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Rural Multifamily Preservation and Revitalization Program

 
Assistance Listing: 10.447
Link
View Program Website
Sponsors
U.S. Department of Agriculture, USDA Rural Development
Deadlines
Dec 12, 2024
Contact

Jonathan Bell
MFHprocessing1@usda.gov
202.205.9217

Purpose

This program provides funding tools to restructure loans for existing Rural Rental Housing and Off-Farm Labor Housing projects to help improve and preserve the availability of safe affordable multi-family rental housing for low income residents in rural areas.

Restructuring tools include:

  • Grants
  • No interest loans
  • Soft-second loans
  • Debt deferral

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
  • Complete a third party Capital Needs Assessment (CNA) to identify project needs
Eligibility

Eligible applicants are current multi-family housing project owners with rural rental housing and off-farm labor housing loans. Borrowers must continue to provide affordable rental housing for 20 years or the remaining term of any USDA loan, whichever is later.

Geographic coverage
Nationwide
Amount of funding

No amount specified.

Application process

A link to the application instructions is available on the program website.

Applicant workshop
October 17, 2024
1:00 - 2:00 p.m. Eastern

Tagged as
Capital funding ยท Housing and homelessness

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