Notice of Funds Availability Section 538 Multi-Family Housing Guaranteed Rural Rental Housing Program (GRRHP)-Demonstration Program for Fiscal Year 2008, 21305-21307 [E8-8470]
Download as PDF
<![CDATA[
Federal Register / Vol. 73, No. 77 / Monday, April 21, 2008 / Notices
provides automatic and customized
access to selected food safety news and
information. This service is available at
https://www.fsis.usda.gov/
news_and_events/email_subscription/.
Options range from recalls to export
information to regulations, directives
and notices. Customers can add or
delete subscriptions themselves, and
they have the option to password
protect their accounts.
Public Meeting
At the April 25, 2008, public meeting,
draft U.S. positions on the agenda items
will be described and discussed, and
attendees will have the opportunity to
pose questions and offer comments.
Written comments may be sent
electronically to the U.S. Delegate for
the 14th CCFFV Session, Dorian
LaFond, at dorian.lafond@usda.gov.
Written comments should state that they
relate to activities of the 14th CCFFV
Session.
rwilkins on PROD1PC63 with NOTICES
• Draft Sections 3—Provisions
Concerning Sizing (Draft Standard for
Tomatoes).
• Draft Codex Standard for Bitter
Cassava.
• Draft Codex Guidelines for the
Inspection and Certification of Fresh
Fruits and Vegetables for Conformity to
Quality Standards.
• Proposed Draft Codex Standard for
Apples.
• Proposals for Amendments to the
Priority List for the Standardization of
Fresh Fruits and Vegetables.
Each issue listed will be fully
described in documents distributed, or
to be distributed, by the Secretariat prior
to the meeting. Members of the public
may access or request copies of these
documents via the World Wide Web at
the following address: https://
www.codexalimentarius.net/
current.asp.
Notice of Funds Availability Section
538 Multi-Family Housing Guaranteed
Rural Rental Housing Program
(GRRHP)—Demonstration Program for
Fiscal Year 2008
Additional Public Notification
Public awareness of all segments of
rulemaking and policy development is
important. Consequently, in an effort to
ensure that minorities, women, and
persons with disabilities are aware of
this notice, FSIS will announce it online
through the FSIS Web page located at
(https://www.fsis.usda.gov/regulations/
2008_Notices_Index/. FSIS will also
make copies of this Federal Register
publication available through the FSIS
Constituent Update, which is used to
provide information regarding FSIS
policies, procedures, regulations,
Federal Register notices, FSIS public
meetings, and other types of information
that could affect or would be of interest
to constituents and stakeholders. The
Update is communicated via Listserv, a
free electronic mail subscription service
for industry, trade groups, consumer
interest groups, health professionals,
and other individuals who have asked
to be included. The Update is also
available on the FSIS Web page.
Through the Listserv and Web page,
FSIS is able to provide information to a
much broader and more diverse
audience. In addition, FSIS offers an email subscription service which
VerDate Aug<31>2005
16:59 Apr 18, 2008
Jkt 214001
Done at Washington, DC, on: April 15,
2008.
Paulo M. Almeida,
Acting U.S. Manager for Codex Alimentarius.
[FR Doc. E8–8473 Filed 4–18–08; 8:45 am]
BILLING CODE 3410–DM–P
DEPARTMENT OF AGRICULTURE
Rural Housing Service
Rural Housing Service, USDA.
Notice.
AGENCY:
ACTION:
SUMMARY: Through this Notice of Funds
Availability (NOFA), in conjunction
with the GRRHP 2007 Notice, published
February 26, 2007, Volume 72 FR,
8339–8346 and the GRRHP 2008 Notice,
published February 4, 2008, Volume 73
FR, 6469–6477, the Agency announces
the implementation of a demonstration
program under the section 538
Guaranteed Rural Rental Housing
Program (GRRHP) pursuant to 7 CFR
3565.4 for Fiscal Year (FY) 2008 and 7
CFR 3565.17 demonstration programs.
The Demonstration Program’s purpose
is to test the viability and efficacy of the
concept of a continuous loan note
guarantee through the construction and
permanent loan financing phases of a
project. Those applications that meet
the Demonstration Program’s qualifying
criteria and are selected to participate
will be offered one loan note guarantee
upon closing of the construction loan
that will be in effect throughout both of
the project’s construction and
permanent phases without interruption.
