USDA Announces Multi-Family Housing Preservation and Revitalization Demonstration Program

U.S. Department of Agriculture (USDA) Rural Development, which administers Rural Housing Programs, announces the availability of $20 million in budget authority to participate in a demonstration program to preserve and revitalize existing Rural Rental Housing projects. Under the Multi-Family Housing Preservation and Revitalization Demonstration Program, existing Multi-Family Housing loans and Off-Farm Labor Housing loans can be restructured to ensure that sufficient resources are available to preserve the ability of rental projects to provide safe and affordable housing for very low-, low-, or moderate-income residents. Projects participating in this program will be expected to be revitalized to extend their affordable use without displacing tenants because of increased rents. No additional Agency Rental Assistance units will be made available under this program.

Pre-applications must be received by 4 pm on Nov. 24. Assistance for filing electronic and hard copy pre-applications can be obtained from the Wisconsin USDA Rural Development State Office by calling 715.345.7600.