Rural Housing Service April 2008 – Federal Register Recent Federal Regulation Documents

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.