USDA Feasibility Study Requirements by Program: B&I, Community Facilities, REAP, FIELDS, and Section 538 in One Table

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  New agricultural processing plant under construction with silos and cranes

One agency, five programs, five different answers to the same question. Here is when each USDA Rural Development program requires a feasibility study, who is allowed to write it, what it has to contain, and where the money actually sits in fiscal 2026, drawn from the regulations and notices themselves rather than from what circulates about them.

Ask a rural lender whether USDA requires a feasibility study and the honest answer is a question back: for which program? USDA Rural Development runs its guaranteed business, community facility, energy and housing programs under three separate regulations and one notice-driven grant, and each draws the line in a different place. The Business and Industry program makes a study mandatory above a dollar threshold for new businesses. Community Facilities splits the requirement into two tiers of financial feasibility report and reserves the full study for the largest new entities. The Rural Energy for America Program leaves it to the Agency's discretion and has suspended its grant stream entirely. The FIELDS fertilizer grant makes a study mandatory for every applicant regardless of size. Section 538, the rural rental housing guarantee, does not use the word at all and instead asks the lender to certify a market-based coverage ratio.

What the five programs share is a single definition. Under 7 CFR 5001.3, the OneRD guaranteed loan regulation that has governed B&I, Community Facilities guaranteed, Water and Waste Disposal guaranteed and REAP guaranteed applications since October 1, 2020, a feasibility study "means a report including an opinion or finding conducted by an independent qualified consultant(s) evaluating the economic, market, technical, financial, and management feasibility of the proposed project or operation in terms of its expectation for success as outlined in appendix A to subpart D of this part." The same section defines the author: "Qualified consultant(s) means an independent third-party person possessing the knowledge, expertise, and experience to perform the specific task required." Note what the definition does not say. There is no license, no credential, and no defined term "independent qualified consultant," even though that phrase appears in the operative sections. Independence and qualification are for the Agency to judge, application by application.

The table below is the matrix. The sections that follow give the regulatory text behind each row.

Program	Regulation	Is a feasibility study mandatory?	Trigger	Who prepares it	Required content
Business and Industry guaranteed loans	7 CFR 5001.306	Yes, for loans over $1,000,000 to a new business; discretionary otherwise	Insufficient lender analysis, or significant impact on an existing business's operations and historic cash flow	"Independent qualified consultant acceptable to the Agency"; scope set by the Agency	Five components per Appendix A to Subpart D
Community Facilities guaranteed loans	7 CFR 5001.304	Financial feasibility report for every applicant; full feasibility study for loans over $1,000,000 to a new entity or new activity; discretionary otherwise	Loan size, collateral, borrower history; lender analysis insufficient	Financial feasibility analysis by "a qualified firm or individual who may be the lender"; examination-opinion study under AICPA attestation standards; feasibility study by independent qualified consultant	Appendix B (financial feasibility reports); Appendix A for a full study
Community Facilities direct loans and grants	7 CFR 1942.17(h)	Financial feasibility report for all applicants; independent report in defined cases	Project significantly affects applicant finances and depends on facility revenue, or Rural Development requests it	"Qualified firm or individual"; independent preparer "not having a direct interest in the management or construction of the facility" where required	Economic feasibility test of revenues against operation, maintenance, reserve and debt; RD guides 5 through 10
REAP guaranteed loans	7 CFR 5001.307(d)	Discretionary, RES projects only	"When deemed necessary by the lender or Agency"	Independent qualified consultant per 5001.3	Appendix A; technical report separately required
REAP grants	7 CFR 4280.116(b)	Discretionary, RES projects only; grant awards suspended since March 31, 2026	Project scope relative to operations; technical report insufficient; feedstock or off-take uncertainty	"Qualified and independent third party"	Appendix D to Subpart B; technical report mandatory for every application
FIELDS fertilizer grants	FY2026 NOFO and Feasibility Study Guidelines (June 30, 2026)	Yes, for every applicant	Submission with the application	A consultant who signs the recommendation and attaches a résumé	Seven elements: executive summary, five feasibility components, recommendation, plus author qualifications
Section 538 rural rental housing guarantees	7 CFR 3565.302, 3565.303, 3565.213	No feasibility study as such; lender certifies market-based coverage	Conditional commitment	The lender, drawing on "current market conditions and comparable properties in the project's market area"	Debt service coverage of at least 1.15; Agency market-vacancy veto at 15 percent

Business and Industry: the one bright-line rule

The B&I program is the only place in USDA's business lending where the study is triggered by a number. Section 5001.306 sets out three tiers.