The funding for the Demonstration
Program will be approximately 10
percent of the FY 2008 appropriation.
Expenses incurred in developing
applications will be at the applicant’s
risk. The following paragraphs outline
the timeframes, eligibility requirements,
lender responsibilities, and the overall
response and application processes.
Eligible Lenders wishing to have their
FY 2008 obligations considered for the
PO 00000
Frm 00003
Fmt 4703
Sfmt 4703
21305
Demonstration Program must send a
signed request on its letterhead with the
proposed project details as outlined in
the ‘‘Demonstration Program Response
Submission Address’’ section of this
Notice.
Demonstration Program Guidelines
The following guidelines are being
provided to facilitate a structured
implementation of the program:
1. Demonstration guarantee. The
Demonstration guarantee is a guarantee
that will be offered to lenders who
submit applications in response to the
2008 Demonstration Notice’s
demonstration program’s qualifying
criteria. The Demonstration guarantee
will consist of one loan note guarantee
that will be issued upon closing of the
construction loan and will be in effect
throughout both of the project’s
construction and permanent financing
phases without interruption.
2. Upon approval of an application
from an approved lender, the Agency
will commit to providing a
demonstration guarantee for the
construction and permanent financing
phases of the project, subject to the
availability of funds.
3. Guarantee percentage and payment.
Both construction loan advances and
permanent loans are eligible for a
guarantee subject to the following
limitations:
Construction loan advances and permanent
loans. The Agency may guarantee a
construction contract which has credit
enhancements to protect the Government’s
interest. The Agency can guarantee the
‘‘construction and permanent’’ financing
phases of a project. The Agency cannot,
however, guarantee only the ‘‘construction’’
financing phase of a project. Guarantees
under the demonstration guarantee will cover
construction loan advances and the
subsequent permanent loan. The maximum
guarantee of construction advances will not
at any time exceed the lesser of 90 percent
of the amount of principal and interest up to
default advanced for eligible uses of loan
proceeds or 90 percent of the original
principal amount and interest up to default
of a loan. Penalties incurred as a result of
default are not covered by the guarantee. The
Agency may provide a lesser guarantee based
upon its evaluation of the credit quality of
the loan.
4. A lender making a construction
loan must demonstrate an ability to
originate and service construction loans.
5. Guarantee during construction. The
Agency will issue a demonstration
guarantee only to an approved lender.
6. Demonstration guarantee program
compliance requirement. For a
demonstration guarantee, the following
items will have to be submitted in order
to remain compliant with program
E:\FR\FM\21APN1.SGM
21APN1
rwilkins on PROD1PC63 with NOTICES
21306
Federal Register / Vol. 73, No. 77 / Monday, April 21, 2008 / Notices
requirements. The items must be
submitted within the timeframe
stipulated by the Agency and must also
be approved by the AGENCY:
(i) A certificate of substantial
completion;
(ii) A certificate of occupancy or
similar evidence of local approval;
(iii) A final cost certification in a form
acceptable to the Agency;
(iv) A complete copy of the
permanent loan closing docket; and
(v) Necessary information to complete
an updated necessary assistance review
by the Agency.
The Agency may declare the loan in
default if the Lender fails to comply
with the demonstration guarantee
program guidelines and program
compliance requirements. The Agency
may also declare the loan in default if
the Agency’s final inspection is not
satisfactory. To facilitate the
implementation of the program, certain
program forms may be addended to
include relevant Demonstration Program
requirements.
The selected applicants will be
subject to the Demonstration Program
guidelines in this Notice, and GRRHP’s
controlling statute, regulations, and
handbook as amended. The GRRHP
operates under the Housing Act of 1949
and regulations at 7 CFR part 3565. The
GRRHP Origination and Servicing
Handbook (HB–1–3565) is available to
provide lenders and the general public
with guidance on program
administration. HB–1–3565, which
contains a copy of 7 CFR part 3565 in
Appendix 1, can be found at the Rural
Development Instructions Web site
address https://www.rurdev.usda.gov/
regs/hblist.html#hbw6.
Demonstration Program Eligibility:
Applications obligated in FY 2008 that
meet the following criteria will be
eligible for consideration to be selected
into the Demonstration Program:
1. The project must have been
awarded tax credits.
2. The project must have a loan to cost
(LTC) ratio equal to or lower than 50%.
