- Barry Ramsey, Housing Program Director
- USDA Rural Development
- 2118 West Park Court, Suite A,
- Champaign, IL 61821
- Phone: 217-403-6222
- Fax: 217-403-6231
- Email: email@example.com
- Website: rurdev.usda.gov/il
Purpose of the Program
The purpose of this program is to provide safe, well-built, affordable rental housing for very low, and low income individuals and families through new construction or rehabilitation of rental housing. The program is adaptable for participation by a wide variety of owners. Loans can be made to individuals, trusts, associations, partnerships, limited partnerships, State or local public agencies, consumer cooperatives, and profit or nonprofit corporations.
Who is Eligible
For-profit borrowers must agree to operate on a limited-profit basis (8 percent on initial investment). Borrowers must be unable to obtain credit elsewhere that will allow them to charge rents affordable to low- and moderate-income tenants.
The National Office publishes a Notice of Funds Availability in the Federal Register as soon after the start of the Fiscal Year as possible. Generally, the NOFA should be published around April 1.
Availability of Funds
The maximum loan is defined in the NOFA, currently $1,000,000 per project.
How Funds are to be used
This is a direct mortgage program, but funds may also be used to buy and improve land and to provide necessary related facilities.
Types of Assistance
Year Program was established