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Kansas

Multi-Family Housing Direct Loans

Multi-Family Housing Direct Loans provide loans for the development of affordable rental housing in rural communities for seniors, individuals, and families. Low and very-low income households are targeted as tenants, but moderate income households are also eligible. Rural Development may also provide Rental Assistance (RA) with its loan. Rental Assistance is a project-based tenant subsidy that pays a portion of tenant shelter costs, reducing them to an affordable level (30 percent of adjusted income).

Program Details

Borrower Eligibility:

Borrowers must have sufficient qualifications and experience to develop and operate the project, a good credit history, no delinquent federal debt, and no federal housing violations. Borrowers can include any of the following:

  • Individuals who are U.S. citizens and permanent residents
  • General or Limited Partnerships
  • Corporations
  • Limited Liability Companies
  • Nonprofits
  • Cooperatives
  • Public Bodies (including housing authorities and Native American Tribes)


Project Eligibility:

Projects must:

  • be in a rural area, unincorporated areas and cities of less than 10,000 - 20,000 population
  • located in a community on an eligible property
  • consist of at least two rental unit


Funding:

The application process and competitive criteria is described in the annual Notice of Funding Availability (NOFA) published by RHS.

Terms:

Maximum 30 year mortgage (up to a 50 year amortization).

Interest:

Fixed at the current market rate of interest. Loans may be eligible for interest credit which subsidizes the interest to a one percent (1%) rate.

Credit:

Loans can be made up to the value of the security as determined by an appraiser. Applicants contribute any difference between cost and security value.

Collateral:

Appraisal must indicate security value equal to or greater than the loan.

Fees:

None.

More Information:

For more information, contact our State Office at (785) 271-2700.

See Also
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Last Modified:02/08/2012 
 
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