Rural Housing Service March 12, 2008 – Federal Register Recent Federal Regulation Documents

USDA Rural Development which administers the programs of the Rural Housing Service (RHS) announces the availability of funds and the timeframe to submit applications to participate in a demonstration program to preserve and revitalize existing rural rental housing projects financed by Rural Development under Section 515, Section 514, and Section 516 of the Housing Act of 1949, as amended. The intended effect is to restructure selected existing Section 515 multi-family housing loans and Section 514 and 516 off-farm labor housing loans and grants expressly for the purpose of ensuring that sufficient resources are available to preserve the rental project for the purpose of providing safe and affordable housing for very low-, low-, or moderate-income residents. Expectations are that properties participating in this program will be revitalized and the affordable use extended without displacing tenants because of increased rents. No additional Rural Development rental assistance units will be made available under this program.

The Rural Housing Service published a document in the Federal Register on February 20, 2008, announcing that it is soliciting competitive applications under its Housing Preservation Grant program. The listing for the Rural Development Oregon State Office address was incorrectly identified in the notice.