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Updated over 4 years ago, 07/30/2020
USDA rural development loans
I am looking at an opportunity to build a new 100 unit apartment building in Kentucky. While doing my due diligence I came across a USDA rural development loan. The loan can be used for construction of new apartments. The loan has a 40 year amortization with a fixed rate and only requires 10% down. The catch is the income limits of the prospective tenant can't be more than 30% of 115% of area mean income. Does anyone have any experience with this loan?