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Federal Register / Vol. 71, No. 51 / Thursday, March 16, 2006 / Notices 13569
DEPARTMENT OF AGRICULTURE properties participating in this program authority to make loans for low-income
will be able to be revitalized and extend multi-family housing and related
Forest Service affordable use without displacing facilities.
tenants because of increased rents. No RD refers to this program as Multi-
South Deep Management Project, additional Rental Assistance units will Family Housing Preservation and
Colville National Forest, Stevens be made available under this program. Revitalization Restructuring Program
County, WA DATES: The deadline for receipt of all (MPR). This NOFA sets forth the
AGENCY: Forest Service, USDA. applications in response to this Notice eligibility and application requirements.
of Funding Availability (NOFA) is 5 Information will be collected from
ACTION: Cancellation notice.
p.m., Eastern Time, April 17, 2006. The applicants and grant recipients by Rural
SUMMARY: On January 2, 2002, a Notice application closing deadline is firm as Development staff in its Local, Area,
of Intent (NOI) to prepare an to date and hour. The Agency will not State, and National offices. This
environmental impact statement (EIS) consider any application that is received information will be used to determine
for the South Deep Management Project after the closing deadline. Applicants applicant eligibility for this
on the Three Rivers Ranger District of intending to mail applications must demonstration program. If an applicant
the Colville National Forest, was allow sufficient time to permit delivery proposal is selected, that applicant will
published in the Federal Register (67 on or before the closing deadline. be notified of the selection and given
FR 51). Forest Service has decided to Acceptance by a post office or private the opportunity to submit a formal
cancel the preparation of this EIS. The mailer does not constitute delivery. application.
NOI is hereby rescinded. Facsimile (FAX) and postage-due Estimate of Burden: Public reporting
FOR FURTHER INFORMATION CONTACT: applications will not be accepted. burden for this collection of information
Questions may be addressed to James FOR FURTHER INFORMATION CONTACT:
is estimated to average 1.26 hours per
Parker, Environmental Coordinator, Carlton Jarratt, Senior Loan Specialist, response.
Colville National Forest, 650 East Respondents: Individuals,
Multi-Family Housing Office of Rental
Delaware, Republic WA 99166, partnerships, public and private
Housing Preservation—STOP 0782
telephone (509) 775–7462. nonprofit corporations, agencies,
(Room 1263–S), or Byron Ross, Director,
institutions, organizations, and Indian
Dated: March 10, 2006. Multi-Family Housing Office of Rental
tribes.
Mimi A. Tryon, Housing Preservation—STOP 0782 Estimated Number of Respondents:
Acting Forest Supervisor.
(Room 1263–S), U.S. Department of 710.
Agriculture Rural Housing Service, 1400 Estimated Number of Responses per
[FR Doc. 06–2555 Filed 3–15–06; 8:45 am]
Independence Ave. SW., Washington, Respondent: 1.01.
BILLING CODE 3410–11–M
DC 20250–0782 or by telephone at (804) Estimated Number of Responses:
561–0665 or (202) 690–0669, or via e- 1520.
mail, carlton.jarratt@wdc.usda.gov or Estimated Total Annual Burden on
DEPARTMENT OF AGRICULTURE
Byron.Ross@wdc.usda.gov. (Please note Respondents: 1940 hours.
Rural Housing Service these phone numbers are not toll free Copies of this information collection
numbers.) can be obtained from Tracy Givelekian,
Notice of Funding Availability: Section SUPPLEMENTARY INFORMATION: Regulations and Paperwork
515 Multi-Family Housing Preservation Management Branch, at (202) 692–0039.
and Revitalization Restructuring (MPR) Paperwork Reduction Act
Demonstration Program for Fiscal Year Comments
The information collection
2006 requirements contained in this Notice Comments are invited on: (a) Whether
have received temporary emergency the proposed collection of information
AGENCY: Rural Housing Service, USDA. is necessary for the proper performance
clearance by the Office of Management
ACTION: Notice. and Budget (OMB) under Control of the functions of the RD, including
Number 0575–0190. However, in whether the information will have
Announcement Type: Inviting
accordance with the Paperwork practical utility; (b) the accuracy of the
applications from eligible applicants for
Reduction Act of 1995, RD will seek RD’s estimate of the burden of the
Fiscal Year 2006 funding.
standard OMB approval of the reporting proposed collection of information
Catalog of Federal Domestic Assistance including the validity of the
requirements contained in this Notice.
