Freddie Mac, USDA Pair Up for New Program

Thursday, August 26, 2004 - 1:45AM

A new partnership designed to help maintain existing affordable rental housing units in rural areas has been formed between mortgage lender Freddie Mac and the U.S. Department of Agriculture (USDA), reports GlobeSt.com. The program will assist owners of rental communities to restore and maintain the properties. The site reports that Freddie Mac will acquire $10 million in new loans secured by properties that have USDA Rural Development Section 515 housing mortgages on them.

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