Rental Assistance Sequestration
As you are aware, both the Sequestration
and appropriations rescission reductions substantially impacted
the Rental Assistance Program. In April, RD sent a letter
to all of the MFH Stakeholders, advising them of the potential
impact of the reduction. We held informational sessions
with MFH field staff in June and July to discuss approaches RD
wants to take in discussions with affected borrowers. And
RD has recently sent the affected borrowers a letter advising
them that RD intends to work with them to address the RA income
Rural Development has identified the properties where RA
contract renewals may not occur in September due to lack of
funding. RD’s analysis showed approximately 600 borrowers
may be impacted; however, in an effort to capture any borrowers
who may potentially be
through changes in occupancy or tenant income changes between
now and the end of the fiscal year, the list has been expanded
to ensure that all potentially affected borrowers are prepared
for this situation. RD staff will work with borrowers to make
final determinations of whether the borrower will be impacted
and extent of relief needed.
The Projects affected can be found here
The letter sent to borrowers can be found here.
PowerPoint addressing sequestration funding reduction can be found here.
For more information about this program, or to file an application, contact the local
Rural Development office in your area.