In its mission to champion the development and growth of the rural communities in America, the United State Department of Agriculture (USDA) Rural Development (RD) provides access to tools and resources to help disaster-stricken communities get back on their feet.
The havoc caused by the two recent hurricanes hitting the US, Harvest and Irma, has left many destitute conditions. To help them recover quickly, the USDA RD will provide supplementary flexibility to individual borrowers and community partners.
Agricultural Secretary Sonny Perdue said, “Our team at Rural Development is devoted to supporting rural communities ravaged by the recent hurricanes. We are committed each day to the recovery effort, collaborating with federal, state and local partners to begin to rebuild.”
In its effort to assist in rebuilding communities, they will not only provide disaster recovery assistance to homeowners to rebuild their homes, this assistance will also be made available for businesses and community facilities.
Individuals who have a single-family loan under the USDA may qualify for assistance. In the same manner, current USDA borrowers in the business and utilities sector may benefit USDA assistance in the form of deferred principal, interest payments or both. Additional temporary loans will also be accessible.
Borrowers are encouraged to speak their local Rural Development officers to learn more about the possible assistance they can avail.
It times of crisis the USDA Rural Development partners with the Federal Emergency Management Agency (FEMA) in providing emergency housing for families and individuals located in the hurricane-affected areas.
The emergency housing and shelter assistance is coordinated by FEMA.Connect with a Lender, Click Here.
For Housing Loan Borrowers
Single Family Housing
If you currently have an RD Single Family Housing Direct Loan and have been affected by the hurricane, you may be eligible for these assistance programs:
- Payment Assistance
You may receive a payment assistance or an increase in the current assistance you are receiving if your income has been lowered by more than 10 percent and will be in the foreseeable future.
- Insured Losses
Houses that had been damaged during the disaster may obtain a claims package from FEMA. This will greatly help you in working with your insurance agency and Rural development in processing your claim.
Affected individuals may be qualified to receive a moratorium where you won’t be required to make house payments for up to 6 months.
You may qualify for a moratorium if you have very large, non-reimbursed expenditures which came about due to property damage or medical expenses. This may also apply for disaster-caused job loss.
For Multi-Family Housing
Owners of multi-family houses funded through USDA loans may qualify for assistance in the form of special servicing for the repair of their properties. There are specialists in your area who can assist you. Make sure you contact one nearest you.
There is also available assistance for community facilities and business owners among others. You can learn more about it by visiting the USDA RD website.
You can also check out other loan programs under the USDA which you may be eligible for financing. From mortgage loans to farm loans, you name it. Talk a lender today to learn more about the different loans from the USDA.Click to See the Latest Mortgage Rates»