"For guaranteed loans greater than $1,000,000.00 to a new business, a feasibility study prepared by an independent qualified consultant acceptable to the Agency is required. The scope of the feasibility study will be determined by the Agency and is dependent on the complexity of the project and the borrower."

"For loans of $1,000,000.00 or less to new and existing businesses, the Agency may require a feasibility study when the lender's analysis or other borrower information is not sufficient to determine the technical feasibility or economic viability of the project, or if the project will significantly affect the operations of a borrower who is an existing business and its historic cash flow."

The third tier is technical: a technical report is required for renewable energy systems and "for projects utilizing other integrated processing equipment and systems," and it "can be provided in the technical feasibility section of a feasibility study or in a separate technical report."

Two definitions decide who falls under the first tier. A "new business" under 5001.3 is "a business that has been in operation for less than one full year and a business that has been in operation for at least one full year and has not achieved full operational capacity or stable operations," and the definition reaches "a new enterprise or new affiliate of an existing business moving or expanding into a new location involving new market or labor areas." An established manufacturer opening a plant in a new labor market is, for feasibility purposes, a new business. And the $1 million threshold applies to the guaranteed loan amount, not to project cost, which is why a $6 million project with $4 million of equity and a $2 million guaranteed loan sits squarely inside the mandatory tier.

The general provision at 5001.303 adds the discretionary backstop that applies across all four OneRD programs: "If the Agency is unable to determine a basis for successful repayment of a guaranteed loan based on the documentation and analysis of the five feasibility study components provided in the lender's analysis, borrower's business plan, or other project information, or if the proposed project will have significant impacts on existing operations, the Agency may require an independent feasibility study." The elements "should be prepared by a qualified, independent third party."

The commercial terms around the study changed in 2026. On March 27, 2026, USDA raised the B&I guarantee from 80 percent to 85 percent for projects under $5 million; loans of $5 million and above carry an 80 percent guarantee. The initial guarantee fee is 3 percent of the guaranteed amount, with a 1 percent reduced fee for qualifying projects, and the annual retention fee is 0.55 percent of the guaranteed outstanding balance. Terms may run to 40 years, loans generally to $25 million, and applications are accepted from lenders on a continuous October 1 to September 30 cycle. The President's fiscal 2026 budget carried a B&I program level of $1.66 billion.

Community Facilities: two tiers of report, one threshold for a study

Community Facilities is where the vocabulary matters most, because the regulation distinguishes a "financial feasibility report" from a "feasibility study," and most applicants need only the former.

For guaranteed CF loans, 7 CFR 5001.304 requires that "a lender seeking a loan guarantee for a CF project must submit a financial feasibility report prepared by a qualified firm or individual acceptable to the Agency." The type of report "will depend upon the size of the guaranteed loan, the collateral securing the guaranteed loan, and the financial history of the borrower," and there are two types.

The lighter one is the financial feasibility analysis, which "will be prepared by a qualified firm or individual who may be the lender." It applies to "guaranteed loans of $25 million or less to existing community facilities," to loans "secured by a general obligation bond, or other tax supported income sufficient to pay the debt service for the life of the loan," and to "borrowers with audited financial statements, if the last three years indicate the ability to pay all existing and new debt service." The regulation adds that "the lender's credit evaluation may serve as the financial feasibility analysis provided it includes the items outlined in appendix B to subpart D."

The heavier one is the financial feasibility study with examination opinion. It "must be prepared in accordance with the standards of attestation of the American Institute of Certified Public Accountants, and the preparer must have the requisite professional liability insurance in place," and it "will be required for all guaranteed loans that do not meet the requirements for a financial feasibility analysis." In practice that means new facilities, loans above $25 million, and borrowers without three clean audited years.

Above both tiers sits the full study. The CF section carries the same $1 million rule as B&I, worded for its own borrowers: "For guaranteed loans greater than $1,000,000.00 to a new entity or an entity conducting a new activity, a feasibility study prepared by an independent qualified consultant acceptable to the Agency is required." For loans of $1 million or less the Agency "may require" one on the same insufficiency and impact grounds.

