The primary purpose of the Rural Housing Service 515 Preservation Revolving Loan Fund Program (RHS 515 PRLF) is to make funds available for the preservation and revitalization of RHS Section 515 multifamily developments.  The funds help to maintain the supply of decent, safe and affordable property for low income households.

Eligible recipients are those who have a RHS section 515 loan for the property being assisted or are a transferee and are unable to preserve and revitalize existing 515 properties to be in compliance with all RHS program requirements.

An RHS Interest rate of 2.0% up to Applicable Federal Rate is available, with the term of the loan not to exceed the remaining term of the RHS section 515 loan.

Applications are accepted on an on-going cycle unless you are also applying for HOME funds or Housing Tax Credits.  A minimum of $2,500 and maximum of $40,000 is available per unit for rehabilitation.  For more specific information, please see the term sheet.

•  RHS 515 PRLF Program Term Sheet
•  RHS 515 PRLF Program Application (Non fillable PDF)