[Federal Register: May 9, 2005 (Volume 70, Number 88)]
[Notices]
[Page 24367-24372]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr09my05-33]
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DEPARTMENT OF AGRICULTURE
Rural Housing Service
Notice of Funding Availability: Section 515 Multi-Family Housing
Preservation Revolving Loan Fund (PRLF) Demonstration Program
Announcement Type: Initial Notice of Funding Availability (NOFA)
inviting applications from qualified applicants.
Catalog of Federal Domestic Assistance Number (CFDA): 10.415.
SUMMARY: The Rural Housing Service (RHS) announces the availability of
funds and the timeframe to submit applications for loans to private
non-profit organizations, or such non-profit organizations' affiliate
loan funds and State housing finance agencies, to carry out a housing
demonstration program to provide revolving loans for the preservation
and revitalization of low-income multi-family housing. Housing that is
assisted by this demonstration program must be financed by RHS through
its multi-family housing loan program under Section 515 of the Housing
Act of 1949. This demonstration program will be achieved through loans
made to intermediaries that establish programs for the purpose of
providing loans to ultimate recipients for the preservation and
revitalization of
[[Page 24368]]
Section 515 multi-family housing as affordable housing.
DATES: The deadline for receipt of all applications in response to this
NOFA is 5 p.m., Eastern Time, on August 8, 2005. The application
closing deadline is firm as to date and hour. The Agency will not
consider any application that is received after the closing deadline.
Applicants intending to mail applications must provide sufficient time
to permit delivery on or before the closing deadline. Acceptance by a
post office or private mailer does not constitute delivery. Facsimile
(FAX), COD, and postage due applications will not be accepted.
FOR FURTHER INFORMATION CONTACT: Henry Searcy, Jr., Senior Loan
Specialist, Multi-Family Housing Processing Division--STOP 0781 (Room
1263-S), U.S. Department of Agriculture--Rural Housing Service, 1400
Independence Ave. SW., Washington, DC 20250-0781 or by telephone at
(202) 720-1753. (This is not a toll free number.)
SUPPLEMENTARY INFORMATION:
Paperwork Reduction Act
Under the Paperwork Reduction Act, 44 U.S.C. 3501 (2005) et seq.,
OMB must approve all ``collections of information'' by RHS. The Act
defines ``collection of information'' as a requirement for ``answers to
* * * identical reporting or recordkeeping requirements imposed on ten
or more persons * * *.'' (44 U.S.C. 3502(3)(A)) Because this NOFA will
receive less than 10 respondents, the Paperwork Reduction Act does not
apply.
Overview
The Agriculture, Rural Development, Food and Drug Administration,
and Related Agencies Appropriations Act, 2005 (Division A of Pub. L.
108-447) provided funding for, and authorizes RHS to, establish a
revolving loan fund demonstration program for the preservation and
revitalization of the Section 515 multi-family housing portfolio. The
Section 515 multi-family housing program is authorized by Section 515
of the Housing Act of 1949 (42 U.S.C. 1485) and provides RHS the
authority to make loans for low income multi-family housing and related
facilities.
Program Administration
I. Funding Opportunities Description
This NOFA requests applications from eligible applicants for loans
to establish and operate revolving loan funds for the preservation of
low-income multi-family housing within the Agency's Section 515 multi-
family housing portfolio. The Agency's Section 515 multi-family housing
program is authorized by Section 515 (42 U.S.C. 1485) of the Housing
Act of 1949. Agency regulations for the Section 515 multi-family
housing program are published at 7 CFR part 3560.
Housing that is constructed or repaired must meet the Agency design
and construction standards and the development standards contained in 7
CFR part 1924, subparts A and C, respectively. Once constructed,
Section 515 multi-family housing must be managed in accordance with the
program's management regulation, 7 CFR part 3560, subpart C. Tenant
eligibility is limited to persons who qualify as a very low-, low-, or
moderate-income household or who are eligible under the requirements
established to qualify for housing benefits provided by sources other
than the Agency, such as U.S. Department of Housing and Urban
Development Section 8 assistance or Low Income Housing Tax Credit
Assistance, when a tenant receives such housing benefits. Additional
tenant eligibility requirements are contained in 7 CFR 3560.152.
