Thursday, October 9, 2014

Notice of Funding Availability for Kentucky USDA Rural Development Loans

USDA Rural Development (RD), which administers the programs of the Kentucky Rural Housing Service (RHS), announces the availability of $20 million in budget authority and the timeframe to submit applications to participate in the Multfifamily Housing Preservation and Revitalization Demonstration Program to preserve and revitalize existing Rural Rental Housing (RRH) projects under Section 515, Section 514, and Section 516 of the Housing Act of 1949, as amended.  

Under the demonstration program, existing Section 515 multifamily housing loans and Sections 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 RHS Rental Assistance units will be made available under this program.

Interested applicants should apply directly to RD for this funding, and applications must be received by 5 p.m. ET, Monday, November 24. More information is available in the Federal Register.