Section 538 Rural Rental Housing Guaranteed Loans
Active
- Assistance listing
- 10.438
- Agency
-
Rural Housing Service
Department of Agriculture
- Grant awards
- Not on record
Program facts
- Also known as
- Rural Rental Housing Guaranteed Loans
- Treasury account
-
- 12-0137-0-1-604
- More information
Program details come from SAM.gov Assistance Listings. Updated .
About this program
The Department of Agriculture Rural Housing Service (USDA Rural Development) guarantees loans to qualified private-sector lenders that finance multifamily rental housing construction and rehabilitation in eligible rural areas, CFDA 10.438, with application decisions typically rendered within 60–120 calendar days of a complete submission.
The program expands the supply of affordable rental housing for low- and moderate-income individuals and families in rural communities by channeling capital through partnerships between Rural Development, private lenders, state and local housing finance agencies, and bond insurers. Qualified borrowers work with participating lenders to originate loans; the lender performs underwriting, submits required documentation to Rural Development, and requests a guarantee. Rural Development reviews for program compliance, issues a Conditional Commitment of Guarantee subject to stated conditions, and issues a final Contract Guarantee once conditions are satisfied. The program is subject to environmental review under the National Environmental Policy Act.
The source provides no recent grant award portfolio data, award history, recent grant opportunities, or funding concentration figures. No open solicitations or recent NOFAs or NOSAs are referenced. Without access to award databases or recent funding announcements, the current activity level and typical award magnitudes cannot be assessed from this source alone.
Applicants may appeal adverse decisions under 7 CFR Part 11 through the National Appeals Division. The lender bears responsibility for loan origination, underwriting, and documentation; Rural Development's role is guarantee underwriting and issuance. Specific eligible project types, loan size ranges, borrower qualification thresholds, guarantee percentages, and current funding availability are not detailed in this source material.
Objective and description
- 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. T
- Description
The program works with qualified private-sector lenders to provide financing to qualified borrowers to increase the supply of affordable rental housing for low-and moderate-income individuals and families in eligible rural areas and towns.
Eligibility
- 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.
- Credentials and documentation
Eligible borrowers include: individual partnerships; profit and not-for-profit corporations; limited liability companies; trusts; State and local agencies; and Indian Tribes.
- Uses of assistance
The guarantee will encourage the construction of new or rehabilitation of existing rural rental housing and appropriate related facilities. Housing as a general rule will consist of projects with five or more dwellings.
How to apply
- Preapplication coordination
This program is subject to environmental review pursuant to the National Environmental Policy Act (NEPA) of 1969.
- Application procedure
The lender originates the loan and performs the necessary underwriting and provides the documentation required by the RHS and request for guarantee to the RHS for consideration.
- Criteria for selecting proposals
Provided in the Notice of Funding Availability (NOFA) or Notice of Solicitation of Applications (NOSA)
- Award procedure
Rural Development will review all the applications for compliance with the program requirements and issue the Conditional Commitment of Guarantee to the lender with conditions. Once the conditions are met the final Contract Guarantee will be issued.
- Time to approval or disapproval
Decisions on applications will normally be rendered within 60-120 calendar days of receipt of a complete application.
- Appeals
Applicants may appeal adverse decisions in accordance with 7 CFR Part 11, National Appeals Division.
Quick answers
What is Assistance Listing 10.438?
Assistance Listing 10.438 is Section 538 Rural Rental Housing Guaranteed Loans, a federal grant program run by Rural Housing Service (Department of Agriculture).
What is the CFDA number for Section 538 Rural Rental Housing Guaranteed Loans?
Its CFDA number is 10.438: Assistance Listing numbers were called CFDA numbers before 2018.
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