TeachMeFinance.com - explain Section 524 loans
Section 524 loans The term 'Section 524 loans ' as it applies to the area of agriculture can be defined as ' Land acquisition and development loans authorized under Section 524 of the Housing Act of 1949. Nonprofit organizations and Indian tribes may obtain loans from the Rural Housing Service to purchase and develop land that is to be subdivided into building sites for housing low- and moderate-income families. The loans are made for a 2-year period. Sites financed through Section 524 have no restrictions on the methods by which the homes are financed or constructed. The interest rate on Section 524 site loans is the Treasury cost of funds'.
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