Notice of Funding Availability: Section 515 Multi-Family Housing Preservation Revolving Loan Fund Demonstration Program for Fiscal Year 2013
The Rural Housing Service (RHS) of Rural Development previously announced in a Notice published July 18, 2012, (77 FR 42265) the availability of funds and the timeframe to submit applications for loans to private non-profit organizations and State and local housing finance agencies to carry out a demonstration program to provide revolving loans for the preservation and revitalization of low-income Multi-Family Housing (MFH). Rural Development did not receive sufficient applications to use all the available funds. As a result, Rural Development is soliciting additional applications under this Notice for the remaining funding. This Notice removes the $1 million cap on subsequent loans that was established under previous Notices. Please note the removal of the $1 million cap on subsequent loans for existing intermediaries only applies to applications received under this Notice. Housing that is assisted by this demonstration program must be financed by Rural Development through its MFH loan program under Sections 515, 514 and 516 of the Housing Act of 1949. The goals of this demonstration program will be achieved through loans made to intermediaries. The intermediaries will establish their programs for the purpose of providing loans to ultimate recipients for the preservation and revitalization of low-income Sections 515, 514, and 516 MFH as affordable housing.