The Rural Housing Service has issued a proposed rule that would modify federal regulations under the Section 538 Guaranteed Rural Rental Housing Program to offer guarantees on construction and permanent loans, defined by the rule as “a loan which provides advances during the construction period and remains in place as a permanent loan at the completion of construction.” Under this option, the RHS may provide a single, continuous guarantee on this type of loan for projects that have a “construction contingency reserve” and low loan-to-cost ratio. The Agency will continue to offer the other two types of guarantees currently provided, for permanent loans and construction loan advances. Read More…
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