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USDA opens application cycle to rehab, preserve multifamily and farmworker housing

The US Department of Agriculture announced the start of the applications cycle for a program to help property owners make improvements to rural multi-family and farmworker housing properties financed by the agency.

The agency is seeking application from property owners who wish to defer loan payments under the Multi-Family Housing Preservation and Revitalization (MPR) Demonstration Program, said Luis R. García, acting State Director of USDA Rural Development in Puerto Rico.

The owners may use funds generated by the debt deferral to make improvements and repairs that USDA Rural Development identified during a Capital Needs Assessment for each property. Property owners also may use the deferred loan payments to reduce tenant rents.

In Puerto Rico there are 79 multi-family housing projects that have 4,534 apartments that could benefit from this program, García said.

The program will increase the assistance for projects addressing the critical challenges facing people living in rural America. It supports the Biden-Harris Administration’s key priorities to help communities recover from the COVID-19 pandemic, advance equity, and combat climate change.

Property owners with USDA loans that were closed on or after Oct. 1, 1991, that are addressing at least two of these three key priorities are eligible to participate in the loan deferral program, the agency noted.

Electronic applications must be submitted by 5 p.m. on May 16, 2022.

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This story was written by our staff based on a press release.

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