News Article –
On Wednesday (3/25) the USDA Rural Development announced a number of immediate actions to help rural residents, businesses and communities affected by the current public health crisis.
Single-Family Housing in USDA Direct and Guaranteed Loan Program Updates:
- As of March 19, for a period of 60 days borrowers with USDA single-family housing Direct and Guaranteed loans are subject to a moratorium on foreclosure and eviction.
- More information on temporary exemptions, dates, and deadlines in guaranteed and direct loan programs can be found on page one here.
Multi-Family Housing Updates:
- Due to the current health crisis, tenant certifications due in March, April, and May for Multi-Family properties have been extended to June 30 with no late fees or overage charges.
- To find more information on late fees, financial statement deadlines, and possible adjusted rent payments for multi-family housing check out page two here.
Rural Utilities Service (RUS) Updates:
- On March 20, the USDA extended the deadline for Telecommunications and Electric Program borrowers and grantees to submit their annual CPA audit by 60 days. In most cases, such audits are due to the agency by April 30, 2020.
- For more information relating to borrower covenant requirements, expediated access to obligated funds, and contact information see page two here.
Rural Business Cooperative Service (RBCS) Updates:
- Through July 31, 2020, USDA Business and Industry Loan Guarantees (B&I) and Rural Energy for America Program (REAP) guaranteed lenders may assist borrowers experiencing temporary cash flow issues by deferring payments up 120 days.
- For more deadlines and allowances of the RBCS program click here.
- Rural Energy for America Program (REAP)- April 15th
- Rural Business Development Grant (RBDG)- April 15th