|
Rural Housing Site Loans
Rural Housing Site Loans are short term loans to finance development costs of subdivisions located in communities with a population of 10,000 or less (selected communities with a population between 10,000 and 20,000 are also eligible). Developed lots are to be sold to families with low to moderate household income (up to 115% of the county median income) using either Section 502 financing or credit from other sources. Section 523 Site Loans are restricted to buyers for housing to be built under the Self-Help method of home construction. Section 524 Site Loans are not limited to self-help program buyers
Program Details
| Eligibility: |
Loans can be made to public or private local non-profit organizations with legal authority to buy, develop, and sell homesites to eligible applicants.
|
Funding: |
Funding is held at the National level and the State Office must request an allocation for each loan.
|
Interest: |
Section 523 loans have a 3% interest rate. Section 524 loans are based upon market conditions.
|
Credit: |
Section 523 loans have a 3% interest rate. Section 524 loans are based upon market conditions.
|
Collateral: |
Each loan will be adequately secured to protect the Government's interests.
|
| More Information: |
For more information, contact our State Office at (785) 271-2700.
|
|
|
