The National Housing Law Project (NHLP) will hold a webinar on July 14 at 3 pm ET to inform advocates on how they can protect low-income residents of private housing that has Rural Development (RD) Section 515 assistance from the U.S. Department of Agriculture (USDA). More than 145,000 Section 515 units have been prepaid, and virtually all Section 515 units will reach mortgage maturity by 2050 – meaning properties containing these units are in danger converting to unaffordable market-rate housing. NHLP experts will offer pre-litigation and litigation opportunities for preserving Section 515 homes.
USDA’s Rural Development is not administering prepayments according to federal law and is not doing enough to protect against mortgage maturity. Consequently, low-income residents in Section 515 projects face potential rent increases and displacement. Rural communities could permanently lose a critical supply of affordable housing.
Presenters include Gideon Anders, NHLP senior attorney; Marcos Segura, NHLP staff attorney; and Kate Walz, NHLP senior attorney.
The webinar, “The Fight to Save USDA Housing: Understanding and Challenging Mortgage Prepayments and Mortgagee Maturities in the 515 Program” will be held on Wednesday, July 14 at 3 pm ET. The webinar is free and will be closed captioned and recorded.
Register for the webinar at: https://bit.ly/3dPxLkb
More information about RD 515 is on page 4-77 of NLIHC’s 2021 Advocates’ Guide.