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Section 515 Housing Program – All You Need to Know (AHA261C)

Presented By : Paul Flogstad
(*) Single User Price. For multiple users please call 1-800-223-8720
Pre Recorded Audio Conference
60 minutes
  •  Wed, February 10, 2016
Event Description
See the sneak peek before you buy!
 

Get an Understanding on the Types of Projects and Loans Available for Rural Housing

This USDA rural housing program is authorized under Section 515 of the Housing Act of 1949 (42 U.S.C. 1485). The Rural Housing Service (RHS) is permitted to make loans to provide rental housing for moderate- and low-income families in rural areas. Section 515 can also be used for congregate housing for the handicapped and elderly – though it is rarely used for that purpose. Associations, partnerships, public agencies, trusts, individuals and corporations are entitled to loans under the Section 515 program. The loans provided are subsidized with an interest credit subsidy, although the loans are made at market interest rates. The effective rate of the loan is brought to 1% because of the subsidy. Loans are amortized for up to 50 years and have terms of 30 to 50 years depending on when the loan was made.

In rural America, there is a very specific need of much more affordable rental housing. Almost 35% of the rural renters are cost burdened and are paying above 30% of their housing cost income. There are around one million rural renter households that suffer from various housing issues, among them 60% of them pay above 70% of their housing income. Almost 1.9 million people are overburdened by rent and are paying above 30% of income for rent, and there are above 900,000 renters who reside in severely or moderately inadequate housing.

The United States Department of Agriculture and its rural development mission area are the main federal agency responsible for giving assistance to our country’s small farming communities and town. Many of these needed programs are provided by the Rural Housing Service of Rural Development, which includes the Section 515 Multifamily Rural Rental Housing Loans. Learn what types of rental projects can be developed using Section 515 by attending this session by our expert speaker Paul Flogstad.

Session Highlights:

  • Types of projects allowed
  • Types of loans available
  • Rental Assistance available from the Agency
  • Types of rental projects that can be developed using Section 515
  • Types of loans available
  • Loans and Grants that are available
  • Project servicing
  • How to understand what types of projects and what loans are available for them.
  • Understanding of who qualifies whether it be a developer or a tenant
  • Understand the compliance requirements of loan servicing
  • Understanding the compliance requirements for property owners or managers of rental housing

Who should attend?

  • Property Managers
  • Property owners
  • Maintenance Staff
  • Lenders
  • Realtors
  • Developers
About Our Speaker(s)

Paul Flogstad, Public Housing & Compliance ExpertPaul Flogstad
Paul Flogstad, a Certified Occupancy Specialist, Certified Manager of Housing, Certified Manager Of Maintenance, Site Based Budgeting Specialist, Tax Credit Specialist, Blended Occupancy Specialist, Certified Section 515 Specialist, RHM ( Registered Housing Manager) Professional Designation, Certified Instructor fo... More info

 
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    Subject: You might be interested in this event from AudioSolutionz
    Event Title: Section 515 Housing Program – All You Need to Know
    Presenter(s): Paul Flogstad

 
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