The U.S. Department of Agriculture’s Rural Housing Service (RHS) recently issued a notice of funding availability for the Sec. 515 Rural Rental Housing Program for New Construction.
The RHS also recently announced it is looking for owners who are interested in participating in the Sec. 515 Multifamily Housing Revitalization Demonstration Program.
The Sec. 515 Rural Rental Housing Program for New Construction provides loans to developers building rental or cooperative housing for very-low, low-, or moderate-income tenants in rural areas. The deadline to apply for the Sec. 515 Rural Rental Housing Program for New Construction is June 29.
The RHS is also seeking pre-applications for its Multifamily Housing Revitalization Demonstration Program. That program seeks to provide funds to preserve and revitalize existing rural rental housing projects financed by Rural Development under the Secs. 515, 514, and 516 programs.
Basically, the program looks to restructure selected existing loans and grants to ensure the affordable use of these properties are extended without displacing tenants because of increased rents. The program provides debt deferrals, revitalization grants, zero percent loans, and soft-second loans.
The deadline to apply is June 29. The pre-applications will be subject to an initial eligibility screening, and then RHS will rank the pre-applications, and those at the top of the pack will be invited to submit a formal application.
For more information, visit http://www.rurdev.usda.gov/rhs/common/program_info.htm#MFH.