Section
515 Rural Rental Housing Loans
Apartment living is often the alternative for people who cannot
afford the purchase price and maintenance costs of their own individual
house. Rural Rental Housing loans are made to finance building construction
and site development of multi-family living quarters for people
with low, very low, and moderate incomes.
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. Eligible applicants include individuals, trusts,
associations, general partnerships, limited partnerships, profit
and nonprofit corporations. 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 for applicants utilizing
the Low Income Housing Tax Credit Program, or 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 tenants' needs.
Rent charges must be within limits that eligible occupants can afford
to pay. The application deadlines and areas for which these applicants
can be considered is published in the Federal Register annually.
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Section
538 Rural Rental Housing Guaranteed Loan Program
The purpose of the Rural Rental Housing Guaranteed Loan Program
is to increase the supply of affordable rural rental housing, through
the use of loan guarantees that encourage partnerships between Rural
Development, private lenders and public agencies. Rural Development
is not the lender. West Virginia lenders are approved by Rural Development
to participate in this program. Rural Development will issue guarantees
on eligible loans approved by these lenders. The dates for which
applications will be accepted is published in the Federal Register
annually.
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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.
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