II. Award Information
Public Law 108-447 (December 8, 2004) made funding available for
loans to private non-profit organizations, or such non-profit
organizations' affiliate loan funds and State housing finance agencies,
to carry out a housing demonstration program to provide revolving loans
for the preservation of the Section 515 multi-family housing portfolio.
The total amount of funding available for this program is $6,364,414.
Loans to intermediaries under this demonstration program shall have an
interest rate of no more than one percent and the Secretary of
Agriculture may defer the interest and principal payment to RHS for up
to three years. The term of such loans shall not exceed 30 years.
Funding priority will be given to entities with equal or greater
matching funds, including housing tax credits for rural housing
assistance and to entities with experience in the administration of
revolving loan funds and the preservation of multi-family housing.
III. Eligibility Information
Applicant Eligibility
(1) Eligibility requirements--Intermediary.
(a) The types of entities which may become intermediaries are
private nonprofit organizations or such non-profit organizations'
affiliate loan funds and State housing finance agencies.
(b) The intermediary must have:
(i) The legal authority necessary for carrying out the proposed
loan purposes and for obtaining, giving security for, and repaying the
proposed loan.
(ii) A proven record of successfully assisting low-income multi-
family housing projects. Such record will include recent experience in
loan making and servicing with loans that are similar in nature to
those proposed for the PRLF demonstration program and a delinquency and
loss rate acceptable to the Agency.
(iii) The services of a staff with loan making and servicing
expertise acceptable to the Agency.
(iv) Capitalization acceptable to the Agency.
(c) No loans will be extended to an intermediary unless:
(i) There is adequate assurance of repayment of the loan based on
the fiscal and managerial capabilities of the proposed intermediary.
(ii) The amount of the loan, together with other funds available,
is adequate to assure completion of the project or achieve the purposes
for which the loan is made.
(iii) At least 51 percent of the outstanding interest or membership
in any nonpublic body intermediary must be composed of citizens of the
United States or individuals who reside in the United States after
being legally admitted for permanent residence.
(d) Intermediaries, and the principals of the intermediaries, must
not be suspended, debarred, or excluded based on the ``List of Parties
Excluded from Federal Procurement and Nonprocurement Programs.'' In
addition, intermediaries and their principals must not be delinquent on
Federal debt.
(2) Eligibility requirements--Ultimate recipients.
(a) To be eligible to receive loans from the PRLF, ultimate
recipients must:
(i) Currently have a RHS Section 515 loan for the property being
assisted by the PRLF demonstration program, or be a transferee of such
a loan before receiving any benefits from the PRLF demonstration
program.
(ii) Be unable to provide the necessary housing from its own
resources and, except for State or local public agencies and Indian
tribes, be unable to obtain the necessary credit from other sources
upon terms and conditions the applicant could reasonably be expected to
fulfill.
(iii) Along with its principal officers (including their immediate
family), hold no legal or financial interest or
[[Page 24369]]
influence in the intermediary. Also, the intermediary and its principal
officers (including immediate family) must hold no legal or financial
interest or influence in the ultimate recipient.
(iv) Be in compliance with all Agency program requirements or have
an Agency approved workout plan in place which will correct a non-
compliance status.
(b) Any delinquent debt to the Federal Government, by the ultimate
recipient or any of its principals, shall cause the proposed ultimate
recipient to be ineligible to receive a loan from the PRLF. PRLF loan
funds may not be used to satisfy the delinquency.
Cost Sharing or Matching. Funding priority will be given to
entities with equal or greater matching funds, including housing tax
credits for rural housing assistance. Refer to the Selection Criteria
section of the NOFA for further information on funding priorities.
