502 Appalachian Demonstration
Welcome to the 502 Demonstration
approved a special set aside of $25 million in mortgage funds for low-income homebuyers in Central Appalachia through FAHE and its affiliates. Known as The 502 Demonstration, these funds will be made available based on USDA’s existing Section 502 Direct Loan program. The Demonstration is the first partnership of its kind nationwide, wherein nonprofit lenders are being given unprecedented access to fast-track the deployment of federal funds.
The focus of The Demonstration is Central Appalachia and its pockets of persistent poverty. As an association of nonprofit housing providers, FAHE is uniquely positioned to deliver affordable mortgage products in some of the country’s most underserved communities.
Other Materials:
Online Certification Exam Instructions
502 Demonstration Materials:
Complete Webinar Package (Tabs 1-7)
TAB 1 502 Direct Packaging Partnership Proposal
TAB 2 Charts
Pg. 1 - Targeting Appalachia
Pg. 2 - Detail Flowchart
Pg. 3 - Key Contacts Flowchart
TAB 3 FAHE Members Map with Congressional Districts
TAB 4 FAHE Member Directory
TAB 5 FAHE Staff Contacts
TAB 6 Processing Chart and Links Spreadsheet
TAB 7 Forms, Pages 1-53
Pg. 1 - USDA Income Calculator
Pg. 1.1 - Instructions for USDA Income Calculator
Pg. 2 - Maximum Loan Amt/Repayment Ratio Sheet
Pg. 3 - New Payment Assistance Method Calculation Spreadsheet - Field Use
Pg. 4 - Instructions for Data Entry Fields
Pg. 5-14 - RD 410-4 Uniform Residential Loan Application
Pg. 15-17 - RD 3550-1 Authorization to Release Information
Pg. 18-19 - RD 410-8 Applicant Reference Letter
Pg. 20-21 - RD 1944-60 Landlord’s Verification
Pg. 22-24 - RD 1944-61 Credit History Worksheet
Pg. 25-26 - RD 1910-5 Request for Verification of Employment
Pg. 27-28 - RD 3550-4 Employment and Asset Certification
Pg. 29-30 - RD 3550-2 Request for Verification of Gift/Gift Letter
Pg. 31-32 - RD 3550-34 Option to Purchase Real Property
Pg. 33-35 - RD 3550 Attachment 5-A Checklist for Initial Assessment of Existing Housing
Pg. 36-40 - RD 3550 Attachment 5-B Single Family Housing Site Checklist
Pg. 41 - Verification of Medical Expenses
Pg. 42 - Verification of Child/Dependent Care
Pg. 43 - Record of Oral Verification
Pg. 44 - Verification of Pensions and Annuities
Pg. 45 - Verification of Student Income Expenses
Pg. 46 - Verification of Social Security Benefits
Pg. 47 - Verification of Public Assistance
Pg. 48 - Verification of Unemployment Benefits
Pg. 49 - Verification of Business Expenses
Pg. 50 - Verification of Support Payments
Pg. 51 - Disclosure Letter
Pg. 52 - Transmittal Checklist
