USDA Accepting Applications to Fund Rural Rental Housing

Effective today, funding is now available from the USDA in order to preserve and revitalize rural rental housing.

USDA is currently accepting applications for loans and grants to help owners of rural multi-family and farm labor housing make repairs to rental properties financed by USDA Rural Development. This financing, which is provided through a demonstration program, will help owners address the property's immediate physical needs and ensure the property has the capital reserves necessary to address and future needs. Some owners may be allowed to defer loan payments in order for the funds to quickly address all repair needs of the properties.

"Strong rural communities are a key to a stronger rural America, and safe, sanitary housing is a basic need. It is important that we preserve and upgrade existing rural housing units," Tonsager said. "These revitalization funds are available to renew and restore eligible rental housing to ensure that these properties are safe and affordable for tenants for decades to come."

The loans and grants will be provided through the USDA Multi-Family Housing Preservation and Revitalization Demonstration Program. Funds may not be used to build community rooms, offices, or new units unless the new units are needed to meet federal accessibility standards.

USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities.

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