CARH’S BROADCAST E-MAIL – Regulatory Update

August 3, 2015

USDA’s Rural Development (RD), which administers the programs of the Rural Housing Service, published the following Notice of Solicitation of Applications (NOSA) today in the Federal Register.

• Notice of Solicitation of Applications (NOSA) for the Multifamily Preservation and Revitalization (MPR) Demonstration Program Under Section 514, Section 515, and Section 516 for Fiscal Year 2015

  The Rural Housing Service (Agency) announces the timeframe to submit applications to participate in a demonstration program to preserve and revitalize existing Rural Rental Housing (RRH) projects under Section 514, Section 515, and Section 516 of the Housing Act of 1949, as amended. Under this 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 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) will be made available under this program. The Notice solicits pre-applications from interested borrowers/applicants to restructure existing MFH projects already participating in the Agency’s Section 515 MFH portfolio and Sections 514/516 FLH portfolio for the purpose of revitalization and preservation. Click here to review the full Notice.

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