USDA RURAL DEVELOPMENT AWARDS CONTRACT TO ASSESS RENTAL HOUSING
Comprehensive Property Assessment of Multi-Family Housing Program

     USDA Under Secretary for Rural Development Thomas C. Dorr announced the awarding of a contract for the Comprehensive Property Assessment (CPA) of USDA Rural Development’s multi-family housing properties. To better meet the needs of these low-income citizens, the CPA will identify the current situation of multi-family units, identify the enhancements and improvements needed to maintain these properties, and provide a financial analysis of the department’s multi-family housing program.

     “President Bush and USDA Rural Development are fully committed to taking the necessary actions to provide a healthy and vibrant rural America. We must ensure that affordable housing is made available to low-income rural residents,” Dorr said. “To accomplish this we must thoroughly examine our multi-family housing units and take necessary action to preserve and better manage this program, which has $11.9 billion in assets nationwide,” Dorr said.

     The contract awarded to ICF Consulting, Fairfax, Virginia includes a capital needs and physical assessment, analysis of the market and the capital reserve, and a financial analysis of Rural Development’s Multi-Family Housing program. Working with ICF on this important project are Thomas W. White and Shekar Narasimhan, two widely recognized multi-family housing experts. Property assessment and data collection will begin this month with an interim report due in February 2004.

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