Notice of Funding Availability: The Choctaw Intermediate Relending Fund (CIRF) Demonstration Program for Fiscal Year 2006, 14164-14169 [E6-4059]
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14164
Notices
Federal Register
Vol. 71, No. 54
Tuesday, March 21, 2006
This section of the FEDERAL REGISTER
contains documents other than rules or
proposed rules that are applicable to the
public. Notices of hearings and investigations,
committee meetings, agency decisions and
rulings, delegations of authority, filing of
petitions and applications and agency
statements of organization and functions are
examples of documents appearing in this
section.
DEPARTMENT OF AGRICULTURE
Forest Service
Ravalli County Resource Advisory
Committee
Forest Service, USDA.
Notice of meeting.
AGENCY:
ACTION:
SUMMARY: The Ravalli County Resource
Advisory Committee will be meeting to
review 2006 projects, discuss public
outreach methods, and hold a short
public forum (question and answer
session). The meeting is being held
pursuant to the authorities in the
Federal Advisory Committee Act (Pub.
L. 92–463) and under the Secure Rural
Schools and Community SelfDetermination Act of 2000 (Pub. L. 106–
393). The meeting is open to the public.
DATES: The meeting will be held on
March 28, 2006, 6:30 p.m.
ADDRESSES: The meeting will be held at
the Bitterroot National Forest
Supervisor Office, 1801 N First,
Hamilton, Montana. Send written
comments to Daniel Ritter, District
Ranger, Stevensville Ranger District, 88
Main Street, Stevensville, MT 59870, by
facsimile (406) 777–7423, or
electronically to dritter@fs.fed.us.
FOR FURTHER INFORMATION CONTACT:
Daniel Ritter, Stevensville District
Ranger and Designated Federal Officer,
Phone: (406) 777–5461.
Dated: March 14, 2006.
David T. Bull,
Forest Supervisor.
[FR Doc. 06–2678 Filed 3–20–06; 8:45 am]
BILLING CODE 3410–11–M
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DEPARTMENT OF AGRICULTURE
ACTION:
Notice of meeting.
SUMMARY: The Southwest Washington
Province Advisory Committee will meet
on Thursday, April 13, 2006, at the
Gifford Pinchot National Forest
Headquarters, 10600 NE., 51st Circle,
Vancouver, WA 98682. The meeting
will begin at 9:30 a.m. and continue
until 4 p.m.
The purpose of the meeting is to share
information and receive feedback on:
Efforts to quantify and monitor
biodiversity under the Northwest Forest
Plan; the Yakama Nation’s timber
program; the Gifford Pinchot National
Forest’s monitoring program, and to
share information among Committee
members.
All Southwest Washington Province
Advisory Committee meetings are open
to the public. Interested citizens are
encouraged to attend. The ‘‘open forum’’
provides an opportunity for the public
to bring issues, concerns, and
discussion topics to the Advisory
Committee. The ‘‘open forum’’ is
scheduled for 1:30 p.m. Interested
speakers will need to register prior to
the open forum period. The committee
welcomes the public’s written
comments to Committee business at any
time.
FOR FURTHER INFORMATION CONTACT: Tom
Knappenbeger, Public Affairs Officer, at
(360) 891–5005, or write Forest
Headquarters Office, Gifford Pinchot
National Forest, 10600 NE. 51st Circle,
Vancouver, WA 98682.
Dated: March 15, 2006.
Ron Freeman,
Acting Forest Supervisor
[FR Doc. 06–2679 Filed 3–20–06; 8:45 am]
BILLING CODE 3410–11–M
DEPARTMENT OF AGRICULTURE
Rural Housing Service
Notice of Funding Availability: The
Choctaw Intermediate Relending Fund
(CIRF) Demonstration Program for
Fiscal Year 2006
Rural Housing Service, USDA.
Notice.
AGENCY:
ACTION:
Forest Service
Southwest Washington Province
Advisory Committee Meeting Notice
AGENCY:
Forest Service, USDA.
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Overview Information
SUMMARY: The Rural Housing Service,
(RHS), an Agency under USDA Rural
Development, announces the
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availability of funds and the timeframe
to submit applications for loans to
private non-profit organizations, or such
non-profit organizations’ loan affiliate
funds and State and local housing
finance agencies, to carry out a housing
demonstration program to provide loans
for the construction and rehabilitation
of housing for the Mississippi Band of
Choctaw Indians. Housing that is
assisted by this demonstration program
must be financed by USDA Rural
Development in accordance with its
current housing loan programs as
authorized by the Housing Act of 1949.
This demonstration program will be
achieved through loans made to
intermediaries who will then make
loans to ultimate recipients for the
construction and rehabilitation of
housing for the Mississippi Band of
Choctaw Indians (as determined by the
Native American Housing and Self
Determination (NAHASDA) Act.)
Programs Affected
This program is listed in the Catalog
of Federal Domestic Assistance under
Numbers 10.415 and 10.410.
DATES: The deadline for receipt of all
applications in response to this NOFA
is 5 p.m., Eastern Time, June 19, 2006.
The application closing deadline is firm
as to date and hour. The Agency will
not consider any application that is
received after the closing deadline.
Applicants intending to mail
applications must provide sufficient
time to permit delivery on or before the
closing deadline. Acceptance by a post
office or private mailer does not
constitute delivery. Facsimile (FAX) and
postage due applications will not be
accepted.
FOR FURTHER INFORMATION CONTACT:
Henry Searcy, Jr., Senior Loan
Specialist, Multi-Family Housing
Processing Division—STOP 0781 (Room
1263–S), or Bonnie Edwards-Jackson,
Senior Loan Specialist, Multi-Family
Housing Processing Division—STOP
0781 (Room 1239–S), U.S. Department
of Agriculture, USDA Rural
Development, 1400 Independence Ave.,
SW., Washington, DC 20250–0781 or by
telephone at (202) 720–1753 or (202)
690–0759, or via e-mail,
Henry.Searcy@wdc.usda.gov or
Bonnie.Edwards@wdc.usda.gov. (Please
note the phone numbers are not toll free
numbers.).
SUPPLEMENTARY INFORMATION:
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Paperwork Reduction Act
Under the Paperwork Reduction Act,
44 U.S.C. 3501 et seq., the Office of
Management and Budget must approve
all ‘‘collections of information’’ by
USDA Rural Development. The Act
defines ‘‘collection of information’’ as a
requirement for ‘‘answers to * * *
identical reporting or recordkeeping
requirements imposed on ten or more
persons * * *.’’ (44 U.S.C. 3502(3)(A))
Because this NOFA will receive less
than 10 respondents, the Paperwork
Reduction Act does not apply.
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Equal Opportunity and
Nondiscrimination Requirements
(1) In accordance with the Fair
Housing Act, title VI of the Civil Rights
Act of 1964, the Equal Credit
Opportunity Act, the Age
Discrimination Act of 1975, Executive
Order 12898, the Americans with
Disabilities Act, and section 504 of the
Rehabilitation Act of 1973, neither the
intermediary nor the Agency will
discriminate against any employee,
proposed intermediary or proposed
ultimate recipient on the basis of sex,
marital status, race, color, religion,
national origin, age, physical or mental
disability (provided the proposed
intermediary or proposed ultimate
recipient has the capacity to contract),
because all or part of the proposed
intermediary’s or proposed ultimate
recipient’s income is derived from
public assistance of any kind, or
because the proposed intermediary or
proposed ultimate recipient has in good
faith exercised any right under the
Consumer Credit Protection Act, with
respect to any aspect of a credit
transaction anytime Agency loan funds
are involved.
(2) The policies and regulations
contained in 7 CFR part 1901, subpart
E apply to this program.
(3) The Agency Administrator will
assure that equal opportunity and
nondiscrimination requirements are met
in accordance with the Fair Housing
Act, title VI of the Civil Rights Act of
1964, the Equal Credit Opportunity Act,
the Age Discrimination Act of 1975,
Executive Order 12898, the Americans
with Disabilities Act, and section 504 of
the Rehabilitation Act of 1973.
