A report by the Housing Assistance Council (HAC), titled Rental Housing for a 21st Century Rural America: A Platform for Preservation, aims to inform strategies for the production and preservation of rental properties financed by the United States Department of Agriculture (USDA) Section 515.
The USDA funds over 13,000 rental properties in rural communities, which provide affordable housing to over 415,000 households. USDA’s Section 515 targets rural communities, and funds rental property in every state, reaching 87% of counties across the country.
HAC projects many USDA Section 515 rental properties will be lost in the future due to maturing mortgages and aging of the properties. Because of the very vulnerable population that relies on USDA Section 515 for affordable housing, HAC recommends strategies to preserve this important housing source. These strategies include a thoughtful approach to balancing the interests of key stakeholders in the public-private partnership that is exists with each USDA Section 515 property.