USDA has $150M for rural rental housing rehab, construction

Written by  //  May 29, 2013  //  In-Brief  //  No comments

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USDA Secretary Tom Vilsack (Credit: Wikipedia.org)

USDA Secretary Tom Vilsack (Credit: Wikipedia.org)

The U.S. Department of Agriculture is taking applications from lenders for loan guarantees to finance rural rental housing tapping into a $150 million fund available for this program, agency Secretary Tom Vilsack said Tuesday.

“USDA’s housing programs are an important part of the Obama Administration’s policies for strengthening the rural economy,” Vilsack said. “They make a real difference in the lives of thousands of rural Americans nationwide. As the President said in his radio address recently: our economy and our housing market are poised for progress — but we could do so much more if we work together. Revitalizing rural rental housing helps create construction jobs, while maintaining safe and stable rural communities.”

José Otero-García, Rural Development State Director for Puerto Rico, said the agency is seeking proposals from lenders for loans under the Guaranteed Rural Rental Housing Program. Approved applications from prior years’ notices will be the first to receive funding.

Loan guarantees are available to construct, acquire and rehabilitate affordable rural rental housing. The agency will review responses submitted by eligible lenders, on the lender’s letterhead, and signed by both the prospective borrower and lender.  Although a complete application is not required in response to this notice, eligible lenders may submit a complete application concurrently with a response.

The deadline for submitting applications is Dec. 31, 2013. For more information, see page 30854 of the May 23, 2013 Federal Register, or click here.

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