USDA Section 538 Guaranteed Rural Rental Housing program
USDA Section 538 Guaranteed Rural Rental Housing program provides funding for new construction, rehab, and acquisition of multifamily rental housing, as well as buying land, infrastructure, hard and soft loan costs. Average rent must be no more than 30% of 100% AMI, and complexes must have at least 5 units. Funds flow through Fannie/Freddie/HUD/FHLB, state finance agencies, or other qualified lenders.
$$, finding a qualified fiscal agent in a local area could require significant time investment; application process for residents will be a bit more complicated than traditional mortgages, thus adding additional time as well.
Affordable Housing, Collaboration / Partnerships, Government, New Development, Ownership, Redevelopment, Rentals
Affordable Housing, Limited Funding
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