HILO, Hawaii—Staff from USDA Rural Development will be on Saipan from April 25-27 to meet with RH 502 borrowers who need assistance with their loan accounts with the agency to include hardship from the adverse impacts from the COVID-19 pandemic.
In addition to routine servicing tools available for existing borrowers, the American Rescue Plan Act of 2021 appropriated additional funds for Section 502 direct and 504 loans, to remain available until Sept. 30, 2023. The focus will be to refinance existing Section 502 direct and Section 504 borrowers who have received a payment moratorium related to COVID-19. Beginning May 17, 2021, the agency will accept applications from existing Section 502 direct and Section 504 loan borrowers, to refinance outstanding loans which have been in an approved COVID-19 moratorium.
Rural Development staff will be on-site at the Northern Marianas Housing Corp. to meet with existing borrowers who need assistance with their account. During this time, RH 502 and 504 loan borrowers may contact Jenny Camacho or Alice Concepcion from the NMHC at (670)234-6866/9447 to schedule an appointment with RD.
Under the Biden-Harris administration, Rural Development provides loans and grants to help expand economic opportunities, create jobs, and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, tribal and high-poverty areas. For more information, visit www.rd.usda.gov. (PR)