Section 515 Rural Rental Housing Loans made by RHS to nonprofit, forprofit, cooperatives and public entities for the construction of rental or cooperative housing in rural areas for families, elderly persons, persons with disabilities or for congregate living facilities. Loans are typically made for a term of 30 years or more and are frequently subsidized to make the units affordable for low- and very low-income persons and households. There are two rental subsidies that are available from RHS: Interest credit–a shallow subsidy that effectively reduces the interest rate to the owner to 1% and thus reduces the rent charged to the residents; Rental Assistance–a deep subsidy that reduces the rent charged to a household, including utilities, to 30% of household income regardless of the amount of the household’s income. These projects may also receive assistance through the Low Income Housing Tax Credit Program, the Project-based Section 8 program or certificates or vouchers. For information about preservation of Rural Rental Housing, see Rural Rental Housing Preservation Statute: 42 U.S.C. § 1485 (Loan authorization)
Regulations
Part 1930, Subpart C (§1930.101 et. seq.) Management
and Supervision of Multiple Family Housing Borrowers and Grant Recipients
¶VI Renting Procedures ¶VII Tenant Income Certification ¶VII Lease Agreements ¶XIV Terminations and Evictions Exhibit E: Rental Assistance Exhibit I: Rural Rental Housing and HUD Section 8 Certificate and Voucher
Programs
Part 1965, Subpart E (§1965.201 et. seq.) Prepayment
and Displacement Prevention of Multi-Family Housing Loans
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