Owners must be told each year about loans maturing within four years
What the document says“the Secretary shall provide written notice to each owner of a property financed under section 514, 515, or 516 that will mature within the 4-year period beginning upon the provision of the notice, setting forth the options and financial incentives that are available to facilitate the extension of the loan term or the option to decouple a rental assistance contract”
The new section 545 requires the Secretary of Agriculture to write each year to every owner whose loan will mature within four years, setting out the options and financial incentives available for extending the loan term or for decoupling a rental assistance contract.
What the document actually says“the Secretary shall provide written notice to each owner of a property financed under section 514, 515, or 516 that will mature within the 4-year period beginning upon the provision of the notice, setting forth the options and financial incentives that are available to facilitate the extension of the loan term or the option to decouple a rental assistance contract”
The farm agency must write to each owner every year. It writes when a loan will come due within four years. The letter must set out the choices open to the owner.
A loan matures when the last payment falls due. At that point the housing can leave the program. The letter gives the owner four years to decide.
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