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GUARANTEED RURAL RENTAL HOUSING LOANS
Purpose: To increase the availability of affordable rental housing in rural areas by providing incentives to private lenders
Program Type: Loan Guarantee
Eligible Applicants: Lenders approved by FNMA, FHLMC, FHLB, or HUD; Kentucky Housing Corporation is also eligible as the State Housing Finance Agency
Eligible Areas: Cities and unincorporated areas of 10,000 population or less; in some circumstances cities between 10,000 and 20,000 also qualify (Ineligible Area Maps)
Authorized Purposes: Funds are used to build or purchase and substantially rehabilitate apartment style dwellings
Rates and Terms: Loans must be made at a fixed rate not to exceed the 30-year Treasury Bond Rate by more than 200 basis points; loans must be fully amortizing with a term up to 40 years
When to Apply: Application periods are announced annually in the Federal Register through a Notice of Fund Availability (NOFA)
Who to Contact: Kentucky Rural Development's Multifamily Programs office can be reached at 859/224-7325