3. The Lender must have submitted a
timely response to this Notice in
accordance with the ‘‘Demonstration
Program Response Submission
Address’’ section of this Notice.
4. A Lender must have submitted its
application under the GRRHP’s 2007
Notice published February 26, 2007,
Volume 72 FR 8339–8346 or 2008
Notice published on February 4, 2008,
Volume 73 FR 6469–6477.
5. The application to be considered
must have been obligated from October
1, 2007 to September 30, 2008.
However, if Demonstration funds have
not been fully utilized, the Agency may
VerDate Aug<31>2005
16:59 Apr 18, 2008
Jkt 214001
consider applications obligated on or
after October 1, 2006.
6. The Lender must not have closed
the construction loan prior to its
selection to participate in the
Demonstration Program.
Demonstration Program Selection
Process
Selections from qualified applications
that have requested consideration will
be based on interest credit scores, with
the highest scoring applications, being
selected first, until all available
demonstration funds are allocated. In
the event of a tie, priority will be given
to the project that: Is in the smaller rural
community, and in case of a subsequent
tie has the lowest LTC ratio.
The first round of selections into the
Demonstration Program will be made on
April 25, 2008, from the qualified pool
of applications obligated between
October 1, 2007 to April 4, 2008. In the
event there are not enough qualified
requests for selection into the
Demonstration Program to utilize all the
available Demonstration Program setaside funds of approximately $13
million, then the selection process for
any remaining funds will be conducted
again on July 11, 2008 and will include
all applications obligated from October
1, 2007 to July 3, 2008. If needed, an
additional selection process will be
conducted again on September 29, 2008
and will include all applications
obligated from October 1, 2007 to
September 22, 2008. Additionally, on
September 29, 2008 if funds remain
available, applications obligated on or
after October 1, 2006 will be included
in the selection process. All applicants
will be notified of the selection results
no later than 15 business days from the
date of selection.
Demonstration Program Response
Submission Address
Eligible lenders wishing to have their
obligated applications considered for
selection into the Demonstration
Program must submit a signed request
(not to exceed one page) on its
letterhead that includes the following
information:
1. Developer’s Name.
2. Borrower’s Name.
3. Project’s Name.
4. Project’s Address (City and State).
5. Project Type (Family, Senior, or
Mixed).
6. Project’s Total Units.
7. Project’s Total Development Cost
(TDC).
8. Amount of 538 Loan Guarantee.
9. Amount of Tax Credits Awarded.
10. Amount and Source of Other
Financing.
PO 00000
Frm 00004
Fmt 4703
Sfmt 4703
11. Loan to Cost (LTC) %.
12. Area Population.
13. Date obligated or date of
Conditional Commitment.
Send the Demonstration Program
Response Submission Letter with all of
the information listed above, along with
a copy of the State Office’s ‘‘Proceed
with Application/NOFA Response
Selection’’ letter and a copy of the tax
credit award notification to: C.B.
Alonso, Senior Loan Specialist, MultiFamily Housing Processing Division,
Guaranteed Rural Rental Housing
Program, USDA Rural Development,
South Agriculture Building, Room 1271,
STOP 0781, 1400 Independence
Avenue, SW., Washington, DC 20250–
0781.
Requests may also be faxed to 202–
205–5066 or sent by e-mail (signed PDF
copies of the above submissions) to
cb.alonso@wdc.usda.gov. Eligible
lenders mailing a request must provide
sufficient time to permit delivery to the
Submission Address. To be considered
for the first selection process, requests
must be received on or before April 25,
2008. To be considered for the second
selection process, requests must be
received on or before July 11, 2008. To
be considered for the third selection
process, requests must be received on or
before September 29, 2008. Acceptance
by a U.S. Post Office or private mailer
does not constitute delivery. Postage
due responses and applications will not
be accepted.
Paperwork Reduction Act
In accordance with the Paperwork
Reduction Act of 1995, the information
collection requirements contained in
this Notice is approved by the Office of
Management and Budget (OMB) under
OMB Control Number 0575–0174.
