Some of the highest quality and most affordable rental housing in rural communities was built using the U.S. Department of Agriculture’s Section 515 multifamily housing direct loan program. Since the early 1960s, Section 515 loans have helped develop over 500,000 affordable rural rental housing apartments across the nation. But the supply of this housing resource continues to shrink. Existing USDA Section 515 properties continually leave the portfolio and few, if any, are being replaced. HAC’s analysis estimates that between June 2021 and March 2026, 621 Section 515 properties containing 14,928 affordable apartments left the Section 515 portfolio.
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