The U.S. Department of Agriculture (USDA) Rural Development is seeking applications for grants to help preserve affordable rural rental housing. Funding is being made available through USDA's Multi-Family Housing Transfer and Prepayment Technical Assistance Grants.
Rural Development plans to provide up to $1 million nationwide in financial and legal technical assistance to help nonprofits and public housing authorities buy and operate USDA-financed apartments with maturing mortgages in rural areas that are at risk of losing affordable housing. The owners of many of these complexes are about to pay off their Rural Development loans, at which point they will no longer be required to maintain the apartments as affordable housing. Other apartment complexes are so small that they generate little buyer interest or generally aren't attractive to other investors who can secure tax credits to help keep costs low. By assisting nonprofits and public housing authorities with the purchase these properties, USDA will help maintain the supply of affordable rental housing in rural areas.
Rural Development is seeking applications that highlight creative ways to leverage federal resources with public and private sector funding. We are also seeking applications highlighting ways to work with Rural Development to identify and preserve needed affordable rental housing properties with expiring USDA mortgages.
Applications are being accepted regionally in the West, Midwest, South, and Northeast. The maximum award amount per region is $250,000.
The deadline to apply is March 29, 2018. For additional information, including details on the application process, see page 8418 of the February 27, 2018, Federal Register.
Questions related to USDA Multi-Family Housing Programs in Oregon may be directed to a local Multi-Family Housing Specialist. Those with project proposals outside of Oregon should contact USDA Rural Development in the corresponding state.