Rural rental housing loan guarantees available
Agriculture Deputy Under Secretary Doug O’Brien has announced that USDA is seeking applications from eligible lenders for loan guarantees to finance the construction or rehabilitation of rural rental housing.
“Working to ensure that individuals and families in rural areas have safe, decent and affordable housing is a major part of USDA Rural Development’s mission,” O’Brien said. “USDA’s housing programs make a real difference in the lives of thousands of rural Americans nationwide by helping them obtain housing opportunities that they might not otherwise have. Revitalizing rural rental housing helps create construction jobs and maintain safe and stable rural communities.”
USDA is seeking proposals from lenders for loans under the Guaranteed Rural Rental Housing Program.
The Department plans to make up to $150 million available.
Approved applications from prior years’ notices will be the first to receive funding.
Loan guarantees are available to construct, acquire and rehabilitate affordable rural rental housing. USDA will review responses submitted by eligible lenders, on the lender’s letterhead, and signed by both the prospective borrower and lender.
Although a complete application is not required in response to this notice, eligible lenders may submit a complete application with a response.
The response deadline is December 31, 2015. Details are on page 29159 of the May 21, 2014, Federal Register.
Selected responses that develop into complete applications will normally be funded with the fiscal year funds available on the date the application is completed.
Since 2009, USDA has provided new or rehabbed rental homes to 16,000 families through the Guaranteed Rural Rental Housing Program.
For more information, contact the Rural Development office nearest you.
You can locate an office by visiting: http://www.rurdev.usda.gov/NE-Contact.html. Visit www.rurdev.usda.gov/ne for information on all of Rural Development’s programs.
For additional information on RD projects, please visit Rural Development’s new interactive web map featuring program funding and success stories for fiscal years 2009-2012. The data can be found at:http://www.rurdev.usda.gov/RDSuccessStories.html.
President Obama’s plan for rural America has brought about historic investment and resulted in stronger rural communities.
Under the President’s leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America’s economy, small towns and rural communities. USDA’s investments in rural communities support the rural way of life that stands as the backbone of our American values.