The National Rural Housing Coalition and our members work to increase access to affordable rental housing in rural America. We strongly support the Section 515 Rural Rental Housing program as a model for addressing rental housing needs for our most vulnerable residents — low-income families, the elderly, and persons with disabilities.
Section 515 is the principal source of financing for rental housing in rural communities. Today, more than 500,000 of America’s most vulnerable families live in housing financed by Section 515. Under the program, housing developers−mostly for-profit entities−compete for 30-year loans at a 1 percent interest rate for the acquisition, rehabilitation or construction of rental housing and related facilities. Section 515 housing is often the only affordable rental housing in rural communities.