Two CF-specific rules shape the numbers inside those reports. "Financial projections for projects that are assisted living facilities, skilled nursing facilities, or similar types of eligible residential facilities must be based on no more than 90 percent occupancy." And "utility projects dependent on user fees for debt repayment shall base their income and expense forecast on user estimates supported by either a State statute or local ordinance requiring mandatory hookup or signed and enforceable user agreements." The regulation also reaches through the facility to its tenant: "If the primary use of the essential community facility is by a business and the success or failure of the facility is dependent on that business, then the economic viability of that business must also be assessed."

The direct CF program, still governed by a 1985 regulation at 7 CFR 1942.17, uses older language to the same effect. "All applicants will be expected to provide a financial feasibility report prepared by a qualified firm or individual." Those reports "will normally be" part of the preliminary engineering or architectural report, or "prepared by a qualified firm or individual not having a direct interest in the management or construction of the facility" when "the project will significantly affect the applicant's financial operations and is not a utility-type facility but is dependent on revenues from the facility to repay the loan," or when "it is specifically requested by Rural Development." The economic test is stated plainly: every project "must be based on taxes, assessments, revenues, fees, or other satisfactory sources of revenues in an amount sufficient to provide for facility operation and maintenance, a reasonable reserve, and debt payment."

The money behind the program moved in fiscal 2026. The Community Facilities direct loan level was set at $1.25 billion, down from $2.8 billion in each of fiscal 2023 through 2025, while the guaranteed loan level held at $650 million.

REAP: a discretionary study, a mandatory technical report, and a suspended grant

REAP is two programs wearing one name, and they treat feasibility differently.

The guaranteed loan track runs under Part 5001. Its feasibility clause, 5001.307(d), is the most permissive in the regulation: "For RES projects only, when deemed necessary by the lender or Agency, an analysis conducted in conformance with the definition of feasibility study found in § 5001.3 and with applicable content in appendix A to subpart D of this part." No dollar threshold, no new-business rule, and no application at all to energy efficiency improvements.

The grant track runs under 7 CFR 4280 Subpart B, and its feasibility clause at 4280.116(b) reads the same way: "For RES Projects only, the Agency may require a feasibility study based on the scope of the project to the applicant's overall operations, including new facilities with significant impacts on an existing operation, or when the application information or technical report does not provide sufficient documentation and analysis of the project's engineering, technical, financial, or market feasibility, or the economic viability of the project including any feedstock or off-take agreements." The study "should be prepared by a qualified and independent third party."

What REAP does require of everyone is a technical report. Section 4280.119 states that "each application must contain a technical report," and the program scores it for technical merit. The $200,000 figure that circulates as a feasibility trigger is nothing of the kind; it is the boundary between REAP's application tiers, with a full application above $200,000 in total project cost, a simplified one between $80,000 and $200,000, and a further simplified one at $80,000 or less. Under 4280.117, "the technical report can also be provided in the technical feasibility section of the feasibility study, when required, instead of completing a separate technical report."

For the grant stream, all of this is theoretical in fiscal 2026. On March 31, 2026, the Rural Business-Cooperative Service announced that it intends to rewrite 7 CFR 4280 Subpart B to comply with Executive Order 14315 and that "the Rural Energy for America Program will not be making further grant awards until the new regulations are in effect." The announcement applies to "any applicant that does not possess a fully executed Financial Assistance Agreement," and previous applicants "will have the opportunity to reapply" under a new notice once the regulation is final. The October 2024 funding notice covering fiscal 2025 through 2027 was rescinded in April 2026. USDA's program page now reads: "The Agency is not accepting REAP grant applications at this time. Guaranteed loan applications may be submitted." The feasibility rules that matter for REAP in 2026, then, are the Part 5001 rules for the loan track.

FIELDS: mandatory for every applicant, with a longer factor list

The Fertilizer Investment and Expansion for Long-term Domestic Supply program is not in the Code of Federal Regulations. It runs on section 5(b) of the Commodity Credit Corporation Charter Act and on a Notice of Funding Opportunity, and its fiscal 2026 round opened July 1, 2026 and closed August 17, 2026, with at least $500 million available, awards from $15 million to $150 million, a cost-share requirement, and priority for projects "in advanced stages of development, technically feasible, financially viable, and supported by other confirmed funding sources."

