Section 515 Tag Archives

Trump Administration Releases FY 2021 Budget Request

President Trump’s Administration released the Fiscal Year (FY) 2021 budget request, “A Budget for America’s Future.” HUD is allocated $47.9 billion in funding, a 15.2 percent decrease over FY 2020 enacted levels with notable zeroing out of the HOME program, Community Development Block Grants (CDBG), Public Housing Capital Fund, Choice Neighborhoods and HOPE VI.

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$10 Million Available for Rehabilitation of USDA Rural Development Multifamily Housing Properties in Minnesota

Minnesota Housing announced the availability of $10 million in state appropriations through the Rental Rehabilitation Deferred Loan (RRDL) pilot program for the rehabilitation of buildings that currently have a USDA Rural Development Section 515 mortgage. RRDL funds are available as a zero percent-interest deferred loan. Other loan structures may be considered based on project needs. The per unit loan limit is $35,000, and the maximum loan limit is $500,000. More terms of funding can be found in the program guide. Applications are due November 20 by 5 pm CST. Click here to learn more and access application materials.

NLIHC and PAHRC Release Updated National Housing Preservation Database

The National Low Income Housing Coalition and Public and Affordable Housing Research Corporation released an updated version of the National Housing Preservation Database for 2019. The database includes updated data on Section 515, Section 8, HOME, REAC and Section 202 direct loan usage across the country. In addition, LIHTC properties now have end dates to track when affordability restrictions end.

USDA Rural Housing Services Staffing Changes

The U.S. Department of Agriculture Secretary Sonny Purdue sent a letter to House Appropriations Subcommittee on Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Chairman Robert Aderhold (R-AL) to explain staffing changes within the Rural Housing Service (RHS) Section 538 rental guarantee program and Section 515 rental loan program.

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