ELIGIBILITY REQUIREMENTS: Applicants must be a farmowner, family farm partnership, family farm corporation, an association of farmers, a broad-based nonprofit organization, a nonprofit organization of farm workers, or tribe who has the ability, experience, legal and financial capacity, and intention to maintain and operate the housing for the purpose for which the loan or grant is made. Tenant occupancy is based on eligible farm labor priorities.

FUND AVAILABILITY: The amount of funds available for off-farm housing projects will be published as an annual Notice of Funds Availability (NOFA) in the Federal Register. Applications will be accepted each year during the funding cycle. Funds for on-farm housing are held in the National Office and will be obligated on a first-come first-served basis.

INTEREST RATE: Farm labor housing loans will be at 1 percent.

TERMS: The loan repayment period will not exceed 33 years.

COLLATERAL: Each loan will be secured to adequately protect the financial interest of the Government. A Labor Housing Grant Agreement or Labor Housing Loan Agreement will be executed along with the mortgage or other security instrument.

FEES: None.

CREDIT REQUIREMENTS: The applicant will contribute at least 10 percent of the total development cost, from its own resources, at the time of a grant closing. Loans may be made in an amount not to exceed the security value.