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USDA MFH Home Page
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Rental Housing
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Other Information
Description: Who Is Eligible? Due to the limited
appropriations, funds are not allocated to the states.. States have to
compete for funds.
Loan Amount:
Rural Rental Housing
Rural Rental Housing loans provide economically designed housing for very-low,
low, and moderate income families, the elderly, and the handicapped.
Loan Purposes:
Loan funds can be used to:
Loans can be made to individuals, trusts, associations, partnerships, limited
partnerships, state or local public agencies, or profit and non-profit
corporations. Non-profit corporations may be organized on a regional or
multi-county basis.
Other Criteria:
Applications for new construction will only be accepted in designated places
based on need as determined by Rural Development. The list will be
distributed to applicants upon request. The list of designated places can
be found by going to this page.
FY 2009 Allocation
Funds for FY '09 are now available.
The maximum loan for applicants using Low Income Housing Tax Credits (LIHTC) is
limited to 95% of the Total Development Cost (TDC) or appraised value,
whichever is less. For applicants not utilizing LIHTC, the loan will be limited
to no more than 97% of the TDC or security value, whichever is less.
Loan Maturity
Loans are subsidized with an effective interest rate of 1%, with a repayment
period of 30 years, but amortized up to 50 years if necessary. In return
for the 1% effective rate, profit type applicants must agree to limit their
profit to an 8% return on investment.
Where Do You Apply?
A Notice of Funds Availability (NOFA) is announced each year in the Federal
Register. Applications may be obtained by calling the Multi-Family Housing
Division in the Georgia State Office at 706-546-2164. Applications for
funding can be obtained at the following address:
USDA, Rural Development
Multi-Family Housing Division
Stop 307
355 East Hancock Avenue
Athens, Georgia 30601-2768
** New Feature **
If you want to search our database for existing Multi-Family complexes, please go to this site.
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Please send any comments or suggestions to: craig.scroggs@ga.usda.gov
Last Updated : April 03, 2009