Nondiscrimination Statement
‘‘The U.S. Department of Agriculture
(USDA) prohibits discrimination in all its
programs and activities on the basis of race,
color, national origin, sex, religion, age,
disability, political beliefs, sexual
orientation, marital status or family status
(not all prohibited basis apply to all
programs). Persons with disabilities who
require alternative means for communication
of program information (Braille, large print,
audiotape, etc.) should contact the USDA’s
Target Center at (202) 720–2600 (voice or
TDD). To file a complaint of discrimination,
write USDA, Director, Office of Civil Rights,
Room 326–W, Whitten Building, 1400
Independence Avenue, SW., Washington, DC
20250–9410, or call toll free, (866) 632–9992
(Voice). TDD users can contact USDA
through local relay (800) 720–6382 (TDD) or
(866) 377–8642 (relay voice users). USDA is
an equal opportunity provider and
employer.’’
E:\FR\FM\21APN1.SGM
21APN1
Federal Register / Vol. 73, No. 77 / Monday, April 21, 2008 / Notices
Dated: April 11, 2008.
Russell T. Davis,
Administrator, Rural Housing Service.
[FR Doc. E8–8470 Filed 4–18–08; 8:45 am]
Officer, Fax number (202) 395–7285, or
David_Rostker@omb.eop.gov.
Dated: April 15, 2008.
Gwellnar Banks,
Management Analyst, Office of the Chief
Information Officer.
[FR Doc. E8–8411 Filed 4–18–08; 8:45 am]
BILLING CODE 3410–XV–P
BILLING CODE 3510–22–P
Submission for OMB Review;
Comment Request
rwilkins on PROD1PC63 with NOTICES
DEPARTMENT OF COMMERCE
DEPARTMENT OF COMMERCE
The Department of Commerce will
submit to the Office of Management and
Budget (OMB) for clearance the
following proposal for collection of
information under the provisions of the
Paperwork Reduction Act (44 U.S.C.
Chapter 35).
Agency: National Oceanic and
Atmospheric Administration (NOAA).
Title: Pacific Islands Region Permit
Family of Forms.
Form Number(s): None.
OMB Approval Number: 0648–0490.
Type of Request: Regular submission.
Burden Hours: 192.
Number of Respondents: 276.
Average Hours per Response:
Shallow-set certificate requests, 10
minutes; Northwest Hawaiian Islands
Bottomfish permit applications, 1 hour;
American Samoa Longline permit
applications, 45 minutes; all other
applications, half an hour; appeals, 2
hours.
Needs and Uses: Fishermen in
Federally-managed fisheries in the
western Pacific region are required to
maintain valid fishing permits on-board
their vessels at all times. The permits
are generally renewed annually and are
needed to identify participants in the
fisheries. Permits also are important to
help measure impacts of management
controls on the participants in the
fisheries of the U.S. exclusive economic
zone (EEZ) in the western Pacific.
Affected Public: Business or other forprofit organizations.
Frequency: Annually, every three
years, and on occasion.
Respondent’s Obligation: Mandatory.
OMB Desk Officer: David Rostker,
(202) 395–3897.
Copies of the above information
collection proposal can be obtained by
calling or writing Diana Hynek,
Departmental Paperwork Clearance
Officer, (202) 482–0266, Department of
Commerce, Room 6625, 14th and
Constitution Avenue, NW., Washington,
DC 20230 (or via the Internet at
dHynek@doc.gov).
Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to David Rostker, OMB Desk
VerDate Aug<31>2005
16:59 Apr 18, 2008
Jkt 214001
The Department of Commerce will
submit to the Office of Management and
Budget (OMB) for clearance the
following proposal for collection of
information under the provisions of the
Paperwork Reduction Act (44 U.S.C.
Chapter 35).
Agency: National Oceanic and
Atmospheric Administration (NOAA).
Title: Foreign Fishing Vessel Permit
Applications.
Form Number(s): None.
OMB Approval Number: 0648–0089.
Type of Request: Regular submission.
Burden Hours: 8.
Number of Respondents: 7.
Average Hours Per Response:
Transshipment permit applications, 45
minutes; joint venture permit
applications, 2 hours; directed fishing
permit applications, 1.5 hours.
Needs and Uses: Section 204 of the
Magnuson-Stevens Fishery
Conservation and Management Act
provides for the issuance of fishing
permits to foreign vessels. The
information contained in the
applications is needed by NOAA to
evaluate and determine eligibility of
applications for permits.
Affected Public: Business or other forprofit organizations.
Frequency: Annually.
Respondent’s Obligation: Required to
obtain or retain benefits.
