Source:  USDA, 7/7/11

Agriculture Secretary Tom Vilsack today announced that USDA is accepting applications to participate in a demonstration program to preserve and revitalize existing Multi-Family Housing projects financed by Rural Development.

"A top priority of the Obama Administration is to ensure that rural Americans have access to decent, safe and affordable housing," Vilsack said. "Funding from this program will improve conditions of multi-family housing complexes without increasing rent for low-income residents."

The goal of the Multi-Family Housing Revitalization Demonstration Program is to restructure selected loans for rental and farm-labor housing developments to guarantee the long-term quality of these rental housing units. Among several revitalization financial tools, grants are available to correct health and safety violations to ensure safe and affordable housing for very-low-, low- or moderate-income residents.

 Properties participating in this program will be revitalized, and the affordable use will be extended without displacing tenants because of increased rents. No additional agency rental assistance units will be made available.

Applications for Multi-Family Housing revitalization loans and grants are due August 22. For additional information, see page 39820 of the July 7, 2011, Federal Register or go to www.gpo.gov/fdsys/pkg/FR-2011-07-07/pdf/2011-17107.pdf.