U.S. Department of Agriculture (USDA) Rural Development Under Secretary Xochitl Torres Small today announced that USDA will host listening sessions on July 19 and July 25. USDA is seeking feedback on a proposal to make changes to programs that will help improve and maintain rural rental housing and keep tenants in their homes.
Currently, once an owner of a USDA-financed property pays off a Multifamily Housing Direct Loan or the mortgage is terminated, the property is no longer eligible to receive Multifamily Housing Rental Assistance.
The proposed changes would ensure tenants of USDA-financed properties continue to receive rental assistance after property owners pay off the loan or the loan is terminated. The changes would also encourage property owners to seek third-party financing to make property improvements. To learn more, read full Stakeholder Announcement.