Program Name: Multifamily Housing Loans Guarantees
Organization: United States Department of Agriculture – Rural Development
Address: 2118 W. Part Court, Suite A, Champaign, IL 61821
Phone: 217-403-6200
Briefly Describe the Purpose of the Program
Guarantees loans from private sector lenders to increase the availability of affordable rental housing for low- and moderate-income people.
Year Program Established:
Eligibility Requirements or Restrictions
Private lenders may apply for a loan guarantee on loans made to eligible borrowers who are building or preserving affordable rural rental housing. Rural areas with populations of 35,000 or fewer. Minimum term of 25 years and maximum term of 40 years. Total development cost borrowed cannot exceed 90 percent (for-profits); 97 percent (nonprofits)
Application Deadline: Rolling bases
Application Guidelines:
Funding Cap Per Application or Fiscal Year Program Funding:
How Must Funds Be Used:
Funds can be used to buy and improve land, and to build, rehabilitate, or purchase existing multifamily housing