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                         Hustonville Elderly Apartments                    Royal Manor Apartments
                                       in Hustonville, KY                                       in Columbia, KY

RURAL RENTAL HOUSING LOANS

Purpose:  To increase the availability of affordable rental housing in rural areas 

Program Type:  Loan 

Eligible Applicants:  Individuals, partnerships, profit and nonprofit corporations who have the ability and experience to manage multifamily housing 

Eligible Areas: Designated communities located in rural areas (Current List of Designated Places)

Authorized Purposes:  Funds are used to build or purchase and substantially rehabilitate apartment style dwellings 

Rates and Terms:  Loans carry a one percent interest amortized for fifty years; the term of the loan is set at 30 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 Housing office can be reached at 859/224-7325