during a presidential election year.

The U.S. Department of Agriculture’s Rural Housing Service (RHS) Office of Multifamily Housing announced a proposed rule that would update the insurance coverage and deductible requirements that have been in place since 2004 for its multifamily direct loan and grant programs.