(4) All housing must meet the
accessibility requirements found at 7
CFR 3560.60(d).
(5) In accordance with RD Instruction
2006–P (available in any Rural
Development office) and Departmental
Regulation 5600–2, the Agency should
conduct a Civil Rights Impact Analysis
for each loan made to an intermediary
and the Agency should document their
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analyses through the completion of
Form RD 2006–38, ‘‘Civil Rights Impact
Analysis Certification.’’
Overview
The Agriculture, Rural Development,
Food and Drug Administration, and
Related Agencies Appropriations Act,
2006 (Pub. L. 109–97, November 10,
2005); Sec 791 provides funding for, and
authorizes USDA Rural Development to,
establish a loan program for the purpose
of providing loans to intermediaries that
lend to ultimate recipients for the
construction and rehabilitation of
housing for the Mississippi Band of
Choctaw Indians.
Program Administration
I. Funding Opportunities Description
This NOFA requests applications
from eligible intermediary applicants for
loans to establish and operate a
relending fund for the construction and
rehabilitation of housing for the
Mississippi Band of Choctaw Indians in
accordance with the RHS current
housing lending programs.
Housing that is constructed must meet
the Agency design and construction
standards and the development
standards contained in 7 CFR part 1924,
subparts A and C, respectively. A multifamily housing project, once
constructed, must be managed in
accordance with the program’s
management regulation, 7 CFR part
3560, subpart C. For single family
houses, homeowners must comply with
7 CFR part 3550. Tenant eligibility is
limited to persons who qualify as a very
low-, low-, or moderate-income
household or who are eligible under the
requirements established to qualify for
housing benefits provided by sources
other than the Agency, such as the U.S.
Department of Housing and Urban
Development Section 8 assistance or the
Low Income Housing Tax Credit
Assistance, when a tenant receives such
housing benefits. Additional tenant
eligibility requirements are contained in
7 CFR 3560.152. Homeowner eligibility
is limited to persons whose household
adjusted income, at the time of loan
approval, must not exceed the
applicable low-income for the area, and
at closing, must not exceed the
applicable moderate-income limit for
the area. Additional homeowner
eligibility requirements are contained at
7 CFR 3550.53.
II. Award Information
Public Law 109–97 (November 10,
2005) made funding available for loans
to private non-profit organizations, or
such non-profit organizations’ affiliate
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loan funds and State and local housing
finance agencies, to carry out a housing
demonstration program to provide
intermediate relending for the
construction and rehabilitation of
housing for the Mississippi Band of
Choctaw Indians. The total amount of
funding available for this program is
$990,000. As required by this statute,
loans to intermediaries under this
demonstration program shall have an
interest rate of no more than one
percent, and the Secretary of
Agriculture may defer the interest and
principal payment to USDA Rural
Development for up to three years
during the first three years of the loan.
The term of such loans shall not exceed
30 years. Payments will be made on an
annual basis. Funding priority will be
given to entities with equal or greater
matching funds, including housing tax
credits for rural housing assistance and
to entities with experience in the
administration of relending loan
programs.
III. Eligibility Information
Applicant Eligibility
(1) Eligibility requirements—
Intermediary.
(a) The types of entities which may
become intermediaries are private
nonprofit organizations or such nonprofit organizations’ affiliate loan funds
and State and local housing finance
agencies, tribal housing authorities and
federally recognized tribes.
(b) The intermediary must have:
(i) The legal authority necessary for
carrying out the proposed loan purposes
and for obtaining, giving security for,
and repaying the proposed loan;
(ii) A proven record of successfully
assisting low-income multi-family
housing projects, or providing housing
loans, or technical assistance. Such
record will include documentation
reflecting recent experience in loan
making and servicing loans that are
similar in nature to those proposed for
the CIRF demonstration program and a
satisfactory delinquency and loss rate;
and
(iii) The services of a staff with loan
making and servicing expertise.
(c) No loans will be extended to an
intermediary unless:
(i) There is adequate assurance of
repayment of the loan based on the
fiscal and managerial capabilities of the
proposed intermediary;
(ii) The amount of the loan, together
with other funds available, is adequate
to assure completion of the project or
achieve the purposes for which the loan
is made;
(iii) At least 51 percent of the
outstanding interest or membership in
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any nonpublic body intermediary must
be composed of citizens of the United
States or individuals who reside in the
United States after being legally
admitted for permanent residence;
(iv) The Intermediary’s Debt Service
Coverage Ratio (DSCR) must be greater
than 1.1 for the fiscal year immediately
prior to the year of application and a
minimum DSCR of 1 for the fiscal year
two years prior and the fiscal year three
years prior to the application; and
(v) The Intermediary’s prior calendar
year audit.
(d) Intermediaries, and the principals
of the intermediaries, must not be
suspended, debarred, or excluded based
on the ‘‘List of Parties Excluded from
Federal Procurement and
Nonprocurement Programs.’’
(e) Intermediaries and their principals
must not be delinquent on Federal debt,
or be a Federal judgment debtor.
(2) Eligibility requirements—Ultimate
recipients.
(a) To be eligible to receive loans from
the CIRF, ultimate recipients must:
(i) Be unable to provide the necessary
housing from its own resources and,
except for State or local public agencies
and Indian tribes, be unable to obtain
the necessary credit from other sources
upon terms and conditions the
applicant could reasonably be expected
to fulfill;
(ii) Along with its principal officers
(including their immediate family), hold
no legal or financial interest or
influence in the intermediary. Also, the
intermediary and its principal officers
(including immediate family) must hold
no legal or financial interest or
influence in the ultimate recipient; and
(iii) Be in compliance with all Agency
program requirements under 7 CFR part
3560 or 7 CFR part 3550, whichever is
applicable, or have an Agency approved
workout plan in place which will
correct a non-compliance status.
(b) Any delinquent debt to the Federal
Government, by the ultimate recipient
or any of its principals, shall cause the
proposed ultimate recipient to be
ineligible to receive a loan from the
CIRF. CIRF loan funds may not be used
to satisfy the delinquency.
(c) The ultimate recipient or any of its
principals may not be a Federal
judgment debtor.
Cost Sharing or Matching. Funding
priority will be given to entities with
equal or greater matching funds,
including housing tax credits for rural
housing assistance. Refer to the
Selection Criteria section of the NOFA
for further information on funding
priorities.
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IV. Application and Submission
Information
Application Requirements
The application must contain the
following:
(1) A summary page, that is doublespaced, that lists the following items:
(a) Applicant’s name.
(b) Applicant’s Taxpayer
Identification Number.
(c) Applicant’s address.
(d) Applicant’s telephone number.
(e) Name of applicant’s contact
person, telephone number, and address.
(f) Amount of loan requested.
(2) Form RD 4274–1, ‘‘Application for
Loan (Intermediary Relending
Program).’’
(3) A written work plan to
demonstrate the feasibility of the
intermediary’s program to meet the
objectives of this demonstration
program. The work plan must, at a
minimum:
(a) Document the intermediary’s
ability to administer this demonstration
program in accordance with the
provisions of this NOFA. In order to
adequately demonstrate the ability to
administer the program, the
intermediary must provide a complete
listing of all personnel responsible for
administering this program along with a
statement of their qualifications and
experience. The personnel may be either
members or employees of the
intermediary’s organization or contract
personnel hired for this purpose. If the
personnel are to be contracted for, the
contract between the intermediary and
the entity providing such service will be
submitted for Agency review, and the
terms of the contract and its duration
must be sufficient to adequately service
the Agency loan through to its ultimate
conclusion. If the Agency determines
the personnel lack the necessary
expertise to administer the program, the
loan request will not be approved;
(b) Document the intermediary’s
ability to commit financial resources
under the control of the intermediary to
the demonstration program. This should
include a statement of the sources of
non-Agency funds for administration of
the intermediary’s operations and
financial assistance for projects;
(c) Demonstrate a need for loan funds.