OMB Desk Officer: David Rostker,
(202) 395–3897.
Copies of the above information
collection proposal can be obtained by
calling or writing Diana Hynek,
Departmental Paperwork Clearance
Officer, (202) 482–0266, Department of
Commerce, Room 6625, 14th and
Constitution Avenue, NW., Washington,
DC 20230 (or via the Internet at
dHynek@doc.gov).
Written comments and
recommendations for the proposed
information collection should be sent
within 30 days of publication of this
notice to David Rostker, OMB Desk
Officer, fax number (202) 395–7285, or
David_Rostker@omb.eop.gov.
Frm 00005
Fmt 4703
Dated: April 15, 2008.
Gwellnar Banks,
Management Analyst, Office of the Chief
Information Officer.
[FR Doc. E8–8412 Filed 4–18–08; 8:45 am]
BILLING CODE 3510–22–P
DEPARTMENT OF COMMERCE
Submission for OMB Review;
Comment Request
PO 00000
21307
Sfmt 4703
Census Bureau
Proposed Information Collection;
Comment Request; Survey of Building
and Zoning Permit Systems
U.S. Census Bureau.
Notice.
AGENCY:
ACTION:
SUMMARY: The Department of
Commerce, as part of its continuing
effort to reduce paperwork and
respondent burden, invites the general
public and other Federal agencies to
take this opportunity to comment on
proposed and/or continuing information
collections, as required by the
Paperwork Reduction Act of 1995,
Public Law 104–13 (44 U.S.C.
3506(c)(2)(A)).
DATES: To ensure consideration, written
comments must be submitted on or
before June 20, 2008.
ADDRESSES: Direct all written comments
to Diana Hynek, Departmental
Paperwork Clearance Officer,
Department of Commerce, Room 6625,
14th and Constitution Avenue, NW.,
Washington, DC 20230 (or via the
Internet at dHynek@doc.gov).
FOR FURTHER INFORMATION CONTACT:
Requests for additional information or
copies of the information collection
instrument(s) and instructions should
be directed to Erica Filipek, U.S. Census
Bureau, MCD, CENHQ Room 7K181,
4600 Silver Hill Road, Washington, DC
20233, telephone (301) 763–5161 (or via
the Internet at
Erica.Mary.Filipek@census.gov).
SUPPLEMENTARY INFORMATION
I. Abstract
The Census Bureau plans to request a
three-year extension of the currently
approved collection of the Form C–411,
Survey of Building and Zoning Permit
Systems. The Census Bureau produces
statistics used to monitor activity in the
large and dynamic construction
industry. These statistics help state and
local governments and the Federal
Government, as well as private industry,
to analyze this important sector of the
economy. The accuracy of the Census
Bureau statistics regarding the amount
of construction authorized depends on
data supplied by building and zoning
officials throughout the country.
E:\FR\FM\21APN1.SGM
21APN1
]]>Agencies
[Federal Register Volume 73, Number 77 (Monday, April 21, 2008)]
[Notices]
[Pages 21305-21307]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-8470]
-----------------------------------------------------------------------
DEPARTMENT OF AGRICULTURE
Rural Housing Service
Notice of Funds Availability Section 538 Multi-Family Housing
Guaranteed Rural Rental Housing Program (GRRHP)--Demonstration Program
for Fiscal Year 2008
AGENCY: Rural Housing Service, USDA.
ACTION: Notice.
-----------------------------------------------------------------------
SUMMARY: Through this Notice of Funds Availability (NOFA), in
conjunction with the GRRHP 2007 Notice, published February 26, 2007,
Volume 72 FR, 8339-8346 and the GRRHP 2008 Notice, published February
4, 2008, Volume 73 FR, 6469-6477, the Agency announces the
implementation of a demonstration program under the section 538
Guaranteed Rural Rental Housing Program (GRRHP) pursuant to 7 CFR
3565.4 for Fiscal Year (FY) 2008 and 7 CFR 3565.17 demonstration
programs. The Demonstration Program's purpose is to test the viability
and efficacy of the concept of a continuous loan note guarantee through
the construction and permanent loan financing phases of a project.
Those applications that meet the Demonstration Program's qualifying
criteria and are selected to participate will be offered one loan note
guarantee upon closing of the construction loan that will be in effect
throughout both of the project's construction and permanent phases
without interruption.
