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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 shortfall.

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 affected 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.

Last Modified:07/06/2014 
 
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