USDA Rural Development: Delivering Rural Housing Investments

(Washington, D.C., October 16, 2026) - The U.S. Department of Agriculture Rural Development released its fiscal year (FY) 2026 fact sheet for the Multifamily Housing Direct Loan Program, also known as the Section 515 Rural Rental Housing Program.

In FY 2026, USDA Rural Development obligated $34 million through the Section 515 program, supporting 26 rural rental housing properties and nearly 900 affordable rental units. The agency also invested more than $102 million through the Multifamily Preservation and Revitalization (MPR) Program, supporting 39 properties and preserving nearly 4,400 affordable rental units.

Together, these programs preserved more than 5,200 affordable rental units, helping rural families, seniors, individuals with disabilities, and other residents access safe, decent, and affordable housing.

Strategic Management of Section 515 Funding

Beginning in FY 2024, Section 515 funding became no-year funding, allowing appropriated funds to remain available until expended.

USDA Rural Development announced the most recent Section 515 funding opportunity in December 2024, and application reviews continued into FY 2025.

Despite an unexpected federal government shutdown that paused agency operations for several weeks, USDA Rural Development continued delivering critical housing investments.

For the first time, USDA Rural Development evaluated applications through a comprehensive loan committee process. The enhanced review strengthened accountability, improved consistency in funding decisions, and ensured program funds aligned with Administration priorities.

Continuing Rural Housing Investments

In FY 2027, USDA Rural Development expects to make at least $100 million available through a new Section 515 funding opportunity.

USDA Rural Development remains committed to preserving rural rental housing and delivering results for rural communities through strong stewardship and effective program delivery.

USDA Rural Development invests in rural America with programs to promote rural prosperity. These programs expand access to high-speed internet, electricity, and infrastructure, and support economic growth, healthcare, education, housing and other community essentials. Discover more investment details and historical data in the Rural Data Gateway and learn more about the agency at www.rd.usda.gov.

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