A successful USDA program that has supported more than 533,000 affordable rental homes in rural America is getting phased out
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The Bottom Line
A USDA program supporting 533,000 affordable rural rental homes is being phased out.
How This Affects You
Approximately 750,000 low-income Americans in these homes could face market-rate rents as loans mature, potentially losing affordable housing.
AI Summary
The USDA's Section 515 program, which has supported over 533,000 affordable rental homes in rural communities since 1963, is being phased out. The USDA stopped issuing new Section 515 loans in 2011, and existing loans are now maturing. By 2045, loans for approximately 90% of all remaining Section 515 homes will mature, with nearly all properties exiting the program by 2050. Once loans mature, property owners are no longer obligated to keep rents affordable, potentially converting units to market rates and impacting the approximately 750,000 low-income Americans currently residing in these homes. Research indicates that properties owned by for-profit companies are significantly more likely to leave the program than those owned by nonprofit housing organizations.
What's Being Done
The USDA's Section 515 program is being phased out.
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