Confusion Over USDA Guarantee Puts $41M of Housing Debt at Risk

DeSue, Tedra
February 2005
Bond Buyer;2/25/2005, Vol. 351 Issue 32078, p1
Trade Publication
This article reports that a disagreement over when a guarantee provided by the U.S. Department of Agriculture (USDA) would kick in to cover bonds sold for several housing projects in the Southeast has put roughly $41 million of debt at risk of default, including a deal that saw its rating lowered several notches to junk status last week by Moody's Investors Service. The guarantee was to be provided through the USDA's Rural Housing Service Section 538 Rural Rental Housing Guaranteed Loan Program. The program's purpose is to produce new affordable rental housing that serves rural residents with low and moderate incomes.


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