Housing Act of 1949, as amended, Sections 515 and 521, Public Law 102-550, 42 U.S.C. 1485, 1490a. OBJECTIVES: To provide economically designed and constructed rental and cooperative housing and related facilities suited for rural residents. TYPES OF ASSISTANCE: Direct Loans. USES AND USE RESTRICTIONS: Loans can be used to construct, purchase and substantially rehabilitate rental or cooperative housing or to develop manufactured housing projects. Housing as a general rule will consist of multi-units with two or more family units and any appropriately related facilities. Funds may also be used to provide approved recreational and service facilities appropriate for use in connection with the housing and to buy and improve the land on which the buildings are to be located. Loans may not be made for nursing, special care, or institutional-type homes. ELIGIBILITY REQUIREMENTS: Applicant Eligibility: Applicants may be individuals, cooperatives, nonprofit organizations, State or local public agencies, profit corporations, trusts, partnerships, limited partnerships, and be unable to finance the housing either with their own resources or with credit obtained from private sources. However, applicants must be able to assume the obligations of the loan, furnish adequate security, and have sufficient income for repayment. They must also have the ability and intention of maintaining and operating the housing for purposes for which
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