At a minimum, the intermediary must
either (1) identify a sufficient number of
proposed and known ultimate recipients
to justify Agency funding of its loan
request; or (2) include well-developed
targeting criteria for ultimate recipients
consistent with the intermediary’s
mission and strategy for this
demonstration program, along with
supporting statistical or narrative
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evidence that such prospective
recipients exist in sufficient numbers to
justify Agency funding of the loan
request;
(d) Include a list of proposed fees and
other charges it will assess the ultimate
recipients;
(e) Demonstrate that the intermediary
has secured commitments of significant
financial support from public agencies
and private organizations;
(f) Include the intermediary’s plan for
relending the loan funds. The plan must
be of sufficient detail to provide the
Agency with a complete understanding
of what the intermediary will
accomplish by lending the funds to the
ultimate recipient and the complete
mechanics of how the funds will get
from the intermediary to the ultimate
recipient. The service area, eligibility
criteria, loan purposes, fees, rates,
terms, collateral requirements, limits,
priorities, application process, method
of disposition of the funds to the
ultimate recipient, monitoring of the
ultimate recipient’s accomplishments,
and reporting requirements by the
ultimate recipient’s management are
some of the items that must be
addressed by the intermediary’s
relending plan;
(g) Provide a set of goals, strategies,
and anticipated outcomes for the
intermediary’s program. Outcomes
should be expressed in quantitative or
observable terms such as low-income
housing complexes rehabilitated or lowincome housing units preserved, and
should relate to the purpose of this
demonstration program; and
(h) Provide specific information as to
whether and how the intermediary will
ensure that technical assistance is made
available to ultimate recipients and
potential ultimate recipients. Describe
the qualifications of the technical
assistance providers, the nature of
technical assistance that will be
available, and expected and committed
sources of funding for technical
assistance. If other than the
intermediary itself, describe the
organizations providing such assistance
and any arrangements between such
organizations and the intermediary.
(4) A pro forma balance sheet at startup and projected balance sheets for at
least 3 additional years; financial
statements for the last 3 years, (or from
inception of the operations of the
intermediary if less than 3 years); and
projected cash flow and earnings
statements for at least 3 years supported
by a list of assumptions showing the
basis for the projections. The projected
earnings statement and balance sheet
must include one set of projections that
takes into account a projected year with
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factoring in full annual installment on
the CIRF loan.
(5) Form RD 400–4, ‘‘Assurance
Agreement.’’
(6) Complete organizational
documents, including evidence of
authority to conduct the proposed
activities.
(7) Latest audit report.
(8) Form RD 1910–11, ‘‘Applicant
Certification Federal Collection Policies
for Consumer or Commercial Debts.’’
(9) Form AD–1047, ‘‘Certification
Regarding Debarment, Suspension, and
other Responsibility Matters—Primary
Covered Transactions.’’
(10) Exhibit A–1 of RD Instruction
1940–Q, ‘‘Certification for Contracts,
Grants, and Loans’’ (available in any
Rural Development office).
(11) Tax Returns for three years prior
to application, and a current financial
statement.
(12) A separate one-page information
sheet listing each of the ‘‘Application
Scoring Criteria’’ contained in this
Notice, followed by the page numbers of
all relevant material and documentation
that is contained in the proposal that
supports these criteria. Applicants are
also encouraged, but not required, to
include a checklist of all of the selection
criteria as set out in more detail under
Section V of this notice. Application
Review Information in this NOFA and
to have their application indexed and
tabbed to facilitate the review process.
Submission address. Applications
should be submitted to USDA Rural
Housing Service; Attention: Henry
Searcy, Jr., Senior Loan Specialist,
Multi-Family Housing Processing
Division STOP 0781 (Room 1263–S), or
Bonnie Edwards-Jackson, Senior Loan
Specialist, Multi-Family Housing
Processing Division—STOP 0781 (Room
1239–S), U.S. Department of
Agriculture-USDA Rural Development,
1400 Independence Ave., SW.,
Washington, DC 20250–0781 or by
telephone at (202) 720–1753 or (202)
690–0759 or via e-mail,
Henry.Searcy@wdc.usda.gov or
Bonnie.Edwards@wdc.usda.gov. (Please
note the phone numbers are not toll free
numbers.)
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V. Application Review Information
All applications will be evaluated by
a loan committee. The loan committee
will make recommendations to the
Agency Administrator concerning
eligibility determinations and for the
selection of applications based on the
selection criteria contained in this
NOFA and the availability of funds. The
Administrator will inform applicants of
the status of their application within 30
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days of the loan application closing date
of the NOFA.
Selection Criteria
Selection criteria points will be
allowed only for factors indicated by
well documented, reasonable plans
which, in the opinion of the Agency,
provide assurance that the items have a
high probability of being accomplished.
The points awarded will be as specified
in paragraphs (1) through (4) of this
section. In each case, the intermediary’s
work plan must provide documentation
that the selection criteria have been met
in order to qualify for selection criteria
points. If an application does not fit one
of the categories listed, it receives no
points for that paragraph.
(1) Other funds. Points allowed under
this paragraph are to be based on
documented successful history or
written evidence that the other funds
are available.
(a) The intermediary will obtain nonAgency loan or grant funds or provide
housing tax credits (measured in
dollars) to pay part of the cost of the
ultimate recipients’ project cost. The
intermediary shall pledge as collateral
its CIRF, including its portfolio of
investments derived from the proceeds
of other funds and this loan award.
Points for the amount of funds from
other sources are as follows:
(i) At least 10% but less than 25% of
the total loan amount requested by the
intermediary—5 points;
(ii) At least 25% but less than 50% of
the total loan amount requested by the
intermediary—10 points; or
(iii) 50% or more of the total loan
amount requested by the intermediary—
15 points.
(b) The intermediary will provide
loans to the ultimate recipient from its
own funds (not loan or grant) to pay part
of the ultimate recipients’ project cost.
The amount of the intermediary’s own
funds will average:
(i) At least 10% but less than 25% of
the total loan amount requested by the
intermediary—5 points;
(ii) At least 25% but less than 50% of
total loan amount requested by the
intermediary—10 points; or
(iii) 50% or more of total loan amount
requested by the intermediary—15
points.
(2) Intermediary pledged security
funds. The Intermediary will pledge
security funds not derived from the
Agency which will be considered
security funds. The pledged security
funds will be placed in a separate
account from the CIRF loan account and
will remain in this account until the
CIRF revolves as described in the loan
agreement. The Intermediary shall
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contribute the pledged security funds
into a separate bank account or accounts
according to their work plan. These
pledged security funds are to be placed
into an interest bearing countersignature account until the PRLF
revolves. No other funds shall be
commingled with such money.
The amount of pledged security funds
contributed to the CIRF will equal the
following percentage of the Agency
CIRF loan:
(a) At least 5% but less than 15%—
15 points;
(b) At least 15% but less than 25%—
30 points; or
(c) 25% or more—50 points.
(3) Experience. The intermediary has
actual experience in the administration
of relending loan funds, with a
successful record, for the following
number of full years. Applicants must
have actual experience in both the
administration of relending loan funds
in order to qualify for points under this
selection criteria. If the number of years
of experience differs between the two
types of experience, the type with the
least number of years will be used for
this selection criteria.
(a) At least 1 but less than 3 years—
5 points;
(b) At least 3 but less than 5 years—
10 points;
(c) At least 5 but less than 10 years—
20 points; or
(d) 10 or more years—30 points.
(4) Administrative. The Administrator
may assign up to 35 additional points to
an application to account for the
following items not adequately covered
by the other priority criteria set out in
this section, including the amount of
funds requested in relation to the
amount of need; a particularly
successful affordable housing
development record; a service area with
no other CIRF coverage; a service area
with severe affordable housing
problems; a service area with emergency
conditions caused by a natural disaster;
an innovative proposal; the quality of
the proposed program; a work plan that
is in accord with a strategic plan,
particularly a plan prepared as part of
a request for an Empowerment Zone/
Enterprise Community designation; or
excellent utilization of an existing
revolving loan fund program. The
Administrator will document his
reasons for the point allocation.
