Portland, Oregon, Feb 22, 2012 -- USDA Rural Development has announced funding support for the construction or acquisition/rehabilitation of quality, affordable rental housing in rural areas. Through the Section 538 Guaranteed Rural Rental Housing Program, USDA Rural Development is able to guarantee loans made by eligible lenders for rural multi-family housing facilities.
"Since taking office, President Obama has emphasized the critical role America's rural communities play in our national economy, and access to safe, affordable, decent housing is a key to keeping rural towns vibrant, attractive places to live and raise a family," said USDA Rural Development State Director Vicki Walker.
According to Walker, the Administration is making significant progress in economic development and job creation in rural Oregon, and ensuring adequate housing is a necessary part of the overall effort. “As communities continue to grow and add jobs, they often need to add housing so the people who work in rural Oregon can afford to live there, too," she explained.
According to the Notice of Funding Availability, $130 million is available to back loan guarantees nationwide.
"The loan guarantee frees up capital for the construction and rehabilitation of multi-family properties that provide a good quality rental option for working families, as well as rural seniors, disabled residents and others,” Walker said.
To participate, an interested rental housing provider must have a lender willing to make a loan. The lender, in turn, applies to USDA for the guarantee. USDA will first fund approved and complete applications from prior years, then support eligible new applications in the order they are ranked for funding. Ranking priority is given to facilities in smaller communities with lower median incomes. In addition, projects with greater leveraging (lower loan to cost ratio) and those with sustainable building development that emphasizes energy efficiency and conservation will receive selection priority.
For consideration, lenders must submit applications to the USDA Rural Development Oregon State Office by close of business on December 31, 2012. To apply or find additional information, contact:
USDA Rural Development
Attn: Rural Housing Programs
1201 NE Lloyd Blvd., Ste. 801
Portland, OR 97232-1274
Phone: (503) 414-3353
TDD: (503) 414-3387
Fax: (503) 414-3383
More information on requirements, application processes and administration of this program is available in the online handbook at: http://www.rurdev.usda.gov/SupportDocuments/3565-1appendix01.pdf
View the Notice of Funding Availability online at: http://www.gpo.gov/fdsys/pkg/FR-2012-02-06/html/2012-2539.htm
USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure, and facility programs through a national network of state and local offices. Rural Development has an existing portfolio of more than $155 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers, and ranchers and improve the quality of life in rural America. Further information on rural programs is available at any of Oregon’s Rural Development offices in Pendleton, Corvallis, Redmond, Roseburg and Portland or by visiting USDA's RD Oregon’s Web site: http://www.rurdev.usda.gov/OR_Home.html.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272(voice), or (202) 720-6382 (TDD).