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Benefit Category: Federal
Rural Development, a mission area under the United States Department of Agriculture (USDA), seeks to increase economic opportunity and improve quality of life in rural America. Through several programs, Rural Development offers financing for safe and affordable housing in rural areas and communities under 35,000 in population. Residents with very low- to moderate- income may qualify for the housing assistance listed below.
Community Facilities Programs provide loans, loan guarantees and grants for essential community facilities including homeless shelters and other facilities serving rural veterans. Funding is available to public entities such as municipalities, counties, and special-purpose districts, as well as to non-profit corporations and tribal governments in rural areas and towns of up to 20,000 in population.
The USDA subsidizes over 15,000 rural multi-family apartment complexes throughout the 50 states, Puerto Rico, the Virgin Islands and Guam. Properties are classified as Elderly or Family and provide unit sizes from studio to 4 bedrooms. The properties are serviced by approved Management Agencies who provide required annual tenant certification processing for their residents.
The USDA also provides project-based Rental Assistance for apartment units. Tenants receiving Rental Assistance pay no more than 30% of their adjusted income for rent. Eligibility is determined by income standards set at the state and county level.
The website to locate a multi-family housing property:
Real estate owned by USDA is available for purchase/lease to qualified applicants. To find a list of Real Estate Owned (REO) properties in Nevada, check with your local USDA Rural Development office or go to the website.
Non-program real estate owned properties are available for lease to a public body or nonprofit organization for transitional housing for the homeless. In lieu of cash rent, the entity is required to maintain the property, pay real estate taxes and maintain property insurance.
Loans are available to help low- to moderate- income individuals or households purchase homes in rural areas. Funds can be used to build, repair, renovate or relocate a home. This financing can be accessed through an approved lender or directly from USDA, depending upon income.
Some borrowers will encounter financial or personal issues that make it difficult or impossible to meet the terms and conditions of a mortgage. In response, USDA provides special servicing activities that are designed to help the borrower become current and succeed in repaying the loan.