NAHMA USDA Implements Immediate Measures to Help Rural Residents, Businesses and Communities Affected by COVID-19

NAHMA USDA Implements Immediate Measures to Help Rural Residents, Businesses and Communities Affected by COVID-19

USDA Rural Development published a stakeholder announcement which provides an updated summary of immediate actions and assistance available to help rural residents, businesses and communities affected by the COVID-19 outbreak.  The stakeholder announcement includes:

Forbearance Guidelines for the Multi-family Direct and Guaranteed portfolios:

  • Special servicing actions for Section 514 and 515 loans to prevent default

Section 515 Multi-Family properties deadlines and fees:

  • Tenant certifications extended to June 30 with no late fees or overage charges
  • Late fees on Section 515 mortgages will be waived
  • Section 515 Annual Financial Statements due March 31 extended for an additional 30 days

Forbearance Guidelines for the Multi-Family Housing Guaranteed Loan Program:

  • Forbearance of Stand-Alone Section 538 Loans
  • Section 538 Loans with Subordinate Section 515 Loan(s)

The full stakeholder announcement can be read here.