Notice of Funding Availability for Section 515 Multi-Family Housing Preservation Revolving Loan Fund Demonstration Program for Fiscal Year 2014
The Rural Housing Service of Rural Development previously announced in a Notice published June 5, 2013, (78 FR 33800), the availability of funds and the timeframe to submit applications for loans to both 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 also eliminates the $1 million cap on subsequent loans for existing intermediaries. 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.
Notice of Funding Availability: Multi-Family Housing Preservation and Revitalization Demonstration Program-Section 514, Section 515, and Section 516 for Fiscal Year 2014
USDA Rural Development, which administers the programs of the Rural Housing Service (Agency), announces the availability of $20 million in budget authority and the timeframe to submit applications to participate in a demonstration program to preserve and revitalize existing Rural Rental Housing (RRH) projects under Section 515, Section 514, and Section 516 of the Housing Act of 1949, as amended. Under the demonstration program, existing Section 515 Multi-Family Housing (MFH) loans and Sections 514/516 Off-Farm Labor Housing (FLH) loans will be restructured to ensure that sufficient resources are available to preserve the ability of rental projects to provide safe and affordable housing for very low-, low-, or moderate-income residents. Projects participating in this program will be expected to be revitalized to extend their affordable use without displacing tenants because of increased rents. No additional Agency Rental Assistance (RA) units will be made available under this program.