Ginnie Mae has announced that Section 538 guaranteed loans under the U.S. Department of Agriculture's Rural Development Multifamily Housing Program are now eligible as collateral for Ginnie's multifamily securities.Section 538 loans are used to "revitalize" Section 515 multifamily loans, which are aimed at providing housing for persons in designated rural areas who have low or moderate incomes, Ginnie Mae said. "This product will complement Ginnie Mae's existing multifamily securitization products and will enhance the availability of multifamily housing for low- and moderate-income families in rural areas," the agency said. Ginnie Mae can be found online at http://www.ginniemae.gov.
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