USDA extends evictions, foreclosure moratorium to June 30, 2021
The U.S. Department of Agriculture announced an extension of eviction and foreclosure moratoriums on USDA Single Family Housing Direct and Guaranteed loans through June 30, 2021.
The actions announced will bring relief to at least 1,227 cases currently open in Puerto Rico, local agency officials announced. Of those, 617 cases are in foreclosure, 321 have sought moratoriums, and 149 cases that are already three payments in arrears.
Luis R. García, USDA Rural Development acting state director for Puerto Rico, said that during the forbearance period, “no accrual of fees, penalties or interest should be charged to the borrower beyond the amount calculated as if the borrower had made all contractual payment in a timely fashion.”
Meanwhile, USDA Deputy Under Secretary for Rural Development, Justin Maxson, said, “USDA recognizes that the COVID-19 pandemic has triggered an almost unprecedented housing affordability crisis in the United States and Puerto Rico.”
“That’s why USDA is taking this important action today to extend relief to hundreds of thousands of individuals and families holding USDA Single Family Housing loans,” he said.
“While today’s actions are important step for them, we need to do more. The Biden Administration is working closely with Congress to pass the American Rescue Plan to take more robust and aggressive actions to bring additional relief to American families and individuals impacted by the pandemic,” Maxson said.
USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business developments; housing community facilities such as schools, public safety and health care; and high-speed internet access, the USDA stated.