Equal Opportunity and Nondiscrimination Requirements
(1) In accordance with the Fair Housing Act, title VI of the Civil
Rights Act of 1964, the Equal Credit Opportunity Act, the Age
Discrimination Act of 1975, Executive Order 12898, the Americans with
Disabilities Act, and Section 504 of the Rehabilitation Act of 1973,
neither the intermediary nor the Agency will discriminate against any
employee, proposed intermediary or proposed ultimate recipient on the
basis of sex, marital status, race, color, religion, national origin,
age, physical or mental disability (provided the proposed intermediary
or proposed ultimate recipient has the capacity to contract), because
all or part of the proposed intermediary's or proposed ultimate
recipient's income is derived from public assistance of any kind, or
because the proposed intermediary or proposed ultimate recipient has in
good faith exercised any right under the Consumer Credit Protection
Act, with respect to any aspect of a credit transaction anytime Agency
loan funds are involved.
(2) The policies and regulations contained in 7 CFR part 1901,
subpart E apply to this program.
(3) The Rural Housing Service Administrator will assure that equal
opportunity and nondiscrimination requirements are met in accordance
with the Fair Housing Act, title VI of the Civil Rights Act of 1964,
the Equal Credit Opportunity Act, the Age Discrimination Act of 1975,
Executive Order 12898, the Americans with Disabilities Act, and Section
504 of the Rehabilitation Act of 1973.
(4) All housing must meet the accessibility requirements found at 7
CFR 3560.60(d).
(5) In accordance with RD Instruction 2006-P and Departmental
Regulation 5600-2, the Agency should conduct a Civil Rights Impact
Analysis for each loan made to an intermediary and the Agency should
document their analyses through the completion of Form RECD 2006-38,
``Civil Rights Impact Analysis Certification.''
Other Administrative Requirements
(1) The following policies and regulations apply to loans to
intermediaries made in response to this NOFA:
(a) PRLF intermediaries will be required to provide the Agency with
the following reports:
(i) An annual audit;
(A) Dates of audit report period need not necessarily coincide with
other reports on the PRLF. Audit reports shall be due 90 days following
the audit period. Audits must cover all of the intermediary's
activities. Audits will be performed by an independent certified public
accountant. An acceptable audit will be performed in accordance with
Generally Accepted Government Auditing Standards and include such tests
of the accounting records as the auditor considers necessary in order
to express an opinion on the financial condition of the intermediary.
The Agency does not require an unqualified audit opinion as a result of
the audit. Compilations or reviews do not satisfy the audit
requirement.
(B) It is not intended that audits required by this program be
separate and apart from audits performed in accordance with State and
local laws or for other purposes. To the extent feasible, the audit
work for this program should be done in connection with these other
audits. Intermediaries covered by OMB Circular A-128 or A-133 should
submit audits made in accordance with those circulars.
(ii) Quarterly or semiannual reports (due 30 days after the end of
the period);
(A) Reports will be required quarterly during the first year after
loan closing. Thereafter, reports will be required semiannually. Also,
the Agency may resume requiring quarterly reports if the intermediary
becomes delinquent in repayment of its loan or otherwise fails to fully
comply with the provisions of its work plan or Loan Agreement, or the
Agency determines that the intermediary's PRLF is not adequately
protected by the current financial status and paying capacity of the
ultimate recipients.
(B) These reports shall contain information only on the PRLF, or if
other funds are included, the PRLF portion shall be segregated from the
others; and in the case where the intermediary has more than one PRLF
from the Agency, a separate report shall be made for each PRLF.
(C) The reports will include, on a form to be provided by the
Agency, information on the intermediary's lending activity, income and
expenses, financial condition and a summary of names and
characteristics of the ultimate recipients the intermediary has
financed.
(iii) Annual proposed budget for the following year; and
(iv) Other reports as the Agency may require from time to time.
(b) RHS may consider, on a case by case basis, subordinating its
security interest on the property to the lien of the intermediary so
that RHS has a junior lien interest when an independent appraisal
documents the RHS subordinated lien will continue to be fully secured.