The funding for the Demonstration Program will be approximately 10
percent of the FY 2008 appropriation. Expenses incurred in developing
applications will be at the applicant's risk. The following paragraphs
outline the timeframes, eligibility requirements, lender
responsibilities, and the overall response and application processes.
Eligible Lenders wishing to have their FY 2008 obligations
considered for the Demonstration Program must send a signed request on
its letterhead with the proposed project details as outlined in the
``Demonstration Program Response Submission Address'' section of this
Notice.
Demonstration Program Guidelines
The following guidelines are being provided to facilitate a
structured implementation of the program:
1. Demonstration guarantee. The Demonstration guarantee is a
guarantee that will be offered to lenders who submit applications in
response to the 2008 Demonstration Notice's demonstration program's
qualifying criteria. The Demonstration guarantee will consist of one
loan note guarantee that will be issued upon closing of the
construction loan and will be in effect throughout both of the
project's construction and permanent financing phases without
interruption.
2. Upon approval of an application from an approved lender, the
Agency will commit to providing a demonstration guarantee for the
construction and permanent financing phases of the project, subject to
the availability of funds.
3. Guarantee percentage and payment. Both construction loan
advances and permanent loans are eligible for a guarantee subject to
the following limitations:
Construction loan advances and permanent loans. The Agency may
guarantee a construction contract which has credit enhancements to
protect the Government's interest. The Agency can guarantee the
``construction and permanent'' financing phases of a project. The
Agency cannot, however, guarantee only the ``construction''
financing phase of a project. Guarantees under the demonstration
guarantee will cover construction loan advances and the subsequent
permanent loan. The maximum guarantee of construction advances will
not at any time exceed the lesser of 90 percent of the amount of
principal and interest up to default advanced for eligible uses of
loan proceeds or 90 percent of the original principal amount and
interest up to default of a loan. Penalties incurred as a result of
default are not covered by the guarantee. The Agency may provide a
lesser guarantee based upon its evaluation of the credit quality of
the loan.
4. A lender making a construction loan must demonstrate an ability
to originate and service construction loans.
5. Guarantee during construction. The Agency will issue a
demonstration guarantee only to an approved lender.
6. Demonstration guarantee program compliance requirement. For a
demonstration guarantee, the following items will have to be submitted
in order to remain compliant with program
[[Page 21306]]
requirements. The items must be submitted within the timeframe
stipulated by the Agency and must also be approved by the AGENCY:
(i) A certificate of substantial completion;
(ii) A certificate of occupancy or similar evidence of local
approval;
(iii) A final cost certification in a form acceptable to the
Agency;
(iv) A complete copy of the permanent loan closing docket; and
(v) Necessary information to complete an updated necessary
assistance review by the Agency.
The Agency may declare the loan in default if the Lender fails to
comply with the demonstration guarantee program guidelines and program
compliance requirements. The Agency may also declare the loan in
default if the Agency's final inspection is not satisfactory. To
facilitate the implementation of the program, certain program forms may
be addended to include relevant Demonstration Program requirements.
The selected applicants will be subject to the Demonstration
Program guidelines in this Notice, and GRRHP's controlling statute,
regulations, and handbook as amended. The GRRHP operates under the
Housing Act of 1949 and regulations at 7 CFR part 3565. The GRRHP
Origination and Servicing Handbook (HB-1-3565) is available to provide
lenders and the general public with guidance on program administration.
HB-1-3565, which contains a copy of 7 CFR part 3565 in Appendix 1, can
be found at the Rural Development Instructions Web site address https://
www.rurdev.usda.gov/regs/hblist.html#hbw6.
Demonstration Program Eligibility: Applications obligated in FY
2008 that meet the following criteria will be eligible for
consideration to be selected into the Demonstration Program:
1. The project must have been awarded tax credits.
2. The project must have a loan to cost (LTC) ratio equal to or
lower than 50%.
3. The Lender must have submitted a timely response to this Notice
in accordance with the ``Demonstration Program Response Submission
Address'' section of this Notice.
4. A Lender must have submitted its application under the GRRHP's
2007 Notice published February 26, 2007, Volume 72 FR 8339-8346 or 2008
Notice published on February 4, 2008, Volume 73 FR 6469-6477.
5. The application to be considered must have been obligated from
October 1, 2007 to September 30, 2008. However, if Demonstration funds
have not been fully utilized, the Agency may consider applications
obligated on or after October 1, 2006.
