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Fannie Mae Rural Development Rental Housing Program

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Fannie Mae Rural Multifamily Housing Development Program

The Fannie Mae Rural Development Rental Housing Program provides permanent apartment financing options for the acquisition, construction or substantial rehabilitation of rural multifamily properties through the United States Department of Agriculture’s (USDA) RD 538 program. The program is administered by the USDA’s Office of Rural Development (RD).
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Fannie Mae Rural Development Apartment Housing Program Guidelines

Benefits
  • Up to 40 years
  • Up to 90% leverage
  • USDA guaranty mitigates losses
  • Up to 90% leverage
Eligibility
  • Available only through lenders approved by both Fannie Mae and RD
  • Preservation transactions with rent subsidies
  • Rehabilitation requires a minimum of $6,500 per unit
  • Eligible Rural Areas determined by USDA RD
  • RD loan application approved through RD Notice of Funds Availability Process
  • Refinance transactions are not eligible
Loan Term 25-40 years.
Amortization Up to 40 years fully amortizing.
Minimum DSCR 1.15.
Maximum LTV 90% and 97% for public entities.
Affordability Restrictions Project averaged rent capped at 30% of 100% AMI.
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