(c) The term of the loan to the ultimate recipient may not exceed
the remaining term of the RHS loan.
(d) When loans are made to the ultimate recipients for equity
purposes, Restrictive Use Provisions must be incorporated into the loan
documents, as outlined in 7 CFR part 3560.662.
(e) The policies and regulations contained in 7 CFR part 1901,
subpart F regarding historical and archaeological properties.
(f) The policies and regulations contained in 7 CFR part 1940,
subpart G regarding environmental assessments. Loans to intermediaries
under this program will be considered a Categorical Exclusion under the
National Environmental Policy Act, requiring the completion of Form RD
1940-22, ``Environmental Checklist for Categorical Exclusions,'' by the
Agency.
(g) An ``Intergovernmental Review,'' if required by RD Instruction
1940-J, will be conducted in accordance with the procedures contained
in that Instruction.
(2) The intermediary agrees to the following:
(a) To obtain the written Agency approval, before the first lending
of PRLF funds to an ultimate recipient, of:
(i) All forms to be used for relending purposes, including
application forms, loan agreements, promissory notes, and security
instruments; and
(ii) Intermediary's policy with regard to the amount and form of
security to be required.
[[Page 24370]]
(b) To obtain written approval from the Agency before making any
significant changes in forms, security policy, or the work plan. The
Agency may approve changes in forms, security policy, or work plans at
any time upon a written request from the intermediary and determination
by the Agency that the change will not jeopardize repayment of the loan
or violate any requirement of this NOFA or other Agency regulations.
The intermediary must comply with the work plan approved by the Agency
so long as any portion of the intermediary's PRLF loan is outstanding;
(c) To secure the indebtedness by pledging the PRLF, including its
portfolio of investments derived from the proceeds of the loan award,
and other rights and interests as the Agency may require;
(d) To return, as an extra payment on the loan any funds that have
not been used in accordance with the intermediary's work plan by a date
2 years from the date of the loan agreement. The intermediary
acknowledges that the Agency may cancel the approval of any funds not
yet delivered to the intermediary if funds have not been used in
accordance with the intermediary's work plan within the 2 year period.
The Agency, at its sole discretion, may allow the intermediary
additional time to use the loan funds by delaying cancellation of the
funds by not more than 3 additional years. If any loan funds have not
been used by 5 years from the date of the loan agreement, the approval
will be canceled for any funds that have not been delivered to the
intermediary and the intermediary will return, as an extra payment on
the loan, any funds it has received and not used in accordance with the
work plan. In accordance with the Agency approved promissory note,
regular loan payments will be based on the amount of funds actually
drawn by the intermediary.
(3) The intermediary will be required to enter into an Agency
approved loan agreement and promissory note.
(4) Loans made to the PRLF ultimate recipient must meet the intent
of providing decent, safe, and sanitary rural housing and be consistent
with the requirements of title V of the Housing Act of 1949.
(5) When an intermediary proposes to make a loan from the PRLF to
an ultimate recipient, Agency concurrence is required prior to final
approval of the loan. A request for Agency concurrence in approval of a
proposed loan to an ultimate recipient must include:
(a) Certification by the intermediary that:
(i) The proposed ultimate recipient is eligible for the loan;
(ii) The proposed loan is for eligible purposes;
(iii) The proposed loan complies with all applicable statutes and
regulations; and
(iv) Prior to closing the loan to the ultimate recipient, the
intermediary and its principal officers (including immediate family)
hold no legal or financial interest or influence in the ultimate
recipient, and the ultimate recipient and its principal officers
(including immediate family) hold no legal or financial interest or
influence in the intermediary.
(b) Copies of sufficient material from the ultimate recipient's
application and the intermediary's related files, to allow the Agency
to determine the:
(i) Name and address of the ultimate recipient;
(ii) Loan purposes;
(iii) Interest rate and term;
(iv) Location, nature, and scope of the project being financed;
(v) Other funding included in the project; and
(vi) Nature and lien priority of the collateral.
