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Rural Housing Update: Guidance on Section 538 Loan Guarantees; New RD Leadership Announced

7 December 2017
 December 7, 2017
Category Industry News, News

USDA released two updates regarding the use of Section 538  loan guarantees and Rural Development’s new executive leadership.

  1. Guidance on the Use of Section 538 Guaranteed Rural Rental Housing Program with Section 515 Properties

This month, USDA issued an Unnumbered Letter to clarify issues concerning the use of Section 538 loan guarantees in transactions involving the revitalization and preservation efforts of existing affordable housing properties financed with Section 515 direct loans. 

Because the Section 515 Rural Rental Housing program and the Section 538 Guaranteed Rural Rental Housing program have different regulatory frameworks, this UL intends to help State Office staff and area offices reconcile the procedural differences between the two programs.

To read the attached notice online, please click here.

  1. USDA Rural Development Announces New Executive Leadership

Recently, Assistant to the Secretary for Rural Development Anne Hazlett announced the following appointments of new leadership in key roles within RD:

  • Gina Sheets has been selected to serve as the Chief Innovation Officer for RD, effective November 27, 2017. Sheets has been a small business owner and previously served as Director of Agriculture under Indiana Government Mike Pence. As Chief Innovation Officer, Sheets will oversee the creation and management of the Rural Development Innovation Center, a team within RD working to streamline and modernize RD tools and inform policy decisions.
  • Marie Wheat has been selected to serve as Director of External Affairs, effective November 27, 2017. Previously an Industry Economist for USDA, Wheat will manage Rural Development communications and stakeholder engagement activities, including legislative and public affairs.
  • Curtis Anderson has been appointment Chief of Staff for Rural Development’s Rural Housing Service, effective December 4, 2017. Most recently, Anderson worked as a strategic advisor and business coach for telecommunications associations and companies, specializing in program and legislative issues. Prior to that, Anderson served as Deputy Administrator for USDA RD’s Rural Utilities Service.

For more information, please click here and here.

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