Established in 1862, the Department of Agriculture serves all Americans through anti-hunger efforts, stewardship of nearly 200 million acres of national forest and rangelands, and through product safety and conservation efforts. The USDA opens markets for American farmers and ranchers and provides food for needy people around the world.
Uses and Use Restrictions
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.
The guarantee may not be made for nursing, special care or industrial type housing.
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.
Occupants must be families or persons with income not in excess of 115 percent of the Median Income at the time of initial occupancy.
Eligible borrowers include: individual partnerships; profit and not-for-profit corporations; limited liability companies; trusts; State and local agencies; and Indian Tribes. This program is excluded from coverage under 2 CFR 200, Subpart E - Cost Principles.
Aplication and Award Process
This program is subject to environmental review pursuant to the National Environmental Policy Act (NEPA) of 1969.
An environmental impact assessment is required for this program.
This program is eligible for coverage under E.O.
12372, 'Intergovernmental Review of Federal Programs.' An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review.
This program is excluded from coverage under 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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.
Rural Development will review all the applications for compliance with the program requirements and issue the Conditional Commitment of Guarantee with conditions. Once the conditions are met the final Contract of Guarantee will be issued.
Contact the headquarters or regional office, as appropriate, for application deadlines.
Housing Act of 1949, as amended, Section 538, Public Law 106-569, 42 U.S.C. 1490p-2.
Range of Approval/Disapproval Time
Decisions on applications will normally be rendered within 60-120 calendar days of receipt of a complete application.
Applicants may appeal adverse decisions in accordance with 7 CFR Part 11, National Appeals Division.
Formula and Matching Requirements
This program has no statutory formula. This program has no matching requirements. MOE requirements are not applicable to this program.
Length and Time Phasing of Assistance
Not applicable. See the following for information on how assistance is awarded/released: The funding takes place as outlined in the Notice of Funding Availability (NOFA) or Notice of Solicitation of Applications (NOSA).
Post Assistance Requirements
No reports are required.
In accordance with the provisions of 2 CFR 200, Subpart F - Audit Requirements, non-Federal entities that expend financial assistance of $750,000 or more in Federal awards will have a single or a program-specific audit conducted for that year. Non-Federal entities that expend less than $750,000 a year in Federal awards are exempt from Federal audit requirements for that year, except as noted in 2 CFR 200.503. As required by the lender and program regulations.
Good business records and any records required by the lender.
(Guaranteed/Insured Loans) FY 16 $186,935,103; FY 17 est $200,000,000; and FY 18 est $230,000,000
Range and Average of Financial Assistance
Regulations, Guidelines, and Literature
The Final Rule, 7 CFR 3565, became effective January 19, 2005. Also available in the Guaranteed Rural Rental Housing Program Origination and Servicing Handbook.
Regional or Local Office
See Regional Agency Offices. Consult your local telephone directory under U.S. Department of Agriculture for Rural Development county or district office numbers or visit the website http://offices.sc.egov.usda.gov/locator/app for a State Office listing.
Director, Multifamily Guaranteed Loan Division 1400 Independence Avenue SW, Washington, District of Columbia 20250 Phone: (202) 720-1604
Criteria for Selecting Proposals
Provided in the Notice of Funding Availability (NOFA) or Notice of Solicitation of Applications (NOSA).