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Section 515 Direct Loans
- Loans made by USDA Rural Development
to build or repair elderly or family
apartment style housing in rural areas for very-low, low and moderate
income residents. Up to 102 percent of the appraised value or
development costs, whichever is less, can be borrowed by non-profits and up to
97 percent can be borrowed by limited profits.
Section 521 Rental Assistance - Tenant
subsidy that provides assistance for very-low and low-income residents of
Section 515 Rural Rental Housing apartments. Tenants are required to pay
30 percent of their adjusted monthly income for shelter costs. Rental
subsidy can also be provided for Section 514 Labor Housing residents in some
Section 538 Guaranteed Loans
- Loans made by mortgage lenders and guaranteed by USDA
Rural Development covering up to 90 percent of development cost of apartment style housing
in rural areas. Guaranteed housing residents' income can be up to 115
percent of median income.
Section 533 Housing Preservation Grants - Grants made by USDA Rural Development to not-for-profit entities to
operate a program which finances repair and rehabilitation activities to individual
housing and rental properties for very-low and low-income property owners.
Section 514 and 516 Farm Labor Housing Loans and Grants - Loans and Grants made by USDA Rural Development to public
bodies, not-for-profit entities or individuals to finance living units for domestic
seasonal or year-round resident farm labor.
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