USDA • USDA funds status as of April 27, 2010:
Total unobligated balances remaining for USDA fiscal year 2010: $1,130,860,689.38
Purchase: $1,046,482,690.77
Refinance: $84,377,998.61
USDA anticipates that current funding will likely be exhausted by May 7, 2010.
But Wait…… The U.S. House of Representatives recently passed the Rural Housing Preservation and Stabilization Act of 2010 (H.R. 5017). Through this legislation, the guarantee fee in the USDA Guaranteed Rural Housing (GRH) Program may be raised to offset any need for Congressional appropriations. Additionally, H.R. 5017 would authorize USDA Rural Development to guarantee up to $30 billion in loans in Fiscal Year 2010. This would represent an additional $18 billion in loan making authority for the remainder of this fiscal year. Be advised that there is a requirement in this bill to increase the UPMIP from 2% to 4%. Before these changes can be implemented, similar legislative action will need to occur in the U.S. Senate.
Friday, April 30, 2010
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