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Guaranteed Rental Housing

USDA Rural Development guarantees loans under the Rural Rental Housing Guaranteed loan program for development of multi-family housing facilities in rural areas of the United States. Loan guarantees are provided for the construction, acquisition, or rehabilitation of rural multi-family housing. The program is limited to rural areas. Generally, communities are eligible if they have populations of not more than 10,000, nor more than 20,000 if there is a serious lack of mortgage credit.

The program has been designed to increase the supply of affordable multifamily housing through partnerships between USDA Rural Development and major lending sources , as well as State and local finance agencies and bond issuers. Eligible lenders are those currently approved and considered eligible by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, the Federal Home Loan Bank members, or the Department of Housing and Urban Development for guaranteed programs supporting multifamily housing. State Housing Finance Agencies may also be considered eligible lenders. Other lenders have the opportunity to enter into a correspondent bank relationship with approved lenders in order to participate in the program.

Occupants must be very- low-, low- or moderate-income households, elderly, handicapped, or disabled persons with income not in excess of 115 percent of the area median income. Very low income is defined as below 50 percent of the area median income (AMI); low income is between 50 and 80 percent of AMI; moderate income is capped at $5,500 above the low-income limit. The average rent of all units is 30 percent of 100 percent of the median income of the surrounding area (adjusted for family size).

An applicant must be a citizen of the United States or a legally admitted alien for permanent residence in the United States; a nonprofit organization such as a local government, community development group or American Indian tribe, band, group, or nation (including Alaskan Indians, Aleuts, Eskimos, and any Alaskan native village); or a for-profit corporation.

USDA Rural Development Specialists will be glad to discuss services available from the Agency and explain application procedures. Click here for the Rural Development Specialist closest to you.

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USDA Rural Development is an Equal Opportunity Lender, Provider and Employer.

Complaints of Discrimination should be sent to:

USDA, Director, Office of Civil Rights, Washington D.C. 20250-9410

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 Last modified: February 16, 2006