Washington, DC, Dec 19, 2012 -- Agriculture Under Secretary for Rural Development Dallas Tonsager announced today that funding is available to preserve and revitalize USDA-financed rural rental housing.
"Strong rural communities are a key to a stronger rural America, and safe, sanitary housing is a basic need. It is important that we preserve and upgrade existing rural housing units," Tonsager said. "These revitalization funds are available to renew and restore eligible rental housing to ensure that these properties are safe and affordable for tenants for decades to come."
USDA is accepting applications for loans and grants to help owners of rural multi-family and farm labor housing make repairs to rental properties financed by USDA Rural Development. This financing is provided through a demonstration program that will help owners address the property's immediate physical needs and ensure the property has the capital reserves necessary to address future needs. Under the demonstration program, some owners also may be able to defer their loan payments to provide funds to address property repairs needs.
For more information on how to apply, see page 75121 of the Dec. 19, 2012 Federal Register (Vol. 77, number 244) or contact any USDA Rural Development office.
The loans and grants are being provided through the USDA Multi-Family Housing Preservation and Revitalization Demonstration Program. Funds may not be used to build community rooms, offices or new units unless the new units are needed to meet federal accessibility standards.
President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way – strengthening America's economy, small towns and rural communities. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.
USDA, through its Rural Development mission area, has an active portfolio of more than $174 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.