Formula and Matching Requirements: This program has no matching requirements. This program has no statutory formula. A basic formula is used to allocate program funds to various States. The criteria used in the basic formula include the States percentage of the National: Number of rural occupied substandard units, rural population, rural population in places of less than 2500 population, number of rural households between 50 and 80 percent of the area median income, and number of rural households below 50 percent of the area median income. The data source for each of these criteria is based on the latest census data available. 87 Length and Time Phasing of Assistance: This assistance is available throughout the year by means of quarterly allocations of funds to District offices. Funds may be disbursed at loan closing or deposited in a supervised bank account for purchase of a building site, and purchase or repair of a dwelling, or in multiple advances for construction. For guaranteed loans, funds are disbursed after all work is complete. Applications for assistance far exceed available funding. There is generally a waiting list for funding. POST ASSISTANCE REQUIREMENTS: Reports: Borrowers receiving a payment subsidy interest must submit verification of household income annually for recalculation of benefits. Audits: None. Records: Borrowers are not required to, but should retain copies of loan-related documents. FINANCIAL INFORMATION:
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