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Section 538 Guaranteed Rural Rental Housing Program

  • Listed: February 19, 2019 12:06 pm
  • Expires: 998076 days, 21 hours


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Program Description

The Section 538 GRRHP works with qualified private-sector lenders to provide financing to qualified borrowers to increase the supply of affordable rental housing for low- and moderate-income individuals and families in eligible rural areas and towns. Funds may be used for new construction, rehabilitation and acquisition with rehabilitation of multi-family rental housing. Funding may also be used for buying and improving land, providing necessary infrastructure and hard and soft costs associated with the loan.

Program Requirements

Eligible lenders include lenders who are active in Fannie Mae, Freddie Mac, Ginnie Mae, HUD, Federal Home Loan Bank members, State or local housing finance agencies or other lenders who demonstrate the ability to originate and service multi-family housing loans. To apply for eligibility, lenders must submit documentation to the National Office in Washington DC. Eligible borrowers include most state and local governmental entities, Nonprofit organizations, For-profit organizations, including LLC’s and Federally-recognized Tribes. Rent for individual units is capped at 30% of 115% area median income. Average rent for an entire project (including tenant paid utilities) cannot exceed 30% of 100% of area medium income, adjusted for family size. Complexes must consist of at least five units. Complexes may contain units that are detached, semi-detached, row houses or multi-family structures.

Application Process

Applications are accepted in accordance with the Notice published in the Federal Register https://www.gpo.gov/fdsys/pkg/FR-2017-12-21/pdf/2017-27527.pdf . The application deadline is December 31, 2021. The preferred method for applying is electronically at: http://www.rd.usda.gov/programs-services/multi-family-housing-loan-guarantees . Applications may also be submitted to the State Office in which the property will be located https://www.rd.usda.gov/contact-us/state-offices .

Contact Information

For more information, please visit the Multi-Family Housing Loan Guarantees webpage:https://www.rd.usda.gov/programs-services/multi-family-housing-loan-guarantees To learn more about availability of the GRRHP in your area, please contact your local Rural Development State Office: https://www.rd.usda.gov/contact-us/state-offices


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Listing ID: 6475c6bf11546f45

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