CFR > Title 7 - Agriculture > SUBTITLE B—Regulations of the Department of Agriculture > CHAPTER XXXV—RURAL HOUSING SERVICE, DEPARTMENT OF AGRICULTURE (parts 3550 to 3575) > PART 3560—DIRECT MULTI-FAMILY HOUSING LOANS AND GRANTS > SUBPART L—Off-Farm Labor Housing (§3560.551 to §3560.600) > 3560.566—Loan and grant rates and terms.

3560.566—Loan and grant rates and terms.

(a) Amortization period. The loan will be amortized over a period not to exceed 33 years. The amortization schedule will take into account the depreciation of the security and ensure that the loan will be adequately secured.
(b) Interest rate. The effective interest rate will be 1 percent.
(c) Term of grant agreement. The grant agreement will remain in effect for so long as there is a need for farm labor housing.