On Sept. 27, 2024, USDA’s Rural Housing Service (RHS) published Notice Docket No.: RHS-24-MFH-0006 in the Federal Register announcing the availability of funds for the Multifamily Housing Preservation and Revitalization Demonstration Program (MPR) and for Section 515 Subsequent Loans for Preservation Activities for the Fiscal Year (FY) 2024.
A little more than $80 million will be available for the MPR and $27 million will be available for Section 515.
Under the Multifamily Housing Preservation and Revitalization Demonstration Program, USDA is providing grants and debt deferrals, as well as zero- and low-interest loans, to owners of USDA-financed rental and farmworker housing properties in rural areas.
Under the Rural Rental Housing Program, USDA is providing subsequent loans to help improve and preserve the availability of safe affordable rental housing for low-income residents. Eligible applicants must currently finance their properties through the USDA Rural Rental Housing Loan Program or the Off-Farm Labor Housing loan program.
In this Notification of Funds Available (NOFA), RHS says that these loan and grant funds will be made available to qualified applicants and may be used to preserve and improve existing Rural Rental Housing and Off-Farm Labor Housing properties to extend their affordable use.
The deadline for electronic applications is December 26, 2024, 11:59 p.m. EST. Applicants must send an email of interest message by 12:00 p.m. Eastern on December 16, 2024, to the RHS Production and Preservation Division at RD.MPR@ usda.gov to be considered.
The Stakeholder Announcement provides further information. Potential applicants are encouraged to attend a virtual workshop on Thursday, Oct.17, 2024, at 1:00 p.m. Eastern, to learn more about these funding opportunities. To register, visit Webinar Registration – Zoom (zoomgov.com).
How can the money be used?
Funds may be used to preserve and improve existing Rural Rental Housing and Off-Farm Labor Housing projects in order to extend their affordable use without displacing tenants through increased rents. A third-party Capital Needs Assessment (CNA) is required as part of the submission process. The cash flow from the deferred RHS direct loan principal and interest payment will be deposited to the RHS project’s reserve account, or as directed by the Agency, to meet the project’s present and/or future physical needs.
US Housing Consultants conducts Capital Needs Assessments. If you’re interested in applying for this funding, you will need to obtain a CNA. Please contact us if you have any questions about creating effective support for your application.
