The USDA’s Section 515 loan program for affordable multifamily housing has been instrumental in preserving and revitalizing rural properties. The success of the program stems from collaboration of public agencies, such as USDA’s Rural Housing Service and local state housing authorities, with private developers to sustain and upgrade vital housing stock. Recent transactions include properties across Minnesota and the Midwest have leveraged Section 515 loans to rehabilitate and preserve aging rental units. A few notable projects include the rehabilitation of aging multifamily units in greater Minnesota, where Section 515 loans were critical in preserving affordability and modernizing facilities for residents, many of whom are seniors or low-income families. A precedent transaction involving Greystone Affordable Development is a $77.3 million transaction in South Carolina. This project involved the acquisition and rehabilitation of 18 USDA Rural Development Section 515 properties across 15 counties, with a total of 762 units. These properties, which provide affordable housing for low-income residents, underwent significant renovations to improve both the exterior and interior of the buildings. The financing included a combination of USDA Section 515 debt assumption, tax-exempt bonds, LIHTC equity and USDA Section 538 loans. These examples and their success serve as a model for future rural multifamily development projects that rely on Section 515 funding.