6. The Lender must not have closed the construction loan prior to
its selection to participate in the Demonstration Program.
Demonstration Program Selection Process
Selections from qualified applications that have requested
consideration will be based on interest credit scores, with the highest
scoring applications, being selected first, until all available
demonstration funds are allocated. In the event of a tie, priority will
be given to the project that: Is in the smaller rural community, and in
case of a subsequent tie has the lowest LTC ratio.
The first round of selections into the Demonstration Program will
be made on April 25, 2008, from the qualified pool of applications
obligated between October 1, 2007 to April 4, 2008. In the event there
are not enough qualified requests for selection into the Demonstration
Program to utilize all the available Demonstration Program set-aside
funds of approximately $13 million, then the selection process for any
remaining funds will be conducted again on July 11, 2008 and will
include all applications obligated from October 1, 2007 to July 3,
2008. If needed, an additional selection process will be conducted
again on September 29, 2008 and will include all applications obligated
from October 1, 2007 to September 22, 2008. Additionally, on September
29, 2008 if funds remain available, applications obligated on or after
October 1, 2006 will be included in the selection process. All
applicants will be notified of the selection results no later than 15
business days from the date of selection.
Demonstration Program Response Submission Address
Eligible lenders wishing to have their obligated applications
considered for selection into the Demonstration Program must submit a
signed request (not to exceed one page) on its letterhead that includes
the following information:
1. Developer's Name.
2. Borrower's Name.
3. Project's Name.
4. Project's Address (City and State).
5. Project Type (Family, Senior, or Mixed).
6. Project's Total Units.
7. Project's Total Development Cost (TDC).
8. Amount of 538 Loan Guarantee.
9. Amount of Tax Credits Awarded.
10. Amount and Source of Other Financing.
11. Loan to Cost (LTC) %.
12. Area Population.
13. Date obligated or date of Conditional Commitment.
Send the Demonstration Program Response Submission Letter with all
of the information listed above, along with a copy of the State
Office's ``Proceed with Application/NOFA Response Selection'' letter
and a copy of the tax credit award notification to: C.B. Alonso, Senior
Loan Specialist, Multi-Family Housing Processing Division, Guaranteed
Rural Rental Housing Program, USDA Rural Development, South Agriculture
Building, Room 1271, STOP 0781, 1400 Independence Avenue, SW.,
Washington, DC 20250-0781.
Requests may also be faxed to 202-205-5066 or sent by e-mail
(signed PDF copies of the above submissions) to cb.alonso@wdc.usda.gov.
Eligible lenders mailing a request must provide sufficient time to
permit delivery to the Submission Address. To be considered for the
first selection process, requests must be received on or before April
25, 2008. To be considered for the second selection process, requests
must be received on or before July 11, 2008. To be considered for the
third selection process, requests must be received on or before
September 29, 2008. Acceptance by a U.S. Post Office or private mailer
does not constitute delivery. Postage due responses and applications
will not be accepted.
Paperwork Reduction Act
In accordance with the Paperwork Reduction Act of 1995, the
information collection requirements contained in this Notice is
approved by the Office of Management and Budget (OMB) under OMB Control
Number 0575-0174.
Nondiscrimination Statement
``The U.S. Department of Agriculture (USDA) prohibits
discrimination in all its programs and activities on the basis of
race, color, national origin, sex, religion, age, disability,
political beliefs, sexual orientation, marital status or family
status (not all prohibited basis apply to all programs). Persons
with disabilities who require alternative means for communication of
program information (Braille, large print, audiotape, etc.) should
contact the USDA's Target Center at (202) 720-2600 (voice or TDD).
To file a complaint of discrimination, write USDA, Director, Office
of Civil Rights, Room 326-W, Whitten Building, 1400 Independence
Avenue, SW., Washington, DC 20250-9410, or call toll free, (866)
632-9992 (Voice). TDD users can contact USDA through local relay
(800) 720-6382 (TDD) or (866) 377-8642 (relay voice users). USDA is
an equal opportunity provider and employer.''
[[Page 21307]]
Dated: April 11, 2008.
Russell T. Davis,
Administrator, Rural Housing Service.
[FR Doc. E8-8470 Filed 4-18-08; 8:45 am]
BILLING CODE 3410-XV-P
