Rural Housing Service August 2007 – Federal Register Recent Federal Regulation Documents

The Rural Housing Service (RHS) is correcting a notice published June 11, 2007 (72 FR 32070-32071). This action is taken to extend the application obligation date from August 31, 2007 to September 28, 2007. This correction is to ensure that all applications that meet program criteria and have responded accordingly, will be considered in the Demonstration Program. Accordingly, the Notice published on June 11, 2007 (72 FR 32070- 32071), is corrected as follows: On page 32071, in the first column, second paragraph, under the heading ``Demonstration Program Selection Process,'' the second sentence is corrected to read as follows: ``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 $10 million, then the selection process for any remaining funds will be conducted on September 28, 2007, and will include all applications obligated from October 1, 2006 to September 28, 2007.'' All applicants will be notified of the selection results no later than 15 business days from the date of selection.

The Rural Housing Service (RHS) announces the availability of funds and the timeframe to submit applications 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 revolving loans for the preservation and revitalization of low-income multi-family housing. Housing that is assisted by this demonstration program must be financed by RHS through its multi-family housing loan program under Section 515 of the Housing Act of 1949. The goals of this demonstration program will be achieved through loans making to intermediaries. The intermediaries will establish their programs for the purpose of providing loans to ultimate recipients for the preservation and revitalization of Section 515 multi-family housing as affordable housing.