Program Name: Rural Housing Site Loans
Organization: United States Department of Agriculture – Rural Development
Address: 2118 W. Part Court, Suite A, Champaign, IL 61821
Phone: 217-403-6200
Fax:
TDD:
Email:
Website: https://www.rd.usda.gov/programs-services/single-family-housing-programs/rural-housing-site-loans/il
Briefly Describe the Purpose of the Program
Rural Housing site loans provide two types of loans to purchase and develop housing sites for low- and moderate-income families:

Section 523 loans are used to acquire and develop sites only for housing to be constructed by the Self-Help method.

Section 524 loans are made to acquire and develop sites for low- or moderate-income families, with no restriction as to the method of construction.  Low-income is defined as between 50-80% of the area median income (AMI); the upper limit for moderate income is 115% of the AMI.

Year Program Established:
Eligibility Requirements or Restrictions
Section 523 loans: Private or public non-profit organizations that will provide sites solely for self-help housing

Section 524 loans: Private or public non-profit organizations.  The building site may be sold to low- or moderate-income families utilizing USDA’s Single Family Housing (SFH) loan programs, or any other mortgage financing program which serves low- and moderate-income families

Non-profits that have the legal authority to operate a revolving loan fund

Non-profits that have the financial, technical and managerial capacity to comply with relevant federal and state laws and regulations

Application Deadline: Rolling bases
Application Guidelines:
Funding Cap Per Application or Fiscal Year Program Funding:
How Must Funds Be Used:
Site loans are made to provide financing for the purchase and development of housing sites for low- and moderate-income families.