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USDA program to benefit rural renters

March 5, 2010 - Individuals who are seeking rental homes or apartments in rural areas may be able to receive financial assistance through a new initiative from the United States Department of Agriculture (USDA).

The Advocate-Messenger reports that the department's Rural Development sector is currently accepting applications for the Guaranteed Rural Rental Housing Program, which will provide financial assistance to residents of sparsely populated areas.

Under the program, the USDA Rural Development sector will provide loan guarantees for private lenders and public agencies to give to families and elderly and disabled residents. This year, the department will provide up to $129 million to help these individuals cover rental expenses.

To qualify for the program, the total household earnings of these tenants and families must not exceed 115 percent of the area's median annual income. In addition, the areas in which they live must have a population of 20,000 residents or less, according to the initiative's website.

While there is no limit to the amount of financial assistance these potential borrowers can receive, qualified individuals should bear in mind that their repayment term must be between 25 and 40 years.

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