VI. Other Administrative Requirements
(1) The following policies and
regulations apply to loans to
intermediaries made in response to this
NOFA:
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(a) CIRF intermediaries will be
required to provide the Agency with the
following reports:
(i) An annual audit;
(A) Dates of audit report period need
not necessarily coincide with other
reports on the CIRF. The Agency will
inform the intermediary when the
audits need to be conducted. Audit
reports shall be due 90 days following
the audit period. Audits must cover all
of the intermediary’s activities. Audits
will be performed by an independent
certified public accountant. The audit
will be performed in accordance with
Generally Accepted Government
Auditing Standards and include such
tests of the accounting records as the
auditor considers necessary in order to
express an opinion on the financial
condition of the intermediary.
(B) It is not intended that audits
required by this program be separate
from audits performed in accordance
with State and local laws or for other
purposes. To the extent feasible, the
audit work for this program should be
done in connection with these other
audits. Intermediaries covered by the
Office of Management and Budget
Circular A–128 or A–133 should submit
audits made in accordance with that
circulars.
(ii) Quarterly or semiannual reports
(due 30 days after the end of the period);
(A) Performance reports will be
required quarterly during the first year
after loan closing. Thereafter, reports
will be required semiannually. Also, the
Agency may resume requiring quarterly
reports if the intermediary becomes
delinquent in repayment of its loan or
otherwise fails to fully comply with the
provisions of its work plan or Loan
Agreement, or the Agency determines
that the intermediary’s CIRF is not
adequately protected by the current
financial status and paying capacity of
the ultimate recipients.
(B) These reports shall contain
information only on the CIRF loan. If
other funds are included, the CIRF
portion shall be segregated from the
others. If the intermediary has more
than one CIRF loan from the Agency, a
separate report shall be made for each
CIRF loan.
(C) The reports will include, on a
form to be provided by the Agency,
information on the intermediary’s
lending activity, income and expenses,
financial condition and a summary of
names and characteristics of the
ultimate recipients the intermediary has
financed.
(D) Quarterly and semiannual reports
will be due to the Agency 30 days after
the end of the calendar quarter or half.
Quarterly reports will be due April 30,
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19:01 Mar 20, 2006
Jkt 208001
July 31, October 31, or January 31.
Semiannual reports will be due July 1
and January 31.
(iii) Annual proposed budget for the
following year; and
(iv) Other reports as the Agency may
require from time to time.
(b) The Agency may consider, on a
case by case basis, subordinating its
security interest on the property to the
lien of the intermediary so that the
Agency has a junior lien interest when
an independent appraisal documents
that the Agency will continue to be fully
secured.
(c) The term of the loan to the
ultimate recipient may not exceed 30
years.
(d) The policies and regulations
contained in 7 CFR part 1901, subpart
F regarding historical and
archaeological properties apply to all
loans funded under this NOFA.
(e) The policies and regulations
contained in 7 CFR part 1940, subpart
G regarding environmental assessments
apply to all loans funded under this
NOFA.
(f) These loans are subject to the
provisions of Executive Order 12372
that require intergovernmental
consultation with state and local
officials. RHS conducts
intergovernmental consultations for
each loan in a manner delineated in RD
Instruction 1940–J which is available in
any Rural Development office.
(2) The intermediary agrees to the
following:
(a) To obtain the written Agency
approval, before the first lending of
CIRF funds to an ultimate recipient, of:
(i) All forms to be used for relending
purposes, including application forms,
loan agreements, promissory notes, and
security instruments; and
(ii) Intermediary’s policy with regard
to the amount and form of security to be
required.
(b) To obtain written approval from
the Agency before making any
significant changes in forms, security
policy, or the work plan. The Agency
may approve changes in forms, security
policy, or work plans at any time upon
a written request from the intermediary
and determination by the Agency that
the change will not jeopardize
repayment of the loan or violate any
requirement of this NOFA or other
Agency regulations. The intermediary
must comply with the work plan
approved by the Agency so long as any
portion of the intermediary’s CIRF loan
is outstanding.
(c) To secure the indebtedness by
pledging the CIRF, including its
portfolio of investments derived from
the proceeds of the loan award, and
PO 00000
Frm 00005
Fmt 4703
Sfmt 4703
other rights and interests as the Agency
may require.
(d) The Intermediary may withdraw
up to 25 percent of USDA CIRF loan
funds at loan closing. Thereafter, the
intermediary may withdraw, under this
award, only such funds as are necessary
to cover a 30-day period in
implementing its approved work plan.
Advances will be requested by the
Intermediary in writing. Subsequent
CIRF advances will not be considered
by the Agency unless at least 80 percent
of prior advances are used. The date of
such withdrawal shall constitute the
date the funds are advanced under this
Loan Agreement for purposes of
computing interest payments. To return,
as an extra payment on the loan any
funds that have not been used in
accordance with the intermediary’s
work plan by a date 2 years from the
date of the loan agreement. If any
revolving loan funds have not been used
by 5 years from the date of the loan
agreement, the approval will be
canceled for any funds that have not
been delivered to the intermediary and
the intermediary will return, as an extra
payment on the loan, any revolving loan
funds it has received and not used in
accordance with the work plan. In
accordance with the Agency approved
promissory note, regular loan payments
will be based on the amount of funds
actually drawn by the intermediary.
(3) The intermediary will be required
to enter into an Agency approved loan
agreement and promissory note. The
promissory note will have a term not to
exceed 30 years, bear interest at no more
than one percent per annum, and
provide that interest and principal due
to the Government during the first three
years of the loan may be deferred.
(4) Loans made to the CIRF ultimate
recipient must meet the intent of
providing decent, safe, and sanitary
rural housing and be consistent with the
requirements of title V of the Housing
Act of 1949.
(5) When an intermediary proposes to
make a loan from the CIRF to an
ultimate recipient, Agency concurrence
is required prior to final approval of the
loan. A request for Agency concurrence
in approval of a proposed loan to an
ultimate recipient must include:
(a) Certification by the intermediary
that:
(i) The proposed ultimate recipient is
eligible for the loan;
(ii) The proposed loan is for eligible
purposes;
(iii) The proposed loan complies with
all applicable statutes and regulations;
and
(iv) Prior to closing the loan to the
ultimate recipient, the intermediary and
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21MRN1
Federal Register / Vol. 71, No. 54 / Tuesday, March 21, 2006 / Notices
its principal officers (including
immediate family) hold no legal or
financial interest or influence in the
ultimate recipient, and the ultimate
recipient and its principal officers
(including immediate family) hold no
legal or financial interest or influence in
the intermediary.
(b) Copies of sufficient material from
the ultimate recipient’s application and
the intermediary’s related files, to allow
the Agency to determine the:
(i) Name and address of the ultimate
recipient;
(ii) Loan purposes;
(iii) Interest rate and term;
(iv) Location, nature, and scope of the
project being financed;
(v) Other funding included in the
project; and
(vi) Nature and lien priority of the
collateral.
(c) Such other information as the
Agency may request on specific cases.
(6) Upon receipt of a request for
concurrence in a loan to an ultimate
recipient the Agency will provide the
necessary materials as authorized by the
Housing Act of 1949. The Agency will
also issue a letter concurring in the loan
when all requirements have been met or
notify the intermediary in writing of the
reasons for denial when the Agency
determines it is unable to concur in the
loan.
Funding Restrictions
Loans made to the CIRF intermediary
under this demonstration program may
not exceed $990,000 and may be limited
by geographic area so that multiple loan
recipients are not providing similar
services to the same service areas.
Loans made to the CIRF ultimate
recipient must meet the intent of
providing decent, safe, and sanitary
rural housing and be consistent with the
requirements of title V of the Housing
Act of 1949.
VII. Appeal Process
sroberts on PROD1PC70 with NOTICES
All adverse determination regarding
applicant eligibility and the awarding of
points as part of the selection process
are appealable. Instructions on the
appeal process will be provided at the
time the applicant is notified of the
decision.
