Recently, Trina George, Mississippi State Director for USDA Rural Development participated in the Rosedale Estates open house. The Open House commemorated the completion of a new 24 unit apartment complex in Rosedale, Miss., that received funding from USDA. The apartment complex received two loans through the Rural Housing Direct Loan Program. The most recent loan was finalized two years ago.
USDA’s Multi-Family Housing Program offers loans to provide affordable rental housing for limited income families; the elderly; and persons with disabilities. This is primarily a direct mortgage program, but funds may also be used to buy and improve land and to provide necessary facilities such as water and waste disposal systems. Loans can be made to individuals, trusts, associations, partnerships, limited partnerships, State or local public agencies, consumer cooperatives, and profit or nonprofit corporations.
“A top priority of USDA Rural Development is to ensure that rural Americans have access to decent, safe and affordable housing,” George said. “Funding from this program will improve living conditions without increasing rent for low-income residents.” In addition to funds from USDA Rural Development, Rosedale Estates leveraged tax credits and private sector funding, including owner equity.
To find out more about USDA’s housing programs click here.