Rural Housing Preservation Associates, LLC Expertise
Rural Housing Preservation Associates, LLC uses its broad and deep experience to leverage the United State Department of Agriculture (USDA) subsidy programs offered for the development of rural rental housing for low-income families and seniors. Such programs allow RHPA to acquire and rehabilitate rural affordable housing units. These real estate transactions have many unique challenges that can be met via the combined expertise of RHPA and Leon N. Weiner and Associates, Inc.
The USDA utilizes needs criteria to establish a list of targeted communities for which applicants may request loan funds from USDA subsidy programs for the development of rural rental housing for low-income families and seniors. A list of the targeted communities is published annually in the Federal Register in the form of a Notice of Funding Availability (NOFA). The applications are then rated competitively, in order to select recipients.
USDA Rural Rental Housing Loans are direct, competitive mortgage loans made to provide affordable multifamily rental housing for very low-, low-, and moderate-income families; the elderly; and persons with disabilities. This is primarily a direct mortgage program, but its funds may also be used to buy and improve land and to provide necessary facilities such as water and waste disposal systems.