USDA Section 538 Rural Rental Housing

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

Website: http://www.usda.gov/wps/portal/usda/usdahome

Area Contact: Gloria Hawkins (406)657-6297 gloria.hawkins@mt.usda.gov

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.

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