Rural Housing Service January 2006 – Federal Register Recent Federal Regulation Documents

This is a request for proposals for loan guarantees under the section 538 Guaranteed Rural Rental Housing Program (GRRHP) pursuant to 7 CFR 3565.4 for Fiscal Year (FY) 2006 subject to the availability of funding. FY 2006 funding for the section 538 program is $99 million. Applicants will submit proposals in the form of ''RESPONSES.'' The commitment of program dollars will be made to applicants of selected responses that have fulfilled the necessary requirements for obligation. The commitment of program dollars will be made to applicants of selected responses that have fulfilled the necessary requirements for obligation, to the extent an appropriation act provides funding for GRRHP for FY 2006. 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. The GRRHP operates under 7 CFR part 3565. The GRRHP Origination and Servicing Handbook (HB-1-3565) is available to provide lenders and the general public with guidance on program administration. HB-1-3565, which contains a copy of 7 CFR part 3565 in Appendix 1, can be found at the Rural Development Instructions Web site address https:// www.rurdev.usda.gov/regs/hblist.html#hbw6. Eligible lenders are invited to submit responses for the development or acquisition with rehabilitation of affordable rental housing to serve rural America. In addition, this fiscal year, guarantees will be available for the revitalization, repair, and transfer cost of existing direct section 515 housing (transfer costs are subject to Agency approval and must be an eligible use of loan proceeds as listed in 7 CFR 3565.205). In order to be considered, direct section 515 housing projects must need repairs and/or undergo revitalization of a minimum of $6,500 per unit. The Rural Housing Service (RHS) will review responses submitted by eligible lenders, on the lender's letterhead, and signed by both the prospective borrower and lender. Although a complete application is not required in response to this Notice of Funding Availability (NOFA), eligible lenders may submit a complete application concurrently with the response. However, submitting a complete application will not have an effect on the response's score.