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Rural Housing Programs

Rural Development's housing programs are to assist eligible rural residents obtain decent, safe and sanitary housing. Each program area has specific eligibility requirements. The household income is an eligibility requirement in all the programs. Some other eligibility requirements may be a limit on assets, credit requirements, inability to obtain other credit, repayment ability, etc. Income levels are based on the household size and a percentage of the county median income. Rural Development regulations limit the purchase price and loan amounts depending on the county where the home is located. "Rural areas" include open area places with a population less than 20,000 and not located in Metropolitan Statistical Areas.

" " 502 DIRECT LOANS

Rural Development may loan up to 100% of the appraised value to assist eligible very low and low income households purchase, build or rehabilitate a dwelling. Payment assistance is available, if eligible, to reduce the monthly payment. Payment assistance is subject to recapture when the home is sold or the loan is paid in full. Funding for this program is very limited. To assist more applicants, the agency does allow direct loans to be made in conjunction with loans made by other lenders.

" " 502 GUARANTEED LOANS

The Guaranteed Rural Housing program is designed to provide individuals that do not exceed the moderate income level and have sufficient cash flow, but lack a down payment, an opportunity to obtain financing for homes in rural communities. Rural Development is not the lender. Approved Lenders throughout the State of Wyoming make the loans and Rural Development will issue guarantees on eligible loans approved by these lenders.

" " 504 REPAIR LOANS AND GRANTS

Loans are available for very low income rural home owners for repairs to remove health and safety hazards, and to make the home safe and sanitary. Loans are at 1 percent interest with up to 20 years to repay. Grants are only available for repairs that remove health or safety hazards and are made only to very low income elderly home owners, 62 years of age or older.

" " TECHNICAL ASSISTANCE GRANTS

Grants are for self-help housing for public or private nonprofit groups. Applicants must show a need for self-help housing, the professional expertise to supervise a project and a lack of funding to be eligible for this assistance.

" " SECTION 515 RURAL RENTAL HOUSING LOANS

Loans are made in rural areas to provide living units for persons with low and moderate incomes and for those age 62 and older, disabled or handicapped. This program is directed toward rural communities with a population of up to 20,000 people. Eligible applicants include individuals, trusts, associations, general partnerships, limited partnerships, State or local public agencies, profit, and nonprofit corporations. Nonprofit corporations may be organized on a regional or multi-county basis. Loans to nonprofits may be up to 100 percent of the appraised value or development cost, whichever is less.

Financing is limited to 95 percent to applicants utilizing the Low Income Housing Tax Credit program, or is 97 percent if these credits are not sought. Loans are primarily used to build, purchase or repair apartment style housing. The housing must be modest in size, design, and cost, but adequate to meet the tenant's needs. Rent charges must be within limits that eligible occupants can afford to pay.

" " FARM LABOR HOUSING

Farm Labor Housing provides loans and grants to farm workers, family farm organizations, state and local public agencies, and private broad-based organizations or nonprofit organizations of farm workers. The basic objective is to provide decent, safe, and affordable housing for domestic and migrant farm labor located in areas where the need exists.

" " HOUSING PRESERVATION GRANTS

Housing Preservation Grants are provided to nonprofit and governmental organizations to remove health and safety hazards to owner-occupied residences or rental housing for low income individuals. These grants are used along with other funding sources to accomplish the repairs.

For assistance on any of the programs above, contact Alan Brooks, Rural Housing Programs Director, at 307-233-6715 or by E-mail to: alan.brooks@wy.usda.gov

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wywebmaster@wy.usda.gov                                                                                                                  Revised on: February 05, 2008