Section 515 Rural Rental Housing Loans Program
Section 515 Rural Rental Housing is a USDA rural housing program authorized under Section 515 of the Housing Act of 1949. The Rural Housing Service (RHS) is authorized to make loans to provide rental housing for low- and moderate-income families in rural areas. This program is often targeted towards elderly and/or disabled individuals living in rural areas. HUD defines an elderly person as someone over the age of 62. Families with a disabled member living in the unit may qualify under the disabilities clause. HUD defines very low income as below 50% of the area median income; low income as between 50% and 80% of the area median income; and moderate income as $5,500 above the low-income limit. A rural area is defined by HUD as a community with a population of fewer than 20,000 people. Both non-profit and for-profit homeowners and landlords can apply for financing with HUD. Assistance payments are provided in the form of reduced rate loans (with interest rates between 0%-4%) and rental assistance.
- The Section 811 Disabled Program
- The Section 202 Elderly Program
- The Loan Management Set-Aside (LMSA) Family Program
- The Low Income Housing Preservation and Resident Home Ownership Act (LIHPRHA)
- The Section 8 New Construction/Substantial Rehabilitation Program
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There are a number of sub-programs that fall under Section 8 and it's important to understand the differences among them. See descriptions below to learn about some of these programs.