USDA Section 538 Rural Rental Housing
Program Provider: U.S. Department of Agriculture
Street Address: 1629 Ave. D Building A Billings, MT 59102
Phone Number: (406)657-6297 ext 4
Fax Number: (406)657-6294
Area Contact: Gloria Hawkins (406)657-6297 firstname.lastname@example.org
Purpose: This program provides loan guarantees to lenders for financing, construction, acquisition, and rehabilitation of multi-family housing units.
Eligibility: Public entities; For-profit corporations; Non-profit organizations; Tribal Governments; Individuals; Located in rural area, population not to exceed 20,000
Terms / Rates: Maximum 40 year term; Lender / Applicant negotiated rates/fixed rate based on Treasury Rate; Guarantee up to 90%
Other Things To Consider: Tax credits can be combined with this loan at a credit rate of 9%; Good secondary market; Guarantee fee is 1% plus 0.5% annual servicing fee; Application fee of $2,500
Apply: Applications are handled through local offices, for application and additional information please contact the Billings USDA office with the information listed above.