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| Rural Rental Housing |
| Loan Program |
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Overview |
Valley Heights II Apartments
Odell, Nebraska
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The Purpose Of The Rural Rental Housing Loan Program Is... To provide financing to eligible applicants and entities for new construction or acquisition with rehabilitation of existing buildings into new rental housing projects. |
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Eligible Applicants Include...Individuals, non-profits, housing authorities, partnerships, and corporations. Applicants must meet the test of credit as well as legal capacity, credit history, and financial and management capacity requirements. |
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Terms And Conditions... |
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The maximum loan term is 30 years with amortization up to 50 years if needed for affordability. |
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Subsidies (Rental Assistance-RA*) are available to lower a tenant's monthly contribution in order to make rent more affordable. |
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Tax credits, trust funds, and other funding can be used as leveraging in addition to funding from RD. Total funding can be up to 102 percent of market value for non-profit borrowers and 95-97 percent for profit borrowers. |
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Tenants must be very-low, low, moderate-income. Income limits can be accessed at: http://www.rurdev.usda.gov/rhs/sfh/sfh_direct_loan_income_limits.htm. |
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Projects are designated elderly or family. |
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Project NEED must be shown. |
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Eligible entities are invited to apply under a Notice of Funding Availability (NOFA) which is announced each year. |
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*With RA, very low and low income tenants pay 30 percent of their annual adjusted income for rent and utilities. |
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View...The detailed Rural Rental Housing Loan Fact Sheet. |
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View...A listing of Multi-Family Housing complexes in Nebraska complete with contact person and unit specific information. |
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The Locate Units for Rent web site provides an online guide to Government assisted rental projects. This site will provide access to detailed information about each of the rental projects and links to other USDA web sites providing a variety of services. |
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The Affordable Housing Rental Database helps renters find affordable housing projects and/or local housing authorities which have been financed by Nebraska Investment Finance Authority, USDA Rural Development, the United States Department of Housing and Urban Development, and the Nebraska Department of Economic Development. |
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The Multi-Family Housing (MFH) Audit Program provides information for independent, public, Federal, state or local government audit organizations in conducting financial statement audits of recipients of Rural Development loans, grants, and loan guarantees. View...Nebraska's Designated Place List-Identifies designated communities for USDA Rural Development rural rental housing new construction applications for Fiscal Year 2008. |
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Locate And Contact...Your nearest USDA Rural Development Office. |
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