Its feasibility rule is the simplest of the five, and the strictest. The program's Feasibility Study Guidelines, issued June 30, 2026, open with one sentence: "A feasibility study must be submitted with your FIELDS application." There is no size threshold and no new-business qualifier. The guidelines then set out "seven essential feasibility study elements": an executive summary; economic, market, technical, financial and management feasibility; a recommendation, which must "conclude with an opinion and recommendation presented by the consultant"; and references, meaning "a resume or statement of qualifications of the author of the feasibility study, including prior experience."

The five components track Appendix A of Part 5001 line for line and then add factors specific to a fertilizer plant. Under economic feasibility the guidelines ask for "changes in supply chain (bottlenecks)," "resistance to economic, health, information technology (IT), and other shocks," and the project's impact on suppliers, customers and agricultural producers. Under market feasibility they add "pricing," "distribution channels" and "discussions on market share." Under technical feasibility they add "water, electricity, and other utilities," "waste disposal" and "water quality management." Under financial feasibility they add "use of FIELDS grant funds" and "other secured sources of funding." A study written to the loan-program template will not, on its own, meet the grant's list.

Section 538: no study by name, a market certification instead

The rural rental housing guarantee under 7 CFR Part 3565 never asks for a feasibility study. It asks the lender to prove the market and stake its certification on it.

Section 3565.302 lists among the program's fees a "site assessment and market analysis or preliminary feasibility fee," described as "a fee for review of an application for a determination of preliminary feasibility." Section 3565.303 lets the lender request "a preliminary feasibility review by the Agency" during initial processing, and then sets the condition for a conditional commitment: the lender must certify "compliance with the section 538 program's debt service coverage ratio requirement of at least 1.15, based on the lender's analysis of current market conditions and comparable properties in the project's market area."

The Agency holds a veto that no other program has. Under 3565.213, "if any of the Agency guaranteed loans in the market are experiencing vacancy rates in excess of 15% and the vacancy is due to market conditions, the Agency will invoke this provision and not guarantee the loan." A market study that documents comparable-property occupancy in the market area is therefore the substance of the 538 certification, whatever it is called on the cover. The program level has been held at $400 million a year from fiscal 2023 through 2026, applications have been accepted on a continuous basis since December 20, 2024, and the guarantee fees run 0.60 to 0.65 percent up front and 0.25 to 0.35 percent a year.

The 37 factors behind the five components

The five components named in the 5001.3 definition are not left to the consultant's imagination. Appendix A to Subpart D of Part 5001, titled "Feasibility Study Components," enumerates the factors under each. The appendix was published in the Federal Register as graphics rather than searchable text, which is one reason it is quoted less often than the definition that points to it. The same table is codified in text form as Appendix D to Subpart B of Part 4280 for the REAP grant program, and the FIELDS guidelines reproduce it with additions. The Part 4280 text is set out below.

Component	What the regulation says it is	Factors to consider
Economic	"Cost benefit analysis."	Minimum amount of inputs (labor, infrastructure, utilities, renewable resources, feedstocks) to operate successfully; contracts in place and contracts to be negotiated, including terms and renewals; environmental risks; cost of project relative to the increase in revenues or benefits provided; overall economic impact of project including new markets created and economic development
Market	"Analysis of the current and future market potential, competition, sales or service estimations including current and prospective buyers or users."	Competition; type of project: service, product or commodity based; target market, new versus established; end user analysis, captive versus competitive; by-product revenue streams; industry risk
Technical	"Analyzing the reliability of the technology to be used and/or the analysis of the delivery of goods or services, including transportation, business location, and the need for technology, materials, and labor."	Commercial availability; product and process success record and duplication of results; experience of the service providers; roads, rail, airport infrastructure; need for local transportation; labor market; availability of materials; use, age, and reliability of technology; construction risk
Financial	"Analysis of the operation to achieve sufficient income, credit, and cashflow to financially sustain the project over the long term and meet all debt obligations."	Commercial or project underwriting; management's assumptions; accounting policies; source of repayment; dependency on other entities; equity contribution; market demand forecast; peer industry comparison; cost-accounting system; availability of short-term credit; adequacy of raw materials and supplies; sensitivity analysis
Management	"Analysis of the legal structure of the business or operation; ownership, board and management analysis."	History of the business or organization; professional and educational background; experience; skills; qualifications necessary to implement the project

Five economic factors, six market, nine technical, twelve financial and five management: 37 in all, bracketed by an executive summary that must "include a summary of the feasibility determinations made for each applicable component," a recommendation that must "conclude with an opinion and recommendation presented by the consultant," and a qualifications section with the author's résumé. A study that presents a financial model and a market narrative but skips the consultant's signed opinion, or omits construction risk and sensitivity analysis, is incomplete against the regulation's own list regardless of how thorough it looks.

