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Single-Housing Program 
Rural Housing Site Loans

PROGRAM DESCRIPTION: Rural Development makes loans to finance building sites, which may be developed into desirable residential communities.

TYPE OF ASSISTANCE: Section 524 site loans may be made in conjunction with Section 523 Self-Help Loans.

ELIGIBILITY REQUIREMENTS: Loans can be made to public or private local non-profit organizations with legal authority to buy, develop, and sell home sites to eligible applicants.

FUND AVAILABILITY: Funding is held at the National level and the State Office must request an allocation for each loan.

INTEREST RATE: Section 523 loans have a 3% interest rate. Section 524 loans are based upon market conditions.

TERMS: Two years.

COLLATERAL: Each loan will be adequately secured to protect the interest of the Government.

FEES: None.

CREDIT REQUIREMENTS: No down payment required.  Applicants should have resources available to put together the application, which among other documents will require a site plan.

CONTACT: Applications are made at Rural Development Local Offices.

 

 

Send mail to adam.czech@mn.usda.gov with questions or comments about this web site.
Last modified: April 15, 2005