Multifamily Preservation and Revitalization (MPR) Demonstration Program Under Section 514, Section 515, and Section 516
- Listed: February 18, 2019 5:26 pm
- Expires: 998106 days, 12 hours
Description
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Program Description
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.
Program Requirements
Eligibility for MPR funding includes current RD borrowers that have received a loan from the Agency and eligible applicants who are applying to assume ownership and the associated presently outstanding RD loans on RD-financed MFH properties. Eligible applicants for the MPR program include individuals, partnerships or limited partnerships, consumer cooperatives, trusts, State or local public agencies, corporations, limited liability companies, non-profit organizations, Indian tribes, associations, or other entities that own or will be the owner of the project for which an application for transfer of ownership by the Agency is submitted.
Application Process
The National Office publishes a NOSA as soon after the start of the Fiscal Year as possible after a budget or a continuing resolution is signed into law by the President.
The NOSA will list the information that applicants must submit in their proposal including the criteria the Agency will use to evaluate and rank proposals; the deadline for submitting proposals; and the State Office addresses where the proposals may be sent.
Contact Information
Interested applicants should contact their local USDA Rural Development field office for more information.
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- Member Since: March 22, 2018
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