Who Is Eligible?

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. 

Due to the limited appropriations, funds are not allocated to the states.. States have to compete for funds. 

Loan Amount:

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