Earlier this week, the United States Department of Agriculture’s (USDA) Rural Housing Service (RHS) announced the application schedule for the next round of Multifamily Preservation and Revitalization (MPR) funds. MPR is a demonstration program designed to preserve and revitalize rural rental housing projects under Section 514, Section 515, and Section 516 of the Housing Act of 1949.
MPR funds may be used to restructure existing Section 515 multifamily housing loans and Sections 514/516 off-farm labor housing loans to allow the developments to continue to serve very low-, low-, or moderate-income residents. Developments selected to receive MPR funding are expected to rehabilitate and extend their commitment to affordable housing without displacing current tenants due to rent increases.
Applicants requesting MPR funding, including debt deferral of eligible Section 514 or Section 515 loans, must send in completed applications no later than 5:00 p.m. (EST), anytime within 120 calendar days of August 3, 2015. Applicants seeking debt deferral only for eligible Section 514 or Section 515 loans must send in completed applications by 5:00 p.m. (EST), December 31, 2015.
To review eligibility criteria and to submit an application, please click here