March 25, 2008
PURPOSE
The Rural Rental Housing Direct Loan Program provides loans to families and elderly renters who qualify to help pay for safe, affordable rental housing.
ELIGIBILITY
Individuals
Federally Recognized Indian Tribes
Non-Profit & For-Profit Organizations
FUND USE
New Construction
Substantial rehabilitation of rental housing
RATES
Interest negotiated between lender & borrower
TERMS OF REPAYMENT
Loans up to 30 years with 50-year amortization
MAXIMUM AMOUNTS
Loans up to 100% of market value (Non-Profits); 97% (For-Profit)
RESTRICTIONS
Rural areas, towns, & cities maximum population – 20,000 or less
APPLY TODAY
To get started building your future today, contact your Rural Development State Office fill out a Rental Housing for Family & Elderly Direct Loan Program Application to begin the approval process.
