On March 3, the U.S. Department of Agriculture (USDA) announced the availability of $70 million for Section 515 Rural Rental Housing subsequent loans in FY 2023. USDA issues subsequent loans to complete, improve, repair, or make modifications to multifamily housing initially financed through USDA.

To effectively manage the FY2023 Section 515 appropriation, funding will be available through two application processes:

  1. Applications received by April 30, 2023, will be reviewed for funding, with a priority placed on funding projects with the identified loan purposes described in this announcement.
  2. Applications received after April 30, 2023, outside of the NOSA will be reviewed if funding remains available. 2. The Agency will announce additional Section 515 subsequent loan funding in a Notice of Solicitation of Applications (NOSA) that will be published later this year.

Stakeholder Information Session

The USDA RD MFH Production and Preservation Division will discuss the Section 515 Subsequent Loan program during a Webinar on Thursday, March 23, 2023, from 2:00-3:00 PM ET. Those interested in learning more should pre-register. A confirmation notice will be emailed to registrants.

Click here to register for the Section 515 Subsequent Loan Stakeholder Information Session