USDA-Rural Development published Notice of Funding Availability: Multi- Family Housing Preservation and Revitalization Demonstration ProgramSection 514, 515, and 516 for Fiscal Year 2013 in the Federal Register.
The NOFA announces the availability of up to $19.9 million for the Multifamily Preservation and Revitalization demonstration program for Section 515, Section 514, and Section 516 projects.
A copy of the NOFA may be found here: http://www.gpo.gov/fdsys/pkg/FR-2012-12-19/pdf/2012-30190.pdf
Under the demonstration program existing Section 515 Multi-Family Housing loans and Section 514/516 Off-Farm Labor Housing 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.
Pre-applications for the funding will be accepted until February 28, 2013, 5:00 p.m. EST. The Agency will not consider any pre-application that is received after the closing deadline. Applicants intending to mail pre-applications must allow sufficient time to permit delivery on or before the closing deadline. Acceptance by a post office or private mailer does not constitute delivery. Fax and postage-due pre-applications will not be accepted.