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Rural Housing Update: NOSA for MPR Demonstration Program Under Sections 514, 515, and 516

6 September 2017
 September 6, 2017
Category Industry News, News

USDA’s Rural Housing Service (RHS) published a Notice of Solicitation of Applications for the Multifamily Preservation and Revitalization (MPR) Demonstration Program Under Section 514, Section 515, and Section 516. The notice announces the timeframes to submit pre-applications to participate in a demonstration program to preserve and revitalize existing Multi-Family Housing (MFH) projects currently financed under Section 514, Section 515, and Section 516. This Notice does not provide any additional units of Agency Rental Assistance (RA) for projects financed under Section 514, Section 515, and Section 516.

Under this demonstration 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.

Pre-application submission deadlines for these opportunities are:

(1)    For pre-applications requesting multiple MPR funding tools (including debt deferral of eligible Section 514 or Section 515 loans) complete pre-applications as defined in this Notice must be received no later than 5:00 p.m. Eastern Time December 1, 2017.

(2)    For any MPR applicants requesting debt deferral only for eligible Section 514 or Section 515 loans, complete MPR pre-applications may be submitted on an ongoing basis through 5:00 p.m. Eastern Time, September 28, 2018.

The Agency will not consider any pre-application received after the closing deadlines. MPR pre-applications will only be accepted electronically. All supporting documents must also be delivered electronically in PDF format by these deadlines to be considered for acceptance.

The amount of funding available will be subject to an appropriations act and will be posted on the Rural Development website. To view the Federal Register notice online, please click here.

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