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USDA relaxes borrowing rules for hurricane-affected areas

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The USDA’s Office of Rural Development is reaching out to areas affected by Hurricanes Harvey and Irma to provide tools and resources to speed recovery. In a news release, Agriculture Secretary Sonny Perdue said that the “emergency procedures will provide additional flexibility for Rural Development borrowers and community partners to … ensure they have what they need to rebuild their homes, businesses and communities.”

Rural Development has already provided disaster recovery assistance by coordinating with private partners to restore utilities to rural communities in hurricane-affected regions.

Rural Development is also helping businesses and utilities that are current USDA borrowers by considering requests to defer principal and/or interest payments, and to provide additional temporary loans. Current USDA single-family home loan customers may also qualify for assistance. Borrowers can contact their local Rural Development office to obtain information on potential assistance.

Additional information may be found here.

To find the nearest USDA Rural Development office, click here.

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