Funding available for
developers of rural rental housing
NASHVILLE, Tenn.—Rural
Development Housing Programs Director Don Harris today announced $129 million in
federal loan guarantees now available nationwide to help private lenders,
developers and housing organizations increase the supply of quality affordable
rental housing in rural areas.
“This program helps eligible
borrowers develop new rental housing, or acquire and rehabilitate existing
multi-family housing in rural areas,” said Cannon. “Funds are also available to
repair and rehabilitate housing complexes constructed through our multi-family
housing program. It’s a very cost effective way to keep existing properties in
good shape.”
For owners of new properties
the program will match current market-rate rents and preserves any existing
rental assistance. For owners of existing properties the program provides
an opportunity to potentially take advantage of lower interest rates;
re-amortize an existing loan or defer payments with no change in
ownership. Properties in rural areas with populations of up to 20,000 are
eligible for funding through this program.
Organizations interested in
applying for 2009 funds should begin preparing now to meet the March 31, 2009
deadline for initial applications. Additional applications will be
accepted after the deadline until all 2009 program funds have been
awarded.
Eligible uses for loans made
through this program include construction of new rental units, office and
maintenance buildings, or community and recreational facilities. Funds may also
be used for land improvements, parking, landscaping, fencing and appliances. The
loan guarantee provides flexible rates and terms to fit each developer’s
needs. Eligible developments include those designed for low-to-moderate
income families, seniors or farm labor.
“Quality housing
promotes strong families and healthy neighborhoods,” said Harris.
Further details about
eligibility and the application process are available in the Federal Register
online at: http://edocket.access.gpo.gov/2009/pdf/E9-1074.pdf.
USDA Rural Development
invests financial and technical resources in rural communities through housing,
community and business development programs. In Fiscal Year 2008 Rural
Development assisted more than 678,000
For information on how to
become an approved lender or to receive additional information about Rural
Development’s loan-guarantees for rental properties, contact the Rural
Development Area Office nearest you or online at http://www.rurdev.usda.gov/tn.
USDA Rural Development Area
Offices in
Greeneville
423-638-4771 ext
4
800-342-3149 ext
1490
865-523-3338 ext
4
800-342-3149 ext
1491
423-756-2239 ext
2
800-342-3149 ext
1492
931-528-6539 ext
2
800-342-3149 ext
1493
615-783-1359
800-342-3149 ext
1359
Lawrenceburg
931-762-6913 ext
4
800-342-3149 ext
1494
731-668-2091 ext
2
800-342-3149 ext
1495
731-885-6480 ext
4
800-342-3149 ext
1497
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