Champaign, IL, Jul 07, 2011 -- Contact: Joan Messina (217) 403-6248
USDA Announces Funding to Revitalize Rural Rental Housing Complexes
Champaign, Ill., July 7, 2011 –USDA is accepting applications to participate in a demonstration program to preserve and revitalize existing Multi-Family Housing projects financed by Rural Development, according to USDA Rural Development State Director Colleen Callahan. Nearly 600 existing multi-family complexes in rural Illinois are eligible to apply.
“Our goal is to ensure rural Americans have access to decent, safe and affordable housing,” Callahan said. “This funding will improve conditions of multi-family housing complexes without increasing rent for low-income residents.”
The goal of the Multi-Family Housing Revitalization Demonstration Program is to restructure selected loans for rental and farm-labor housing developments to guarantee the long-term quality of these rental housing units. Among several revitalization financial tools, grants are available to correct health and safety violations to ensure safe and affordable housing for very-low-, low- or moderate-income residents. Properties participating in this program will be revitalized, and the affordable use will be extended without displacing tenants because of increased rents. No additional agency rental assistance units will be made available.
Applications for Multi-Family Housing revitalization loans and grants are due August 22. For additional information, see page 39820 of the July 7, 2011, Federal Register or go to http://www.gpo.gov/fdsys/pkg/FR-2011-07-07/pdf/2011-17107.pdf.
Rural Development has more than 40 programs that foster growth and economic stability in rural areas by providing affordable financing and technical assistance. Support is available for regional food systems, broadband and biofuel infrastructure, homeownership, business development and community needs. More information on USDA Rural Development programs is available on the web at www.rurdev.usda.gov/il. USDA is an equal opportunity provider, employer and lender.
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).