CARH’S BROADCAST E-MAIL – Regulatory Update

September 5, 2017

In today’s Federal Register, USDA’s Rural Development (RD), which administers the programs of the Rural Housing Service, published a Notice of Solicitation of Applications (NOSA or Notice) for the Multifamily Preservation and Revitalization (MPR) Demonstration Program Under Section 514, Section 515, and Section 516. Click here to review the full Notice.

The notice announces the timeframes to submit pre-applications to participate in the MPR program that preserves and revitalizes existing Multi-Family Housing (MFH) projects currently financed under Section 514, Section 515, and Section 516 of the Housing Act of 1949, as amended. Under the MPR program, existing Section 515 Rural Rental Housing (RRH) and Sections 514/516 Off-Farm Labor Housing (FLH) projects may be revitalized to preserve the ability of rental projects to provide safe and affordable housing for very-low, low, or moderate-income residents. The goal for projects participating in this program will be to extend their affordable use without displacing tenants because of increased rents. RRH projects include properties designated as senior, family, mixed, congregate and cooperative housing with currently outstanding Section 515 loans. FLH projects include only off-farm properties with currently outstanding Section 514 loans. The Notice does not provide any additional units of Agency Rental Assistance (RA) for projects financed under Section 514, Section 515, and Section 516.

Please contact the CARH national office at carh@carh.org or 703-837-9001 should you have questions or concerns.