Dated: March 16, 2006.
Russell T. Davis,
Administrator, Rural Housing Service.
[FR Doc. E6–4059 Filed 3–20–06; 8:45 am]
BILLING CODE 3410–XV–P
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19:01 Mar 20, 2006
Jkt 208001
DEPARTMENT OF AGRICULTURE
Rural Utilities Service
Information Collection Activity;
Comment Request
Rural Utilities Service, USDA.
Notice and request for
comments.
AGENCY:
ACTION:
SUMMARY: In accordance with the
Paperwork Reduction Act of 1995 (44
U.S.C. Chapter 35, as amended), the
Rural Utilities Service, an agency
delivering the U.S. Department of
Agriculture (USDA) Rural Development
Utilities Programs, invites comments on
this information collection for which
approval from the Office of Management
and Budget (OMB) will be requested.
DATES: Comments on this notice must be
received by May 22, 2006.
FOR FURTHER INFORMATION CONTACT:
Michele Brooks, Deputy Director,
Program Development and Regulatory
Analysis, USDA Rural Development,
1400 Independence Ave., SW., STOP
1522, Room 5159 South Building,
Washington, DC 20250–1522.
Telephone: (202) 690–1078. FAX: (202)
720–4120.
SUPPLEMENTARY INFORMATION: The Office
of Management and Budget’s (OMB)
regulation (5 CFR 1320) implementing
provisions of the Paperwork Reduction
Act of 1995 (Pub. L. 104–13) requires
that interested members of the public
and affected agencies have an
opportunity to comment on information
collection and recordkeeping activities
(see 5 CFR 1320.8(d)). This notice
identifies an information collection that
will be submitted to OMB for approval.
Comments are invited on: (a) Whether
the proposed collection of information
is necessary for the proper performance
of the functions of the agency, including
whether the information will have
practical utility; (b) the accuracy of the
agency’s estimate of the burden of the
proposed collection of information
including the validity of the
methodology and assumptions used; (c)
ways to enhance the quality, utility and
clarity of the information to be
collected; and (d) ways to minimize the
burden of the collection of information
on those who are to respond, including
through the use of appropriate
automated, electronic, mechanical, or
other technological collection
techniques or other forms of information
technology. Comments may be sent to:
Michele Brooks, Deputy Director,
Program Development and Regulatory
Analysis, USDA Rural Development,
STOP 1522, 1400 Independence Ave.,
PO 00000
Frm 00006
Fmt 4703
Sfmt 4703
14169
SW., Washington, DC 20250–1522. FAX:
(202) 720–4120.
Title: Water and Waste Loan and
Grant Program.
OMB Control Number: 0572–0121.
Type of Request: Extension of a
currently approved collection.
Abstract: USDA Rural Development,
through the Rural Utilities Service, is
authorized by Section 306 of the
Consolidated Farm and Rural
Development Act (7 U.S.C. 1926) to
make loans to public agencies, nonprofit
corporations, and Indian tribes to fund
water and waste disposal projects
serving the most financially needy rural
communities through the Water and
Waste Disposal loan and grant program.
Financial assistance should result in
reasonable user costs for rural residents,
rural businesses, and other rural users.
The program is limited to rural areas
and small towns with a population of
10,000 or less. The Water and Waste
loan and grant program is administered
through 7 CFR part 1780. The items
covered by this collection include forms
and related documentation to support a
loan application.
Estimate of Burden: Public reporting
for this collection of information is
estimated to average 3 hours per
response.
Respondents: Not-for-profit
institutions; State, Local, or Tribal
Government.
Estimated Number of Respondents:
6,000.
Estimated Number of Responses per
Respondent: 8.
Estimated Total Annual Burden on
Respondents: 132, 069 hours.
Copies of this information collection
can be obtained from Michele Brooks,
Program Development and Regulatory
Analysis, at (202) 690–1078. FAX: (202)
720–4120
All responses to this notice will be
summarized and included in the request
for OMB approval. All comments will
also become a matter of public record.
Dated: March 8, 2006.
James M. Andrew,
Administrator, Rural Utilities Service.
[FR Doc. E6–4016 Filed 3–20–06; 8:45 am]
BILLING CODE 3410–15–P
COMMISSION ON CIVIL RIGHTS
Agenda and Notice of Public Meeting
of the Hawai’i Advisory Committee
Notice is hereby given, pursuant to
the provisions of the rules and
regulations of the U.S. Commission on
Civil Rights, that a meeting of the
Hawai’i Advisory Committee to the
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]]>Agencies
[Federal Register Volume 71, Number 54 (Tuesday, March 21, 2006)]
[Notices]
[Pages 14164-14169]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E6-4059]
-----------------------------------------------------------------------
DEPARTMENT OF AGRICULTURE
Rural Housing Service
Notice of Funding Availability: The Choctaw Intermediate
Relending Fund (CIRF) Demonstration Program for Fiscal Year 2006
AGENCY: Rural Housing Service, USDA.
ACTION: Notice.
-----------------------------------------------------------------------
Overview Information
SUMMARY: The Rural Housing Service, (RHS), an Agency under USDA Rural
Development, announces the availability of funds and the timeframe to
submit applications for loans to private non-profit organizations, or
such non-profit organizations' loan affiliate funds and State and local
housing finance agencies, to carry out a housing demonstration program
to provide loans for the construction and rehabilitation of housing for
the Mississippi Band of Choctaw Indians. Housing that is assisted by
this demonstration program must be financed by USDA Rural Development
in accordance with its current housing loan programs as authorized by
the Housing Act of 1949. This demonstration program will be achieved
through loans made to intermediaries who will then make loans to
ultimate recipients for the construction and rehabilitation of housing
for the Mississippi Band of Choctaw Indians (as determined by the
Native American Housing and Self Determination (NAHASDA) Act.)
Programs Affected
This program is listed in the Catalog of Federal Domestic
Assistance under Numbers 10.415 and 10.410.
DATES: The deadline for receipt of all applications in response to this
NOFA is 5 p.m., Eastern Time, June 19, 2006. The application closing
deadline is firm as to date and hour. The Agency will not consider any
application that is received after the closing deadline. Applicants
intending to mail applications must provide sufficient time to permit
delivery on or before the closing deadline. Acceptance by a post office
or private mailer does not constitute delivery. Facsimile (FAX) and
postage due applications will not be accepted.
FOR FURTHER INFORMATION CONTACT: Henry Searcy, Jr., Senior Loan
Specialist, Multi-Family Housing Processing Division--STOP 0781 (Room
1263-S), or Bonnie Edwards-Jackson, Senior Loan Specialist, Multi-
Family Housing Processing Division--STOP 0781 (Room 1239-S), U.S.
Department of Agriculture, USDA Rural Development, 1400 Independence
Ave., SW., Washington, DC 20250-0781 or by telephone at (202) 720-1753
or (202) 690-0759, or via e-mail, Henry.Searcy@wdc.usda.gov or
Bonnie.Edwards@wdc.usda.gov. (Please note the phone numbers are not
toll free numbers.).
SUPPLEMENTARY INFORMATION:
[[Page 14165]]
Paperwork Reduction Act
Under the Paperwork Reduction Act, 44 U.S.C. 3501 et seq., the
Office of Management and Budget must approve all ``collections of
information'' by USDA Rural Development. The Act defines ``collection
of information'' as a requirement for ``answers to * * * identical
reporting or recordkeeping requirements imposed on ten or more persons
* * *.'' (44 U.S.C. 3502(3)(A)) Because this NOFA will receive less
than 10 respondents, the Paperwork Reduction Act does not apply.
