The Rural Rental Assistance Program provides New York State rental subsidies for projects financed with mortgages from the United States Department of Agriculture (USDA) Rural Housing Services (RHS) (formerly Federal Farmers Home Administration) 515 Program. The current contract term is 5 years, provided in annual increments.
Income Population Served
The Rural Rental Assistance Program provides direct rent subsidies to project owners for low-income elderly and family tenants residing in RD financed multifamily projects in rural areas of New York State.
The statute requires that this program operate in conjunction with low-interest mortgage financing provided by the USDA under Title V of the Housing Act of 1949.
Subsidies under the Rural Rental Assistance Program are equal to the difference between 30 percent of the tenant's monthly income and the tenant's monthly housing expenses.
If you have any questions on this matter, please direct them to [email protected].