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Washington State
 

 

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Rural Rental Housing

Rural Rental Housing Loans are direct, competitive mortgage loans made to provide affordable multifamily rental housing for very low-, low-, and moderate-income families; the elderly; and persons with disabilities. This is primarily a direct mortgage program, but its funds may also be used to buy and improve land and to provide necessary facilities such as water and waste disposal systems.

Rural Development State Directors use needs criteria to establish a list of targeted communities for which applicants may request loan funds. A list of these communities is published yearly in the Federal Register in the form of a Notice of Funding Availability (NOFA).  The applications are then rated competitively in order to select recipients.Individuals, partnerships, limited partnerships, for-profit corporations, nonprofit organizations, limited equity cooperatives, Native American tribes, and public agencies are eligible to apply. For-profit borrowers must agree to operate on a limited-profit basis (currently 8 percent on initial investment). Borrowers must be unable to obtain credit elsewhere that will allow them to charge rents affordable to low- and moderate-income tenants.

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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For questions, please refer to the "Contact Us" page of this website to select the proper individual. Send comments about the format of this web site to: mailto:philip.eggman@wa.usda.gov
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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