Equal Opportunity and Nondiscrimination Requirements
(1) In accordance with the Fair Housing Act, title VI of the Civil
Rights Act of 1964, the Equal Credit Opportunity Act, the Age
Discrimination Act of 1975, Executive Order 12898, the Americans with
Disabilities Act, and section 504 of the Rehabilitation Act of 1973,
neither the intermediary nor the Agency will discriminate against any
employee, proposed intermediary or proposed ultimate recipient on the
basis of sex, marital status, race, color, religion, national origin,
age, physical or mental disability (provided the proposed intermediary
or proposed ultimate recipient has the capacity to contract), because
all or part of the proposed intermediary's or proposed ultimate
recipient's income is derived from public assistance of any kind, or
because the proposed intermediary or proposed ultimate recipient has in
good faith exercised any right under the Consumer Credit Protection
Act, with respect to any aspect of a credit transaction anytime Agency
loan funds are involved.
(2) The policies and regulations contained in 7 CFR part 1901,
subpart E apply to this program.
(3) The Agency Administrator will assure that equal opportunity and
nondiscrimination requirements are met in accordance with the Fair
Housing Act, title VI of the Civil Rights Act of 1964, the Equal Credit
Opportunity Act, the Age Discrimination Act of 1975, Executive Order
12898, the Americans with Disabilities Act, and section 504 of the
Rehabilitation Act of 1973.
(4) All housing must meet the accessibility requirements found at 7
CFR 3560.60(d).
(5) In accordance with RD Instruction 2006-P (available in any
Rural Development office) and Departmental Regulation 5600-2, the
Agency should conduct a Civil Rights Impact Analysis for each loan made
to an intermediary and the Agency should document their analyses
through the completion of Form RD 2006-38, ``Civil Rights Impact
Analysis Certification.''
Overview
The Agriculture, Rural Development, Food and Drug Administration,
and Related Agencies Appropriations Act, 2006 (Pub. L. 109-97, November
10, 2005); Sec 791 provides funding for, and authorizes USDA Rural
Development to, establish a loan program for the purpose of providing
loans to intermediaries that lend to ultimate recipients for the
construction and rehabilitation of housing for the Mississippi Band of
Choctaw Indians.
Program Administration
I. Funding Opportunities Description
This NOFA requests applications from eligible intermediary
applicants for loans to establish and operate a relending fund for the
construction and rehabilitation of housing for the Mississippi Band of
Choctaw Indians in accordance with the RHS current housing lending
programs.
Housing that is constructed must meet the Agency design and
construction standards and the development standards contained in 7 CFR
part 1924, subparts A and C, respectively. A multi-family housing
project, once constructed, must be managed in accordance with the
program's management regulation, 7 CFR part 3560, subpart C. For single
family houses, homeowners must comply with 7 CFR part 3550. Tenant
eligibility is limited to persons who qualify as a very low-, low-, or
moderate-income household or who are eligible under the requirements
established to qualify for housing benefits provided by sources other
than the Agency, such as the U.S. Department of Housing and Urban
Development Section 8 assistance or the Low Income Housing Tax Credit
Assistance, when a tenant receives such housing benefits. Additional
tenant eligibility requirements are contained in 7 CFR 3560.152.
Homeowner eligibility is limited to persons whose household adjusted
income, at the time of loan approval, must not exceed the applicable
low-income for the area, and at closing, must not exceed the applicable
moderate-income limit for the area. Additional homeowner eligibility
requirements are contained at 7 CFR 3550.53.
II. Award Information
Public Law 109-97 (November 10, 2005) made funding available for
loans to private non-profit organizations, or such non-profit
organizations' affiliate loan funds and State and local housing finance
agencies, to carry out a housing demonstration program to provide
intermediate relending for the construction and rehabilitation of
housing for the Mississippi Band of Choctaw Indians. The total amount
of funding available for this program is $990,000. As required by this
statute, loans to intermediaries under this demonstration program shall
have an interest rate of no more than one percent, and the Secretary of
Agriculture may defer the interest and principal payment to USDA Rural
Development for up to three years during the first three years of the
loan. The term of such loans shall not exceed 30 years. Payments will
be made on an annual basis. Funding priority will be given to entities
with equal or greater matching funds, including housing tax credits for
rural housing assistance and to entities with experience in the
administration of relending loan programs.
III. Eligibility Information
Applicant Eligibility
(1) Eligibility requirements--Intermediary.
(a) The types of entities which may become intermediaries are
private nonprofit organizations or such non-profit organizations'
affiliate loan funds and State and local housing finance agencies,
tribal housing authorities and federally recognized tribes.
(b) The intermediary must have:
(i) The legal authority necessary for carrying out the proposed
loan purposes and for obtaining, giving security for, and repaying the
proposed loan;
(ii) A proven record of successfully assisting low-income multi-
family housing projects, or providing housing loans, or technical
assistance. Such record will include documentation reflecting recent
experience in loan making and servicing loans that are similar in
nature to those proposed for the CIRF demonstration program and a
satisfactory delinquency and loss rate; and
(iii) The services of a staff with loan making and servicing
expertise.
(c) No loans will be extended to an intermediary unless:
(i) There is adequate assurance of repayment of the loan based on
the fiscal and managerial capabilities of the proposed intermediary;
(ii) The amount of the loan, together with other funds available,
is adequate to assure completion of the project or achieve the purposes
for which the loan is made;
(iii) At least 51 percent of the outstanding interest or membership
in
[[Page 14166]]
any nonpublic body intermediary must be composed of citizens of the
United States or individuals who reside in the United States after
being legally admitted for permanent residence;
(iv) The Intermediary's Debt Service Coverage Ratio (DSCR) must be
greater than 1.1 for the fiscal year immediately prior to the year of
application and a minimum DSCR of 1 for the fiscal year two years prior
and the fiscal year three years prior to the application; and
(v) The Intermediary's prior calendar year audit.
(d) Intermediaries, and the principals of the intermediaries, must
not be suspended, debarred, or excluded based on the ``List of Parties
Excluded from Federal Procurement and Nonprocurement Programs.''
(e) Intermediaries and their principals must not be delinquent on
Federal debt, or be a Federal judgment debtor.
(2) Eligibility requirements--Ultimate recipients.
(a) To be eligible to receive loans from the CIRF, ultimate
recipients must:
(i) Be unable to provide the necessary housing from its own
resources and, except for State or local public agencies and Indian
tribes, be unable to obtain the necessary credit from other sources
upon terms and conditions the applicant could reasonably be expected to
fulfill;
(ii) Along with its principal officers (including their immediate
family), hold no legal or financial interest or influence in the
intermediary. Also, the intermediary and its principal officers
(including immediate family) must hold no legal or financial interest
or influence in the ultimate recipient; and
(iii) Be in compliance with all Agency program requirements under 7
CFR part 3560 or 7 CFR part 3550, whichever is applicable, or have an
Agency approved workout plan in place which will correct a non-
compliance status.
(b) Any delinquent debt to the Federal Government, by the ultimate
recipient or any of its principals, shall cause the proposed ultimate
recipient to be ineligible to receive a loan from the CIRF. CIRF loan
funds may not be used to satisfy the delinquency.
(c) The ultimate recipient or any of its principals may not be a
Federal judgment debtor.
Cost Sharing or Matching. Funding priority will be given to
entities with equal or greater matching funds, including housing tax
credits for rural housing assistance. Refer to the Selection Criteria
section of the NOFA for further information on funding priorities.
IV. Application and Submission Information
Application Requirements
The application must contain the following:
(1) A summary page, that is double-spaced, that lists the following
items:
(a) Applicant's name.
(b) Applicant's Taxpayer Identification Number.
(c) Applicant's address.
(d) Applicant's telephone number.
(e) Name of applicant's contact person, telephone number, and
address.
(f) Amount of loan requested.
(2) Form RD 4274-1, ``Application for Loan (Intermediary Relending
Program).''
(3) A written work plan to demonstrate the feasibility of the
intermediary's program to meet the objectives of this demonstration
program. The work plan must, at a minimum:
(a) Document the intermediary's ability to administer this
demonstration program in accordance with the provisions of this NOFA.
