Agriculture Secretary Vilsack Announces Assistance Is Available To Renovate, Purchase and Construct Rural Rental Housing
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Agriculture Secretary Vilsack Announces Assistance Is Available To Renovate, Purchase and Construct Rural Rental Housing

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WASHINGTON, DC – March 1, 2010 – (RealEstateRama) — Agriculture Secretary Tom Vilsack today announced that applications are being accepted to provide affordable rental housing to rural residents through the Guaranteed Rural Rental Housing Program.

“The Obama Administration is committed to providing improved economic opportunities to the residents of rural America, and an important factor is clean, safe, affordable housing,” said Vilsack. “This program helps finance the construction, acquisition and rehabilitation of affordable multi-family rental housing for rural residents and I encourage eligible parties to apply for these funds.”

Through the Guaranteed Rural Rental Housing Program, USDA Rural Development provides loan guarantees for private lenders and public agencies. Funds are not provided to individual renters. Up to $129 million is available for the program for Fiscal Year 2010.

In Fiscal Year 2009 USDA guaranteed loans to buy, build, or renovate more than 4,200 affordable rural rental housing units. For application see the Notice of Funding Availability which can be found in the www.access.gpo.gov/su_docs/fedreg/a100226c.html#Rural%20Housing%20Service. Funding for this program is not provided through the American Recovery and Reinvestment Act.

USDA Rural Development administers and manages more than 40 housing, business, and community infrastructure and facility programs through a network of 6,100 employees located in 500 national, state and local offices. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. Rural Development has an existing portfolio of more than $130 billion in loans and loan guarantees.

Contact:
Weldon Freeman: 202-690-1384
Gail Bennett, Public Affairs Specialist, WV – (304) 284-4875

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