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Multifamily Housing Direct Loans

Open Date:

Closed

Close Date:

Closed

Upcoming Milestones:

Eligible Recipients:

  • Educational Institution
  • General Public
  • Local Government
  • Native/Tribal Entity
  • Private Sector
  • State Government

Program Purpose:

Other Infrastructure

Reserved for Energy
Communities?

No

Funded by:

U.S. Department of Agriculture

Overview

What does this program do?
This program provides competitive financing for affordable multi-family rental housing for low-income, elderly, or disabled individuals and families in eligible rural areas.

Who may apply for this program?
This program assists qualified applicants that cannot obtain commercial credit on terms that will allow them to charge rents that are affordable to low-income tenants.

Qualified applicants include:

  • Individuals, trusts, associations, partnerships, limited partnerships, nonprofit organizations, for-profit corporations and consumer cooperatives
  • Most state and local governmental entities
  • Federally-recognized Tribes
  • Borrowers must have legal authority needed to construct, operate and maintain the proposed facilities and the services proposed

How may funds be used?
Construction, improvement and purchase of multi-family rental housing for low-income families, the elderly and disabled individuals is the primary objective for this program.

Funding may also be available for related activities including:

  • Buying and improving land
  • Providing necessary infrastructure

For a complete list see Code of Federal Regulations, 7 CFR Part 3560.53.

Who may live in the rental housing?

  • Very-low income to moderate-income families or individuals
  • Elderly people aged 62 or older
  • People with disabilities

What kinds of funding are available?

  • Direct, competitive loans

What are the loan terms?

  • Up to 30 year payback period
  • Lowest rate at either the time of loan approval or loan closing will be used

Funding Details

Funding Source:
Funding Type:
Loan
Total Amount Available:
$0
Limit per Applicant:
No limit stated
Estimated Awards:
Not stated

Applicant Guidance

Multi-Family Housing Direct Loans Fact Sheet

More information on the Application Submission Process for Transfers of Ownership can also be found at: https://www.rd.usda.gov/sites/default/files/ApplicationSubmissionProcess10022020.pdf.

Contact Information

Contact your Rural Development State Office, which can be found at: https://www.rd.usda.gov/about-rd/state-offices.

 

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