In order to adequately demonstrate the ability to administer the
program, the intermediary must provide a complete listing of all
personnel responsible for administering this program along with a
statement of their qualifications and experience. The personnel may be
either members or employees of the intermediary's organization or
contract personnel hired for this purpose. If the personnel are to be
contracted for, the contract between the intermediary and the entity
providing such service will be submitted for Agency review, and the
terms of the contract and its duration must be sufficient to adequately
service the Agency loan through to its ultimate conclusion. If the
Agency determines the personnel lack the necessary expertise to
administer the program, the loan request will not be approved;
(b) Document the intermediary's ability to commit financial
resources under the control of the intermediary to the demonstration
program. This should include a statement of the sources of non-Agency
funds for administration of the intermediary's operations and financial
assistance for projects;
(c) Demonstrate a need for loan funds. At a minimum, the
intermediary must either (1) identify a sufficient number of proposed
and known ultimate recipients to justify Agency funding of its loan
request; or (2) include well-developed targeting criteria for ultimate
recipients consistent with the intermediary's mission and strategy for
this demonstration program, along with supporting statistical or
narrative evidence that such prospective recipients exist in sufficient
numbers to justify Agency funding of the loan request;
(d) Include a list of proposed fees and other charges it will
assess the ultimate recipients;
(e) Demonstrate that the intermediary has secured commitments of
significant financial support from public agencies and private
organizations;
(f) Include the intermediary's plan for relending the loan funds.
The plan must be of sufficient detail to provide the Agency with a
complete understanding of what the intermediary will accomplish by
lending the funds to the ultimate recipient and the complete mechanics
of how the funds will get from the intermediary to the ultimate
recipient. The service area, eligibility criteria, loan purposes, fees,
rates, terms, collateral requirements, limits, priorities, application
process, method of disposition of the funds to the ultimate recipient,
monitoring of the ultimate recipient's accomplishments, and reporting
requirements by the ultimate recipient's management are some of the
items that must be addressed by the intermediary's relending plan;
(g) Provide a set of goals, strategies, and anticipated outcomes
for the intermediary's program. Outcomes should be expressed in
quantitative or observable terms such as low-income housing complexes
rehabilitated or low-income housing units preserved, and should relate
to the purpose of this demonstration program; and
(h) Provide specific information as to whether and how the
intermediary will ensure that technical assistance is made available to
ultimate recipients and potential ultimate recipients. Describe the
qualifications of the technical assistance providers, the nature of
technical assistance that will be available, and expected and committed
sources of funding for technical assistance. If other than the
intermediary itself, describe the organizations providing such
assistance and any arrangements between such organizations and the
intermediary.
(4) A pro forma balance sheet at start-up and projected balance
sheets for at least 3 additional years; financial statements for the
last 3 years, (or from inception of the operations of the intermediary
if less than 3 years); and projected cash flow and earnings statements
for at least 3 years supported by a list of assumptions showing the
basis for the projections. The projected earnings statement and balance
sheet must include one set of projections that takes into account a
projected year with
[[Page 14167]]
factoring in full annual installment on the CIRF loan.
(5) Form RD 400-4, ``Assurance Agreement.''
(6) Complete organizational documents, including evidence of
authority to conduct the proposed activities.
(7) Latest audit report.
(8) Form RD 1910-11, ``Applicant Certification Federal Collection
Policies for Consumer or Commercial Debts.''
(9) Form AD-1047, ``Certification Regarding Debarment, Suspension,
and other Responsibility Matters--Primary Covered Transactions.''
(10) Exhibit A-1 of RD Instruction 1940-Q, ``Certification for
Contracts, Grants, and Loans'' (available in any Rural Development
office).
(11) Tax Returns for three years prior to application, and a
current financial statement.
(12) A separate one-page information sheet listing each of the
``Application Scoring Criteria'' contained in this Notice, followed by
the page numbers of all relevant material and documentation that is
contained in the proposal that supports these criteria. Applicants are
also encouraged, but not required, to include a checklist of all of the
selection criteria as set out in more detail under Section V of this
notice. Application Review Information in this NOFA and to have their
application indexed and tabbed to facilitate the review process.
Submission address. Applications should be submitted to USDA Rural
Housing Service; Attention: Henry Searcy, Jr., Senior Loan Specialist,
Multi-Family Housing Processing Division STOP 0781 (Room 1263-S), or
Bonnie Edwards-Jackson, Senior Loan Specialist, Multi-Family Housing
Processing Division--STOP 0781 (Room 1239-S), U.S. Department of
Agriculture-USDA Rural Development, 1400 Independence Ave., SW.,
Washington, DC 20250-0781 or by telephone at (202) 720-1753 or (202)
690-0759 or via e-mail, Henry.Searcy@wdc.usda.gov or
Bonnie.Edwards@wdc.usda.gov. (Please note the phone numbers are not
toll free numbers.)
V. Application Review Information
All applications will be evaluated by a loan committee. The loan
committee will make recommendations to the Agency Administrator
concerning eligibility determinations and for the selection of
applications based on the selection criteria contained in this NOFA and
the availability of funds. The Administrator will inform applicants of
the status of their application within 30 days of the loan application
closing date of the NOFA.
Selection Criteria
Selection criteria points will be allowed only for factors
indicated by well documented, reasonable plans which, in the opinion of
the Agency, provide assurance that the items have a high probability of
being accomplished. The points awarded will be as specified in
paragraphs (1) through (4) of this section. In each case, the
intermediary's work plan must provide documentation that the selection
criteria have been met in order to qualify for selection criteria
points. If an application does not fit one of the categories listed, it
receives no points for that paragraph.
(1) Other funds. Points allowed under this paragraph are to be
based on documented successful history or written evidence that the
other funds are available.
(a) The intermediary will obtain non-Agency loan or grant funds or
provide housing tax credits (measured in dollars) to pay part of the
cost of the ultimate recipients' project cost. The intermediary shall
pledge as collateral its CIRF, including its portfolio of investments
derived from the proceeds of other funds and this loan award.
Points for the amount of funds from other sources are as follows:
(i) At least 10% but less than 25% of the total loan amount
requested by the intermediary--5 points;
(ii) At least 25% but less than 50% of the total loan amount
requested by the intermediary--10 points; or
(iii) 50% or more of the total loan amount requested by the
intermediary--15 points.
(b) The intermediary will provide loans to the ultimate recipient
from its own funds (not loan or grant) to pay part of the ultimate
recipients' project cost. The amount of the intermediary's own funds
will average:
(i) At least 10% but less than 25% of the total loan amount
requested by the intermediary--5 points;
(ii) At least 25% but less than 50% of total loan amount requested
by the intermediary--10 points; or
(iii) 50% or more of total loan amount requested by the
intermediary--15 points.
(2) Intermediary pledged security funds. The Intermediary will
pledge security funds not derived from the Agency which will be
considered security funds. The pledged security funds will be placed in
a separate account from the CIRF loan account and will remain in this
account until the CIRF revolves as described in the loan agreement. The
Intermediary shall contribute the pledged security funds into a
separate bank account or accounts according to their work plan. These
pledged security funds are to be placed into an interest bearing
counter-signature account until the PRLF revolves. No other funds shall
be commingled with such money.
The amount of pledged security funds contributed to the CIRF will
equal the following percentage of the Agency CIRF loan:
(a) At least 5% but less than 15%--15 points;
(b) At least 15% but less than 25%--30 points; or
(c) 25% or more--50 points.
(3) Experience. The intermediary has actual experience in the
administration of relending loan funds, with a successful record, for
the following number of full years. Applicants must have actual
experience in both the administration of relending loan funds in order
to qualify for points under this selection criteria. If the number of
years of experience differs between the two types of experience, the
type with the least number of years will be used for this selection
criteria.
(a) At least 1 but less than 3 years--5 points;
(b) At least 3 but less than 5 years--10 points;
(c) At least 5 but less than 10 years--20 points; or
(d) 10 or more years--30 points.
