Rural Affordable Housing

Financing the Progress of America’s Rural Affordable Housing Developers

If you are looking to build new subsidized housing, preserve a USDA 515 property or renovate existing subsidized properties in rural communities with a population less than 20,000, Lancaster Pollard has the knowledge and resources to evaluate markets and properties to determine the best available options. The three most effective rural housing funding programs are the USDA Section 515 program, Section 538 program and the Section 515 Revitalization program. As a leading USDA lender, our knowledge of these programs allows us to develop a thorough and professional application package that complies with the agency’s current standards.

About the USDA Loan Programs

The United States Department of Agriculture (USDA) created the Sec. 515 program to provide housing for low-, very low- and moderate-income rural Americans. The program now provides housing for the lowest-income rural Americans, many of whom are elderly or disabled. For existing rural multifamily rental properties that cannot obtain an additional Sec. 515 direct loan, a viable option is the Sec. 515 Revitalization Program. The USDA Sec. 538 Guaranteed Rural Rental Housing Program is used for new construction or to rehabilitate existing rural apartment units for rural residents with low and moderate incomes.

Download and complete the following easy-to-use forms and e-mail to or fax to (614) 224-8805:

Form: Format:
Multifamily Pre-Application Checklist .xls
USDA Section 515 Pre-Application Checklist .xls

To discuss your project’s needs with your housing banker, click here.