USDA Tag Archives

Woda Cooper Companies Holds Grand Opening for LIHTC property in Kentucky

Woda Cooper Companies recently celebrated the Grand Opening of Towne Creek Crossing in Walton, KY. This is a new multifamily community offering 44 affordable rental townhomes for households earning up to 60 percent of area median income. Co-developed by Woda Cooper Companies, Inc. and Housing Services Alliance, Towne Creek Crossing is comprised of one-, two- and three-bedroom townhomes for families, singles or seniors.

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Senate Passes FY 2020 HUD, Agriculture Funding

Last week the Senate voted 84-9 to pass a four-bill FY 2020 spending package that includes funding for Agriculture, Commerce-Justice-Science, Interior-Environment and Transportation-HUD. The bill includes modest increases over FY 2019 funding levels for rental assistance programs but cuts funding for Choice Neighborhoods, Housing for Persons with AIDS, Indian Housing Block Grants and Community Development Block Grants.

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Rural Housing Service Eliminates Section 538 NOFAs

The Rural Housing Service (RHS) published a Final Rule that would eliminate the requirement for the annual publication of a Notice of Funding Availability (NOFA) for its Section 538 Guaranteed Rural Rental Housing program. The rule becomes effective on November 14, 2019. The Section 538 program will follow procedures similar to other Rural Development guaranteed loan programs and accept applications on a continuous basis.

Senate Introduces Companion Rural Housing Preservation Act of 2019

Senators Jeanne Shaheen (D-NH) and Tina Smith (D-MN) introduced the Rural Housing Preservation Act of 2019 (S. 2567). The bill would expand U.S. Department of Agriculture (USDA) Rural Development (RD) rental assistance programs, permanently authorize the U.S. Department of Agriculture’s (USDA) Multifamily Housing Preservation and Revitalization program, and direct RD to better align its policies with the LIHTC program. Similar legislation (H.R. 3620) was passed by the House of Representatives on September 10. The House version of the bill also authorizes $1 billion to carry out the program and requires USDA to create a plan for preservation of rural multifamily housing backed by USDA loans and would establish an advisory committee to advise USDA in implementing this plan.

House Funds the Government Through November 21, Senate Appropriations Committee Approves FY 2020 THUD, USDA Funding

Last week the House passed a continuing resolution (CR) that would fund the government through November 21, 2019, averting a government shutdown as Fiscal Year (FY) 2019 comes to a close. The measure (H.R. 4378) passed the House with a veto-proof majority vote of 301-123. The Senate is expected to pass the measure and the President is expected to sign the bill before the end of the fiscal year.

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DJ LaVoy Sworn in as Deputy Under Secretary for USDA Rural Development

Donald “DJ” LaVoy was sworn in on September 17 as deputy under secretary for Rural Development at the U.S. Department of Agriculture. DJ most recently served as the head of HUD’s Real Estate Assessment Center. The under secretary for Rural Development position, eliminated by USDA Secretary Sonny Perdue and reinstated by Section 12407 of the Agriculture Improvement Act of 2018 (H.R. 2), remains vacant.

House Passes Three Housing Bills on Rural Housing Preservation, Carbon Monoxide and Homebuyer Assistance

The House has passed a set of housing-related bills, advancing these measures to the Senate. The Strategy and Investment in Rural Housing Preservation Act of 2019 (H.R. 3620) would permanently authorize the U.S. Department of Agriculture’s (USDA) Multifamily Housing Preservation and Revitalization program, and would authorize $1 billion to carry out the program. The Safe Housing for Families Act of 2019 (H.R. 1690) would authorize over $300 million over three years to fund the installation and maintenance of carbon monoxide detectors in HUD’s public housing units.

Finally, the Homebuyer Assistance Act of 2019 (H.R. 2852) would make it easier for homebuyers to buy a home with a Federal Housing Administration mortgage by alleviating the current shortage of certified appraisers.

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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.