(4) Administrative. The Administrator may assign up to 35
additional points to an application to account for the following items
not adequately covered by the other priority criteria set out in this
section, including the amount of funds requested in relation to the
amount of need; a particularly successful affordable housing
development record; a service area with no other CIRF coverage; a
service area with severe affordable housing problems; a service area
with emergency conditions caused by a natural disaster; an innovative
proposal; the quality of the proposed program; a work plan that is in
accord with a strategic plan, particularly a plan prepared as part of a
request for an Empowerment Zone/Enterprise Community designation; or
excellent utilization of an existing revolving loan fund program. The
Administrator will document his reasons for the point allocation.
VI. Other Administrative Requirements
(1) The following policies and regulations apply to loans to
intermediaries made in response to this NOFA:
[[Page 14168]]
(a) CIRF intermediaries will be required to provide the Agency with
the following reports:
(i) An annual audit;
(A) Dates of audit report period need not necessarily coincide with
other reports on the CIRF. The Agency will inform the intermediary when
the audits need to be conducted. Audit reports shall be due 90 days
following the audit period. Audits must cover all of the intermediary's
activities. Audits will be performed by an independent certified public
accountant. The audit will be performed in accordance with Generally
Accepted Government Auditing Standards and include such tests of the
accounting records as the auditor considers necessary in order to
express an opinion on the financial condition of the intermediary.
(B) It is not intended that audits required by this program be
separate from audits performed in accordance with State and local laws
or for other purposes. To the extent feasible, the audit work for this
program should be done in connection with these other audits.
Intermediaries covered by the Office of Management and Budget Circular
A-128 or A-133 should submit audits made in accordance with that
circulars.
(ii) Quarterly or semiannual reports (due 30 days after the end of
the period);
(A) Performance reports will be required quarterly during the first
year after loan closing. Thereafter, reports will be required
semiannually. Also, the Agency may resume requiring quarterly reports
if the intermediary becomes delinquent in repayment of its loan or
otherwise fails to fully comply with the provisions of its work plan or
Loan Agreement, or the Agency determines that the intermediary's CIRF
is not adequately protected by the current financial status and paying
capacity of the ultimate recipients.
(B) These reports shall contain information only on the CIRF loan.
If other funds are included, the CIRF portion shall be segregated from
the others. If the intermediary has more than one CIRF loan from the
Agency, a separate report shall be made for each CIRF loan.
(C) The reports will include, on a form to be provided by the
Agency, information on the intermediary's lending activity, income and
expenses, financial condition and a summary of names and
characteristics of the ultimate recipients the intermediary has
financed.
(D) Quarterly and semiannual reports will be due to the Agency 30
days after the end of the calendar quarter or half. Quarterly reports
will be due April 30, July 31, October 31, or January 31. Semiannual
reports will be due July 1 and January 31.
(iii) Annual proposed budget for the following year; and
(iv) Other reports as the Agency may require from time to time.
(b) The Agency may consider, on a case by case basis, subordinating
its security interest on the property to the lien of the intermediary
so that the Agency has a junior lien interest when an independent
appraisal documents that the Agency will continue to be fully secured.
(c) The term of the loan to the ultimate recipient may not exceed
30 years.
(d) The policies and regulations contained in 7 CFR part 1901,
subpart F regarding historical and archaeological properties apply to
all loans funded under this NOFA.
(e) The policies and regulations contained in 7 CFR part 1940,
subpart G regarding environmental assessments apply to all loans funded
under this NOFA.
(f) These loans are subject to the provisions of Executive Order
12372 that require intergovernmental consultation with state and local
officials. RHS conducts intergovernmental consultations for each loan
in a manner delineated in RD Instruction 1940-J which is available in
any Rural Development office.
(2) The intermediary agrees to the following:
(a) To obtain the written Agency approval, before the first lending
of CIRF funds to an ultimate recipient, of:
(i) All forms to be used for relending purposes, including
application forms, loan agreements, promissory notes, and security
instruments; and
(ii) Intermediary's policy with regard to the amount and form of
security to be required.
(b) To obtain written approval from the Agency before making any
significant changes in forms, security policy, or the work plan. The
Agency may approve changes in forms, security policy, or work plans at
any time upon a written request from the intermediary and determination
by the Agency that the change will not jeopardize repayment of the loan
or violate any requirement of this NOFA or other Agency regulations.
The intermediary must comply with the work plan approved by the Agency
so long as any portion of the intermediary's CIRF loan is outstanding.
(c) To secure the indebtedness by pledging the CIRF, including its
portfolio of investments derived from the proceeds of the loan award,
and other rights and interests as the Agency may require.
(d) The Intermediary may withdraw up to 25 percent of USDA CIRF
loan funds at loan closing. Thereafter, the intermediary may withdraw,
under this award, only such funds as are necessary to cover a 30-day
period in implementing its approved work plan. Advances will be
requested by the Intermediary in writing. Subsequent CIRF advances will
not be considered by the Agency unless at least 80 percent of prior
advances are used. The date of such withdrawal shall constitute the
date the funds are advanced under this Loan Agreement for purposes of
computing interest payments. To return, as an extra payment on the loan
any funds that have not been used in accordance with the intermediary's
work plan by a date 2 years from the date of the loan agreement. If any
revolving loan funds have not been used by 5 years from the date of the
loan agreement, the approval will be canceled for any funds that have
not been delivered to the intermediary and the intermediary will
return, as an extra payment on the loan, any revolving loan funds it
has received and not used in accordance with the work plan. In
accordance with the Agency approved promissory note, regular loan
payments will be based on the amount of funds actually drawn by the
intermediary.
(3) The intermediary will be required to enter into an Agency
approved loan agreement and promissory note. The promissory note will
have a term not to exceed 30 years, bear interest at no more than one
percent per annum, and provide that interest and principal due to the
Government during the first three years of the loan may be deferred.
(4) Loans made to the CIRF ultimate recipient must meet the intent
of providing decent, safe, and sanitary rural housing and be consistent
with the requirements of title V of the Housing Act of 1949.
(5) When an intermediary proposes to make a loan from the CIRF to
an ultimate recipient, Agency concurrence is required prior to final
approval of the loan. A request for Agency concurrence in approval of a
proposed loan to an ultimate recipient must include:
(a) Certification by the intermediary that:
(i) The proposed ultimate recipient is eligible for the loan;
(ii) The proposed loan is for eligible purposes;
(iii) The proposed loan complies with all applicable statutes and
regulations; and
(iv) Prior to closing the loan to the ultimate recipient, the
intermediary and
[[Page 14169]]
its principal officers (including immediate family) hold no legal or
financial interest or influence in the ultimate recipient, and the
ultimate recipient and its principal officers (including immediate
family) hold no legal or financial interest or influence in the
intermediary.
(b) Copies of sufficient material from the ultimate recipient's
application and the intermediary's related files, to allow the Agency
to determine the:
(i) Name and address of the ultimate recipient;
(ii) Loan purposes;
(iii) Interest rate and term;
(iv) Location, nature, and scope of the project being financed;
(v) Other funding included in the project; and
(vi) Nature and lien priority of the collateral.
(c) Such other information as the Agency may request on specific
cases.
(6) Upon receipt of a request for concurrence in a loan to an
ultimate recipient the Agency will provide the necessary materials as
authorized by the Housing Act of 1949. The Agency will also issue a
letter concurring in the loan when all requirements have been met or
notify the intermediary in writing of the reasons for denial when the
Agency determines it is unable to concur in the loan.
Funding Restrictions
Loans made to the CIRF intermediary under this demonstration
program may not exceed $990,000 and may be limited by geographic area
so that multiple loan recipients are not providing similar services to
the same service areas.
Loans made to the CIRF ultimate recipient must meet the intent of
providing decent, safe, and sanitary rural housing and be consistent
with the requirements of title V of the Housing Act of 1949.
VII. Appeal Process
All adverse determination regarding applicant eligibility and the
awarding of points as part of the selection process are appealable.
Instructions on the appeal process will be provided at the time the
applicant is notified of the decision.
Dated: March 16, 2006.
Russell T. Davis,
Administrator, Rural Housing Service.
[FR Doc. E6-4059 Filed 3-20-06; 8:45 am]
BILLING CODE 3410-XV-P