(vii) Environmental impacts of this action. This will include an
original Form RD 1940-20, ``Request for Environmental Information,''
completed and signed by the intermediary. Attached to this form will be
a statement stipulating the age of the building to be rehabilitated and
a completed and signed FEMA Form 81-93, ``Standard Flood Hazard
Determination.'' If the age of the building is over 50 years old or if
the building is either on or eligible for inclusion in the National
Register of Historic Places, then the intermediary will immediately
contact the Agency to begin Section 106 consultation with the State
Historic Preservation Officer. If the building is located within a 100-
year flood plain, then the intermediary will immediately contact the
Agency to analyze any effects as outlined in 7 CFR part 1940, subpart
G, Exhibit C. The intermediary will assist the Agency in any additional
requirements necessary to complete the environmental review.
(c) Such other information as the Agency may request on specific
cases.
(6) Upon receipt of a request for concurrence in a loan to an
ultimate recipient the Agency will:
(a) Review the material submitted by the intermediary for
consistency with the Agency's preservation and revitalization
principals which include the following;
(i) There is a continuing need for the property in the community as
affordable housing.
(ii) When the transaction is complete, the property will be owned
and controlled by eligible section 515 borrowers.
(iii) The transaction will address the physical needs of the
property.
(iv) Existing tenants will not be displaced because of increased
post transaction rents.
(v) Post transaction basic rents will not exceed comparable market
rents.
(vi) Any equity loan amount will be supported by a market value
appraisal.
(vii) The RHS Office of Rental Housing Preservation concurs with
any equity payments or increased return to owner and coordinates the
approval of exceptions, National Office approvals, or revitalization
related policy issues.
(viii) Complete an environmental review in accordance with 7 CFR
part 1940, subpart G, beginning with a Categorical Exclusion
classification as shown in 7 CFR 1940.310(b)(3). The information
received from the intermediary (RD Form 1940-20, the age of the
building, FEMA Form 81-93, and the description of the project) will be
attached to the environmental review forms.
(b) Issue a letter concurring in the loan when all requirements
have been met or notify the intermediary in writing of the reasons for
denial when the Agency determines it is unable to concur in the loan.
IV. Application and Submission Information
The application process will be in two phases: the initial
preapplication (or proposal) and the submission of a formal
application. Only those proposals that are selected for further
processing will be invited to submit formal applications. In the event
that a proposal is selected for further processing and the applicant
declines, the next highest ranked unfunded preapplication may be
selected. If a preapplication is accepted for further processing, the
applicant will be expected to submit the additional information prior
to the obligation of loan funds. At the time of final approval, the
Agency and loan recipient shall enter into a loan agreement.
Preapplication Requirements
The preapplication must contain the following:
(1) A summary page, that is double-spaced and not in narrative
form, that lists the following items.
(a) Applicant's name.
(b) Applicant's Taxpayer Identification Number.
[[Page 24371]]
(c) Applicant's address.
(d) Applicant's telephone number.
(e) Name of applicant's contact person, telephone number, and
address.
(f) Amount of loan requested.
(2) Form RD 4274-1, ``Application for Loan (Intermediary Relending
Program).''
(3) A written work plan and other evidence the Agency requires to
demonstrate the feasibility of the intermediary's program to meet the
objectives of this demonstration program. The plan must, at a minimum:
(a) Document the intermediary's ability to administer this
demonstration program in accordance with the provisions of this NOFA.
