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TeachMeFinance.com - explain Section 515 loans Section 515 loans The term 'Section 515 loans ' as it applies to the area of agriculture can be defined as ' A USDA rural housing program authorized under Section 515 of the Housing Act of 1949. The Rural Housing Service is authorized to make loans to provide rental housing for low- and moderate-income families in rural areas. Section 515 loans also may be used for congregate housing for the elderly and handicapped. Loans under Section 515 are made to individuals, corporations, associations, trusts, partnerships, or public agencies. The loans are made at 1% interest for a term of 50 years. Except for public agencies, all borrowers must demonstrate that financial assistance from other sources will not enable the borrower to provide the housing at terms that are affordable to the target population'. Previous 5 Terms: Section 404 Section 416 Section 502 loans Section 504 loans and grants Section 514 loans Next 5 Terms: Section 516 grants Section 521 rental assistance Section 523 loans Section 524 loans Section 533 grants About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005-2011 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.