NHLP to Hold Webinar on Protecting Residents When Rural Development Loans Mature or Are Prepaid

Thousands of USDA Rural Development (RD) Section 515 rental housing units are being prepaid annually, many illegally. Thousands more have loans that will mature over the next ten years. RD Section 521 Rental Assistance (RA) payments end when a loan matures or is prepaid, leaving residents vulnerable to severe rent increases and displacement. The National Housing Law Project (NHLP) will conduct a webinar on this prepayment and maturing mortgage problem, describing how to protect residents against displacement and offering ways to preserve the properties for current and future low income residents.  

The webinar will help advocates find out whether a development in their area is maturing or is being prepaid. The session will review RD regulations, Administrative Notices, and other policies intended to preserve RD developments and protect residents against displacement and will discuss what nonprofit and public entities can do to preserve the housing. The webinar will review ways in which RD prepayment and Housing Choice Voucher regulations do not conform to their authorizing statutes and therefore fail to preserve developments or prevent resident displacement. 

NHLP staff attorneys Gideon Anders and Jessica Cassella will be the presenters.

The free webinar will take place on Tuesday, May 30 at 2:00 pm ET. Register at: http://bit.ly/2pFz1hE

Information about USDA Rural Rental Housing programs is on page 4-34 of NLIHC’s 2017 Advocates’ Guide at: http://bit.ly/2oXGKZf