10.438: Section 538 Rural Rental Housing Guaranteed Loans
Alternate Name: Rural Rental Housing Guaranteed Loans
Overview
Program Number
10.438
Status
Active
Last Modified
Aug. 19, 2022
Date Posted
Aug. 19, 2022
Objective
This program has been designed to increase the supply of affordable multifamily housing in rural areas through partnerships between Rural Development and major lending sources, as well as State and local housing finance agencies and bond insurers. The program provides Federal credit enhancement to encourage private and public lenders to make new loans for affordable rental properties that meet program standards.
Type of Assistance
F - Guaranteed/Insured Loans
Applicant Eligibility
The applicant in this program is the lender. The lender must be approved and currently active with Fannie Mae, Freddie Mac, HUD/FHA insurance programs, Ginnie Mae or be a State or local Housing Finance Agency. A member of the Federal Home Loan Bank System or other lender may be able to participate if they can demonstrate satisfactory experience with multifamily lending.
Beneficiary Eligibility
Occupants must be families or persons with income not in excess of 115 percent of the Median Income at the time of initial occupancy.
Additional Information
Grant Awards
Section 538 Rural Rental Housing Guaranteed Loans direct grants
Grant Opportunities