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Section 538 Multi- Family Housing Guaranteed Rural Rental Housing Program (GRRHP) Demonstration Program
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Program
web site |
http://edocket.access.gpo.gov/2009/E9-21859.htm
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| Sponsor |
USDA Rural Housing Service |
| Deadlines |
Applications accepted on an ongoing basis |
| Purpose |
The purpose of the demonstration program is to test the viability and efficacy of the concept of a continuous loan note guarantee through the construction and permanent loan financing phases of a project. Those applications that met the program’s qualifying criteria and are selected to participate will be offered one loan note guarantee upon closing of the construction loan that will be in effect throughout both the project’s construction and permanent phases without interruption.
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| Eligibility |
Eligible Lenders. |
Geographic
coverage |
Nationwide |
Amount of
funding |
The Agency will permit approximately $10 million in previously
obligated program loan authority to participate in this Demonstration
Program. Expenses incurred in developing applications will be at the
applicant's risk. |
Application
process |
The guidelines are available on the Program web site.
The first round of selections into the Demonstration Program will
be made on
September 18, 2009. In the event there are not enough qualified
requests for selection into the Demonstration Program to utilize all
the available Demonstration Program Authority, then until all funds are
exhausted, an additional selection process will be conducted on the 3rd
Friday of each the month starting October 16, 2009, with December 18,
2009 being the last selection date. All applicants will be notified of
the selection results no later than 30 business days from the date of
selection.
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For more information contact:
Tammy Daniels
E-mail: tammy.daniels@wdc.usda.gov. Summaries of funding programs are provided by RAC for your convenience. Please contact the funder directly for the most complete and current information. |
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