Tuesday, Jul 12 2011 4:04PM
USDA will provide loans to revitalize existing rural housing units.
U.S. Department of Agriculture (USDA) Secretary Tom Vilsack recently announced the availability for government funds to help repair many rural affordable housing units in need of renovation which are financed through USDA Rural Development.
While the Multi-Family Housing Revitalization Demonstration Program will not create any new housing units, the funding should improve the conditions at current affordable housing facilities without increasing rent for low-income residents. Higher rents could have forced tenants to be displaced.
"A top priority of the Obama Administration is to ensure that rural Americans have access to decent, safe and affordable housing," Vilsack said. "Funding from this program will improve conditions of multi-family housing complexes without increasing rent for low-income residents."
Grant money can be used in a variety of ways, according to USDA, such as correcting health and safety violations found at the facilities. Grantees may also receive long-term loans with little or no interest rates to fund needed improvements.
Applications for Multi-Family Housing revitalization loans and grants will be due August 22.