(U.S. Department of Agriculture) – USDA Rural Development staff will be in Saipan April 25-27 to meet with RH 502 borrowers who need assistance with their loan accounts with the agency to include challenges related to the adverse effects of the pandemic of Covid.
In addition to the routine service tools available to existing borrowers, the U.S. Bailout (2021 Act) has allocated additional funds for Section 502 and 504 Direct Loans, which will remain available through September 30, 2023.
The focus will be on refinancing existing Section 502 and Section 504 direct borrowers who have received a Covid-19 related payment moratorium.
Beginning May 17, 2021, the agency will accept applications from existing Section 502 and Section 504 direct borrowers, to refinance outstanding loans that have been subject to an approved Covid-19 moratorium.
RD staff will be on site at Northern Marianas Housing Corporation to meet with existing borrowers who need help with their account. Meanwhile, RH 502 and 504 borrowers can contact NMHC’s Jenny Camacho or Alice Concepcion 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 opportunity, create jobs and improve the quality of life for millions of Americans in rural areas. This aid supports the improvement of infrastructure; Business development; lodging; community facilities such as schools, public safety and health care; and high-speed Internet access in rural, tribal and very poor areas. For more information, visit www.rd.usda.gov