Multi-Family Housing Programs

Rural Rental Housing

Financing is available to developers/individuals at interest rates of 1% to finance and construct affordable rental properties for a term of 30 years with a 50 year amortization.  Loans can be processed to individuals, trusts, associations, partnerships, limited partnerships, limited liability companies, state or local public agencies, cooperatives, Native American tribes, and profit or non-profit corporations.  For-profit entities who receive 1% subsidies in the form of Interest Credit, must agree to a limited profit of 8% of the initial investment.  Loans to non-profits can finance 102% of the appraised value or development costs, which ever is less. For-profit entities that will utilize Low Income Housing Tax Credits (LIHTC) the loan limit is 95% and without LIHTC's are not used, the loan limit is 97% of the appraised value or development costs, whichever is less. Applications are accepted via an annual NOFA process and funding availability competitive nationwide.

Rental Assistance Program

Tenants living in Rural Development financed properties with Rental Assistance pay no more than 30% of their adjusted income for rent. Rental Assistance is project-based and is retained by the property when the tenant vacates the project.

Farm Labor Housing

This program provides low-interest loans (1% - 33 years) and grants to public or nonprofit entities to finance affordable rental housing for farm workers.  Housing is available to migrant and year-round laborers.  Rental assistance may also be available to tenants of farm labor housing.  These properties do not have to be located in rural areas of Utah.

Rural Rental Housing Guaranteed Loan Program

The loans are originated by conventional lenders and guaranteed by Rural Development.  Guaranteed loans targets the low and moderate income households whose incomes range between 60-115% of the area median income and are market driven.

Housing Preservation Grants

These funds assist very low and low income home owners to repair and rehabilitate dwellings and rental properties.  These grants are available to nonprofits, local  governments, and Native American Tribes.  These funds are leveraged with funds from other sources.

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