USDA Announces Technical Assistance Grants for the Preservation of Section 515 Properties
The U.S. Department of Agriculture (USDA) earlier this week published a Request for Proposals (RFP) soliciting applications from qualified non-profit organizations and public housing authorities (PHA) who will provide legal and technical assistance to organizations seeking to acquire Rural Housing Service (RHS) Section 515 properties with maturing mortgages.
The RFP for technical assistance grants is in response to Congress appropriating $1 million in 2017 to facilitate the acquisition of RHS Section 515 properties with maturing mortgages by qualified non-profit organizations and PHAs to preserve crucial rural rental housing in areas at risk of losing affordable housing stock.
The grants are intended to improve the quality and quantity of applications pursuing the transfer of Section 515 properties to qualified non-profit organizations’ and PHAs’ portfolios; result in the preservation and continued availability of decent, safe, and sanitary housing for tenants; and continue to maximize the return on the public’s investment in rural areas.
Additional program and application guidance is available here. The deadline for grant applications is 5:00 p.m. EST on March 29, 2018.