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USDA's Section 515 Phasing Out: Affordable Homes at Risk

3/16/2026

38 9 Full Breakdown

Summary

Story summary

The USDA Section 515 program, which has supported over 533,000 affordable homes since 1963, is phasing out as loans mature.
By 2050, nearly all Section 515 properties will exit the program, risking conversion to market-rate housing.
Smaller property management companies are more likely to leave, while properties with additional subsidies tend to stay affordable.
Legislation such as the Rural Housing Service Reform Act aims to address this issue.

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Story summary

The USDA Section 515 program, which has supported over 533,000 affordable homes since 1963, is phasing out as loans mature.
By 2050, nearly all Section 515 properties will exit the program, risking conversion to market-rate housing.
Smaller property management companies are more likely to leave, while properties with additional subsidies tend to stay affordable.
Legislation such as the Rural Housing Service Reform Act aims to address this issue.