Lincoln, Nebraska, May 26, 2013 -- The United States Department of Agriculture (USDA) Rural Development is accepting proposals for fiscal year 2013 funding of more than $150 million under the Section 538 Guaranteed Rural Rental Housing (GRRH) loan program. GRRH loans help build and maintain affordable multi-family housing rental complexes in rural areas.
Through the GRRH program, eligible lenders provide loans to potential applicants, such as nonprofit corporations, public bodies and for-profit organizations for the development of affordable rental housing.
Qualifying properties include new construction and the acquisition of existing structures with rehabilitation. Existing Section 515 Direct Rural Rental Housing financed properties and Section 514 Farm Labor Housing can also utilize GRRH loans for revitalization, repairs, and costs involved in transfer of ownership. A minimum of $6,500 per unit of needed repairs and/or revitalization must be shown. The Agency may defer payment of qualifying USDA direct loan installments for up to a 20 year period. Rural Development may provide a maximum 90 percent guarantee on unpaid principal and interest of loans.
Lenders are invited to submit proposals in the form of “Section 538 NOFA Response” to USDA Rural Development, Attn: Linda Anders, Rural Housing Division; Federal Building Suite 308; 100 Centennial Mall North; Lincoln, Nebraska 68508. The Agency will select eligible responses and invite lenders to submit complete applications on or before September 30, 2013. Responses that develop into complete applications after September 30, 2013 that meet scoring and cost ratio guidelines will be selected for further processing subject to the availability of funding. Eligible responses will be accepted and eligible requests obligated through December 31, 2013, 12 p.m. ET or until funds are depleted.
Contact Linda Anders, (402) 437-5734; (402) 437-5093 TDY or firstname.lastname@example.org. To view the Notice of Funds Availability (NOFA), see page 30854 of the May 23, 2013 Federal Register, or visit http://www.gpo.gov/fdsys/pkg/FR-2013-05-23/pdf/2013-12325.pdf.