rural housing service: building people, places and community building people, places and community...

Rural Housing Service:Rural Housing Service: Building People, Places and Building People, Places and

CommunityCommunityTony Hernandez, RHS AdministratorTony Hernandez, RHS Administrator

Single Family Housing FY 2014 Results

• Over 138,000 new homeowners assisted by our 502 Guaranteed Program, including 32,400 very low-income borrowers.

• Over 6,500 families were served by the 502 Direct Program, which obligated more than $808 million despite the government shutdown and sequester.

• Nearly 870 families built their own homes through the mutual self-help housing program, acquiring approximately $25,000 in equity in their homes. (50,000th home in 2015!)

First Native American Self-Help Project in New Mexico Breaks Ground (Zuni Pueblo)

RHS FY 2015 Budget

Program FY2014 FY2014 Obligations FY2015

502 Direct $900 million $808 million $900 million

502 Guaranteed

$24 billion $19.05 billion $24 billion

Guaranteed Loan Program Growth – All Lenders

State Housing Agencies 502 Guaranteed Loan Volume

Rural Housing Definition

• Farm Bill expanded community eligibility in some cases to populations up to 35,000.

• RHS suspended Rural in Character (RIC) determinations until September 30, 2015 due to concerns from areas losing eligibility and lack of sufficient time for communities to comment on proposed changes.

• RHS will undertake analysis to ensure consistency is applied across all states to designate non-rural determinations and re-evaluate areas terminated due solely to RIC.

• A 90-day public notice will be published to inform communities that are under review for RIC determination. Public will have an opportunity to comment.

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Enhancing Customer Service! SFH Guaranteed Loan Program

3555 Regulation NOW in effect! • Construction to Permanent Loans (“Single Close”)

– Stimulate new construction

• Automated Loan Closing– Electronic issuance of Loan Note Guarantee

• Interest Rate Cap Lifted!

• New Partnerships with Credit Unions

Enhancing Customer Service for SFH Direct Program

• New Single Family Housing Direct Listserv• Streamlining the inspection requirements by accepting

third-party inspections (DONE!)

FY2015 Projects• Automated underwriting system - no more manual

underwriting!• Certified Loan Application Packaging Process Final Rule

• Modification to eForms/myForms • Electronic Customer File

Partnerships and Stakeholder Feedback VITAL!

• Stakeholders such as NCHSA are invited to partner with us to develop policies, process and outreach so that Single-Family programs effectively serve our rural customers

• YOUR feedback being incorporated into certified packager Final Rule and was listened to for guidance on reforming inspection process

• We want YOUR suggestions on automation and standardization for our rules engine, eForms, and electronic customer file

Questions?

THANK YOU!