In order to adequately demonstrate the ability to administer the
program, the intermediary must provide a complete listing of all
personnel responsible for administering this program along with a
statement of their qualifications and experience. The personnel may be
either members or employees of the intermediary's organization or
contract personnel hired for this purpose. If the personnel are to be
contracted for, the contract between the intermediary and the entity
providing such service will be submitted for Agency review, and the
terms of the contract and its duration must be sufficient to adequately
service the Agency loan through to its ultimate conclusion. If the
Agency determines the personnel lack the necessary expertise to
administer the program, the loan request will not be approved;
(b) Document the intermediary's ability to commit financial
resources under the control of the intermediary to the establishment of
the demonstration program. This should include a statement of the
sources of non-Agency funds for administration of the intermediary's
operations and financial assistance for projects;
(c) Demonstrate a need for loan funds. As a minimum, the
intermediary should identify a sufficient number of proposed and known
ultimate recipients to justify Agency funding of its loan request, or
include well developed targeting criteria for ultimate recipients
consistent with the intermediary's mission and strategy for this
demonstration program, along with supporting statistical or narrative
evidence that such prospective recipients exist in sufficient numbers
to justify Agency funding of the loan request;
(d) Include a list of proposed fees and other charges it will
assess the ultimate recipients;
(e) Demonstrate to Agency satisfaction that the intermediary has
secured commitments of significant financial support from public
agencies and private organizations;
(f) Include the intermediary's plan (specific loan purposes) for
relending the loan funds. The plan must be of sufficient detail to
provide the Agency with a complete understanding of what the
intermediary will accomplish by lending the funds to the ultimate
recipient and the complete mechanics of how the funds will get from the
intermediary to the ultimate recipient. The service area, eligibility
criteria, loan purposes, fees, rates, terms, collateral requirements,
limits, priorities, application process, method of disposition of the
funds to the ultimate recipient, monitoring of the ultimate recipient's
accomplishments, and reporting requirements by the ultimate recipient's
management are some of the items that must be addressed by the
intermediary's relending plan;
(g) Provide a set of goals, strategies, and anticipated outcomes
for the intermediary's program. Outcomes should be expressed in
quantitative or observable terms such as low-income housing complexes
rehabilitated or low-income housing units preserved, and should relate
to the purpose of this demonstration program; and
(h) Provide specific information as to whether and how the
intermediary will ensure that technical assistance is made available to
ultimate recipients and potential ultimate recipients. Describe the
qualifications of the technical assistance providers, the nature of
technical assistance that will be available, and expected and committed
sources of funding for technical assistance. If other than the
intermediary itself, describe the organizations providing such
assistance and the arrangements between such organizations and the
intermediary.
(4) A pro forma balance sheet at start-up and projected balance
sheets for at least 3 additional years; financial statements for the
last 3 years, or from inception of the operations of the intermediary
if less than 3 years; and projected cash flow and earnings statements
for at least 3 years supported by a list of assumptions showing the
basis for the projections. The projected earnings statement and balance
sheet must include one set of projections that shows the PRLF must
extend to include a year with a full annual installment on the PRLF
loan.
(5) A written agreement of the intermediary to the Agency audit
requirements.
(6) Form RD 400-4, ``Assurance Agreement.''
(7) Complete organizational documents, including evidence of
authority to conduct the proposed activities.
(8) Latest audit report, if available.
(9) Form RD 1910-11, ``Applicant Certification Federal Collection
Policies for Consumer or Commercial Debts.''
(10) Form AD-1047, ``Certification Regarding Debarment, Suspension,
and other Responsibility Matters--Primary Covered Transactions.''
(11) Exhibit A-1 of RD Instruction 1940-Q, ``Certification for
Contracts, Grants, and Loans.''
(12) A separate one-page information sheet listing each of the
``Application Scoring Criteria'' contained in this Notice, followed by
the page numbers of all relevant material and documentation that is
contained in the proposal that supports these criteria. Applicants are
also encouraged, but not required, to include a checklist of all of the
application requirements and to have their application indexed and
tabbed to facilitate the review process.
Funding Restrictions
Loans made to the PRLF intermediary under this demonstration
program may not exceed $2,125,000 and may be limited by geographic area
so that multiple loan recipients are not providing similar services to
the same service areas.