Two features of the list deserve a lender's attention. The financial component's twelfth factor, sensitivity analysis, is where most studies are thinnest and most reviewers look first; a single downside case on price and volume is the minimum. And the economic component is not a repeat of the financial one. It asks for a cost-benefit view of the project in its rural economy, contracts and feedstock in hand, and the environmental risk profile, which is the material a state office uses when it explains an approval to Washington.

Where the study requirement bites, by program, in fiscal 2026

Program	Fiscal 2026 program level or status	Where the study is most likely to be required
B&I guaranteed	$1.66 billion program level in the President's budget; guarantee 85 percent under $5 million, 80 percent above, since March 27, 2026	Any guaranteed loan over $1 million to a new business, including an existing company's new-market expansion
Community Facilities direct	$1.25 billion loan level, down from $2.8 billion	Non-utility facilities dependent on facility revenue, such as assisted living and clinics, and any project Rural Development asks about
Community Facilities guaranteed	$650 million loan level	Loans over $1 million to new entities; new facilities and loans over $25 million move to the examination-opinion report
REAP guaranteed	Open; applications accepted year-round	RES projects where lender or Agency asks; energy efficiency projects never
REAP grants	Suspended since March 31, 2026 pending a rewrite of 7 CFR 4280 Subpart B	Not applicable until the new regulation and notice issue
FIELDS	At least $500 million; fiscal 2026 round closed August 17, 2026	Every application
Section 538	$400 million program level; continuous applications	Every conditional commitment, through the lender's 1.15 coverage certification and the 15 percent market-vacancy test

Four mistakes the matrix prevents

Applying the B&I dollar rule to everything. The $1 million new-business threshold lives in 5001.306 for B&I and in 5001.304 for Community Facilities guaranteed loans. It does not exist in the REAP sections, in the direct CF regulation, in the FIELDS guidelines, or in Part 3565. A REAP lender who tells a solar developer a study is mandatory above $1 million is reading the wrong section; a FIELDS applicant who thinks a study is optional below $1 million is reading no section at all.

Confusing a financial feasibility report with a feasibility study. In Community Facilities the terms are different documents with different authors. A hospital refinancing $18 million with three audited years can satisfy the program with the lender's own credit evaluation, provided it covers Appendix B. A new assisted living facility borrowing $3 million cannot; it needs the independent study, and its projections must stop at 90 percent occupancy.

Treating the technical report as the study. REAP requires a technical report on every application and a feasibility study only when asked. The two overlap in one section and nowhere else. A borrower who submits an engineer's technical report in answer to an Agency request for a feasibility study has answered a different question.

Looking for the word "feasibility" in Section 538. The rural rental housing program does not require a study, and a Part 5001 study is not what it wants. It wants a lender certification of 1.15 coverage grounded in comparable properties, and it will decline a guarantee where the Agency's own portfolio in the market is running above 15 percent vacancy for market reasons. The market study is the evidence behind the certification, and the vacancy check is the first thing to run.

The definition is the same across the agency. The trigger, the author and the audience are not, and the matrix above is the shortest way to keep them apart.

Frequently asked questions

Does USDA require a feasibility study for every B&I loan?

No. Under 7 CFR 5001.306 a study by an independent qualified consultant is mandatory for guaranteed loans over $1 million to a new business, which includes an existing company expanding into a new market or labor area. Below $1 million, and for existing businesses, the Agency may require one when the lender's analysis is insufficient or the project would significantly affect the borrower's historic cash flow.

Who counts as an independent qualified consultant?

Part 5001 defines a "qualified consultant" as "an independent third-party person possessing the knowledge, expertise, and experience to perform the specific task required." There is no license or credential; the Agency decides whether the author is independent of the project and qualified for it.

What is the difference between a Community Facilities financial feasibility report and a feasibility study?

The financial feasibility report is required of every CF guaranteed applicant and comes in two tiers: a financial feasibility analysis, which the lender itself may prepare for loans of $25 million or less to existing facilities, and a financial feasibility study with examination opinion under AICPA attestation standards for everything else. The full feasibility study by an independent qualified consultant is required only for loans over $1 million to a new entity or new activity.

