WASHINGTON – The U.S. Department of Agriculture will provide nearly $100 million in guaranteed loan funds to build approximately 2,900 rural rental housing units, according to Agriculture Undersecretary Jill Long Thompson.

“We have a moral obligation to ensure that our citizens can access adequate housing,” said Thompson. “It is particularly important that we continue to be the beacon of light for those older Americans and lower-income working families who are struggling to find decent, safe and affordable housing.”

Under the Guaranteed Rural Rental Housing Program, the USDA provides loan guarantees to lenders, who in turn provide loans for the construction of multi-family housing complexes in rural areas. The USDA will guarantee the lender’s loan, up to 90 percent of the total development cost.

“Housing costs in many rural areas remain high, with few options for lower-income residents,” said Thompson. “This partnership effort between USDA, financial institutions and local and state housing authorities will help to ensure that housing remains affordable for many rural Americans.”

Program applications and procedures were published in the Dec. 26 Federal Register. Interested lenders will be allowed to submit applications until Jan. 18 and the third Thursday of each month through Aug. 16 or until funds are exhausted. Further information about the application process and deadlines can be obtained by visiting the USDA Rural Development Web site at: www.rurdev.usda.gov or calling (202) 720-4323. You also may call (207) 990-9110 if you wish to speak to a local USDA Rural Development representative.