The Rural Housing Service (RHS) of the Department of Agriculture announced updates to the competitive process for lenders submitting applications for the Section 538 Guaranteed Rural Rental Housing Program (GRRHP). The updates include new scoring criteria focusing on priorities like maturing mortgages and Qualified Contract waivers, adjustments in scoring points, and changes to the application process such as requiring lenders to include closing dates and details about commercial spaces. Applications are being accepted continuously, and funding will depend on allocations provided by the Appropriations Act each fiscal year. The goal of the GRRHP is to increase affordable rental housing in rural areas by supporting partnerships between private lenders and public agencies.
Simple Explanation
The government wants to help people build more affordable homes in the countryside by changing how banks can apply to get support for these projects. They have made some new rules that tell the banks what information they need to give and how projects can earn extra points, but it’s a bit complicated, so having a simple guide might help everyone understand better.