Does REAP require a feasibility study?

Only at the lender's or Agency's discretion, and only for renewable energy systems. Every REAP application requires a technical report. REAP grant awards have been suspended since March 31, 2026 while USDA rewrites 7 CFR 4280 Subpart B; the guaranteed loan track remains open.

Is a feasibility study mandatory for a FIELDS application?

Yes. USDA's FIELDS Feasibility Study Guidelines of June 30, 2026 state that "a feasibility study must be submitted with your FIELDS application," with seven elements including a consultant's signed recommendation and the author's qualifications.

What does Section 538 require instead of a feasibility study?

A lender certification that the project meets the program's debt service coverage requirement of at least 1.15, "based on the lender's analysis of current market conditions and comparable properties in the project's market area," plus an Agency check that its own guaranteed loans in the market are not running above 15 percent vacancy for market reasons.

Sources:

1. USDA Rural Development, 7 CFR 5001.3, Definitions (feasibility study, qualified consultant, financial feasibility, new business), Electronic Code of Federal Regulations, as amended through December 9, 2024.

2. USDA Rural Development, 7 CFR 5001.303, Guarantee application requirements, general provisions, Electronic Code of Federal Regulations.

3. USDA Rural Development, 7 CFR 5001.304, Community Facilities guaranteed loan application requirements, financial feasibility reports, Electronic Code of Federal Regulations.

4. USDA Rural Development, 7 CFR 5001.306, Business and Industry guaranteed loan application requirements, Electronic Code of Federal Regulations, as amended September 30, 2024.

5. USDA Rural Development, 7 CFR 5001.307, Rural Energy for America Program guaranteed loan application requirements, Electronic Code of Federal Regulations.

6. Federal Register, OneRD Guaranteed Loan Regulation, 85 FR 42518, July 14, 2020, including Appendix A to Subpart D of Part 5001, Feasibility Study Components.

7. USDA Rural Development, 7 CFR 4280.103, 4280.116, 4280.117, 4280.118 through 4280.120, and Appendix D to Subpart B of Part 4280, Feasibility Study Components, Electronic Code of Federal Regulations.

8. USDA Rural Development, 7 CFR 1942.17, Community Facilities direct loans, economic feasibility requirements and financial feasibility reports, Electronic Code of Federal Regulations.

9. USDA Rural Housing Service, 7 CFR 3565.213, 3565.302 and 3565.303, Guaranteed Rural Rental Housing Program, Electronic Code of Federal Regulations.

10. USDA Rural Development, Business and Industry Guaranteed Loan program page, updated June 25, 2026, and Stakeholder Announcement of March 27, 2026 raising the guarantee to 85 percent for projects under $5 million.

11. Federal Register, USDA Rural Development, OneRD Annual Notice of Guarantee Fee Rates, Periodic Retention Fee Rates, Loan Guarantee Percentage, March 9, 2026.

12. U.S. Department of Agriculture, FY 2026 Budget Summary, Table RD-3, Rural Business-Cooperative Service program level.

13. USDA Rural Business-Cooperative Service, Stakeholder Announcement and REAP Frequently Asked Questions, March 31, 2026, on the suspension of REAP grant awards pending revision of 7 CFR 4280 Subpart B under Executive Order 14315; USDA REAP guaranteed loan program page, April 2026.

14. USDA Rural Development, Fertilizer Investment and Expansion for Long-term Domestic Supply (FIELDS) program page and Fiscal Year 2026 Notice of Funding Opportunity, July 1, 2026; news release of July 15, 2026.

15. USDA Rural Development, Rural Business-Cooperative Service, FIELDS Feasibility Study Guidelines, June 30, 2026.

16. USDA Rural Development, Multifamily Housing Loan Guarantees program page, updated August 11, 2026, and Section 538 Loan Guarantee Fees, Exhibits 6-1 and 6-2, effective April 4, 2022.

17. Federal Register, Rural Housing Service, "Loan Guarantees Under the Section 538 Guaranteed Rural Rental Housing Program," December 20, 2024.

18. Housing Assistance Council, "Final USDA Housing Funds for FY26 are Close to FY25 Levels," November 14, 2025, updated December 2, 2025, funding table for Community Facilities and Section 538 program levels, fiscal 2023 through 2026.