| APPLICATION AND AWARD PROCESS |
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· Award Procedure |
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Applications will be scored on the following factors (the factors are the same as last year's except for the additional requirement (shown in italics) that has been added to factor 4, the National Office initiative): (1) The presence and extent of leveraged assistance for the units that will serve RHS income-eligible tenants at basic rents comparable to those if RHS provided full financing, computed as a percentage of the RHS total development cost. (0 to 20 points); (2) the units to be developed are in a colonia, tribal land, EZ, EC, or REAP community, or in a place identified in the State Consolidated Plan or State Needs Assessment as a high need community for multifamily housing. ("State" refers to the State Government.) (20 points); (3) the loan request includes donated land meeting the provisions of 7 CFR 1944.215(r)(4). (5 points); and (4) in States where RHS has an on-going formal working relationship, agreement or Memorandum of Understanding (MOU) with the State to provide State resources (State funds, State RA, HOME funds, CDBG funds, or Low-Income Housing Tax Credits) for RHS proposals; or where the State provides preference or points to RHS proposals in awarding such State resources, 20 points will be provided to loan requests that include such State resources in an amount equal to at least 5 percent of the total development cost. (National office initiative) (20 points). |
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· Preapplication Coordination |
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Not applicable. This program is excluded from coverage under E.O. 12372. |
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· Application Procedure |
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For FY 06 the Section 515 Program will be awarded through a Notice of Funding Availability (NOFA) announced in the Federal Register March 15, 2006. The NOFA application period is 60 days from the date of the announcement. The NOFA deadline is May 14, 2006. |
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· Deadlines |
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May 14, 2006. |
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· Range of Approval/Disapproval Time |
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Within 30 days, States will review and score the applications and submit a list of applications in rank and point score order to the National Office. Following the State's submission of applications to the National Office, within 30 days the National Office will rank applications on a nation-wide basis and advise States of the results. |
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· Appeals |
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Applicant may request reconsideration on the basis of pertinent facts concerning the application. |
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· Renewals |
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Applicants may reapply at next Notice of Funding Availability (NOFA). |
See AidPage for more information on:
Rural Rental Housing Loans
Federal Money Retriever® GrantGate®
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