Rural Affordable Housing

If you are looking to build, preserve a USDA 515 or renovate existing properties in rural communities, defined as 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, Section 538 programs and the Section 515 Revitalization program. In fact, we were among the top USDA 538 lenders* in 2006. As an approved 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 to construct new or rehabilitate existing rural apartment units for rural residents with low and moderate incomes. A major benefit of the USDA program is the ability to access funding with an interest rate that is reduced to the Applicable Federal Rate (AFR), which provides significant incremental funds over other programs.  Click here for the current Applicable Federal Rate.
*According to USDA Data

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

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