Loans made to the PRLF ultimate recipient must meet the intent of
providing decent, safe, and sanitary rural housing and be consistent
with the requirements of title V of the Housing Act of 1949.
Submission address. Preapplications should be submitted to USDA--
Rural Housing Service; Attention: Henry Searcy, Jr., Multi-Family
Housing Processing Division `` STOP 0781 (Room 1263-S), 1400
Independence Ave. SW., Washington, DC 20250-0781.
V. Application Review Information
All applications will be evaluated by a loan committee. The loan
committee will make recommendations to the Agency Administrator
concerning preliminary eligibility determinations and for the selection
of applications for further processing based on the selection criteria
contained in this NOFA and the availability of funds. The Administrator
will inform applicants of the status of their application within 30
days of the loan application closing date of the NOFA.
Selection Criteria
Selection criteria points will be allowed only for factors
indicated by well documented, reasonable plans which, in the opinion of
the Agency, provide assurance that the items have a
[[Page 24372]]
high probability of being accomplished. The points awarded will be as
specified in paragraphs (1) through (4) of this section. In each case,
the intermediary's work plan must provide documentation that the
selection criteria have been met in order to qualify for selection
criteria points. If an application does not fit one of the categories
listed, it receives no points for that paragraph.
(1) Other funds. Points allowed under this paragraph are to be
based on documented successful history or written evidence that the
funds are available.
(a) The intermediary will obtain non-Agency loan or grant funds or
provide housing tax credits (measured in dollars) to pay part of the
cost of the ultimate recipients' project cost. Points for the amount of
funds from other sources are as follows:
(i) At least 10% but less than 25% of the total project cost--5
points;
(ii) At least 25% but less than 50% of the total project cost--10
points; or
(iii) 50% or more of the total project cost--15 points.
(b) The intermediary will provide loans to the ultimate recipient
from its own funds (not loan or grant) to pay part of the ultimate
recipients' project cost. The amount of the intermediary's own funds
will average:
(i) At least 10% but less than 25% of the total project costs--5
points;
(ii) At least 25% but less than 50% of total project costs--10
points; or
(iii) 50% or more of total project costs--15 points.
(2) Intermediary contribution. All assets of the PRLF will serve as
security for the PRLF loan, and the intermediary will contribute funds
not derived from the Agency into the PRLF along with the proceeds of
the PRLF loan. The amount of non-Agency derived funds contributed to
the PRLF will equal the following percentage of the Agency PRLF loan:
(a) At least 5% but less than 15%--15 points;
(b) At least 15% but less than 25%--30 points; or
(c) 25% or more--50 points.
(3) Experience. The intermediary has actual experience in the
administration of revolving loan funds and the preservation of multi-
family housing, with a successful record, for the following number of
full years. Applicants must have actual experience in both the
administration of revolving loan funds and the preservation of multi-
family housing in order to qualify for points under this selection
criteria. If the number of years of experience differs between the two
types of experience, the type with the least number of years will be
used for this selection criteria.
(a) At least 1 but less than 3 years--5 points;
(b) At least 3 but less than 5 years--10 points;
(c) At least 5 but less than 10 years--20 points; or
(d) 10 or more years--30 points.
(4) Administrative. The Administrator may assign up to 35
additional points to an application to account for the following items
not adequately covered by the other priority criteria set out in this
section. The items that may be considered are the amount of funds
requested in relation to the amount of need; a particularly successful
affordable housing development record; a service area with no other
PRLF coverage; a service area with severe affordable housing problems;
a service area with emergency conditions caused by a natural disaster;
an innovative proposal; the quality of the proposed program; a work
plan that is in accord with a strategic plan, particularly a plan
prepared as part of a request for an Empowerment Zone/Enterprise
Community designation; or excellent utilization of an existing
revolving loan fund program.
Dated: May 2, 2005.
Russell T. Davis,
Administrator, Rural Housing Service.
[FR Doc. 05-9155 Filed 5-6-05; 8:45 am]
BILLING CODE 3410-XV-P