Number (CFDA): 10.447 methodology and assumptions used; (c)
Publication of this Notice hereby opens
SUMMARY: USDA Rural Development a 60-day public comment period. ways to enhance the quality, utility and
(RD) administers the programs of Rural Title: Section 515 Multi-Family clarity of the information to be
Housing Service (RHS). RD announces Housing Preservation and Revitalization collected; and (d) ways to minimize the
the availability of funds and the Restructuring Demonstration Program. burden of the collection of information
timeframe to submit applications to Type of Request: New collection. on those who are to respond, including
participate in a demonstration program Abstract: The Agriculture, Rural through the use of appropriate
to preserve and revitalize existing rural Development, Food and Drug automated, electronic, mechanical, or
rental housing projects financed by RD Administration, and Related Agencies other technological collection
under section 515 of the Housing Act of Appropriations Act, 2006 (Pub. L. 109– techniques or other forms of information
1949. The intended effect is to 97) provides funding for, and authorizes technology. Comments may be sent to
restructure selected existing section 515 RD to conduct a demonstration program Tracy Givelekian, Regulations and
loans expressly for the purpose of for the preservation and revitalization of Paperwork Management Branch, U.S.
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ensuring that sufficient resources are the section 515 multi-family housing Department of Agriculture, Rural
available to preserve the rental project portfolio. The section 515 multi-family Development, STOP 0742, 1400
for the purpose of providing safe and housing program is authorized by Independence Ave. SW., Washington,
affordable housing for low-income section 515 of the Housing Act of 1949 DC 20250. All responses to this notice
residents. Expectations are that (42 U.S.C. 1485) and provides RD the will be summarized and included in the
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13570 Federal Register / Vol. 71, No. 51 / Thursday, March 16, 2006 / Notices
request for OMB approval. All resulting cash flow is not adequate to Using the results of the CNA to help
comments will also become a matter of address the long-term needs of the identify the need for resources and
public record. project, other Agency restructuring tools information regarding anticipated or
and resources from third party sources available third party financing, the
Overview
including loans made with Agency Agency will determine the financial
The Agriculture, Rural Development, guarantees under section 538 of the feasibility of each potential transaction,
Food and Drug Administration, and Housing Act of 1949 and 7 CFR part using restructuring tools available either
Related Agencies Appropriations Act, 3560, may be used to supplement the through existing regulatory authorities
2006 (Pub. L. 109–97), November 10, deferral. For the purposes of the MPR, or specifically authorized through this
2005, provides funding for, and the potential restructuring transactions demonstration program.
authorizes RD to conduct a will be identified in three categories: Project financial feasibility is
demonstration program for the (1) SIMPLE transactions will consist determined when a property can
preservation and revitalization of the of a debt deferral only. provide affordable, safe, decent, sanitary
section 515 multi-family housing (2) MODERATE transactions will housing for 20 years or the remaining
portfolio. The section 515 multi-family consist of a deferral and the use of at term of the loan whichever is less, by
housing program is authorized by least one other Agency restructuring using the authorities of this program
section 515 of the Housing Act of 1949 tool. while minimizing the cost to the Agency
(42 U.S.C. 1485) and provides RD the (3) COMPLEX transactions will and without increasing rents for tenants,
authority to make loans for low-income consist of a MODERATE transaction that except when necessary to meet normal
multi-family housing and related also includes the use of funding sources and necessary operating expenses. If the
facilities. provided by a third party. Section 538 transaction is determined financially
guarantees may be available to third feasible by the Agency, the borrower
Program Administration party lenders. will be offered a restructuring proposal,
I. Funding Opportunities Description Restructuring tools that may be used which will include a restrictive use
during the MPR demonstration based on covenant consistent with 7 CFR
This NOFA requests applications the underwriting feasibility 3560.662.
from eligible borrowers/applicants to determination of the Agency include: If accepted by the borrower, the
restructure existing multi-family (1) A deferral of the existing Agency Agency and applicant will enter into a
housing within the Agency’s section 515 debt for the lesser of the remaining term MPRCC. The applicant must also agree
multi-family housing portfolio for the of the loan or 20 years. All terms and to a maximum of 20 years restricted use,
purpose of revitalization and conditions of the deferral will be pursuant to 7 CFR 3560.662 for the
preservation. The demonstration described in the MPR Debt Deferral property when the MPR transaction is
program shall be referred to in this Agreement. A balloon payment of closed.
notice as the Multi-Family Housing accrued principal and interest will be The MPR may be conducted with a
Preservation and Revitalization due at the end of the deferral period. stay-in owner or may involve a change
Restructuring Demonstration (MPR) (2) A revitalization grant, limited to in ownership. Any housing or related
program. Agency regulations for the no more than $5,000 per unit will be facilities that is constructed or repaired
section 515 multi-family housing available to fund immediate capital or must meet the Agency design and
program are published at 7 CFR part reserve needs determined by the capital construction standards and the
3560. The MPR is intended to assure needs assessment process. The grant development standards contained in 7
that existing rental projects will be able administration will be in accordance CFR part 1924, subparts A and C,
to continue to deliver decent, safe, and with 7 CFR part 3015. respectively. Once constructed, section
sanitary affordable rental housing for (3) A section 515 rehabilitation loan at 515 multi-family housing must be
the lesser of the remaining term of the zero percent interest that will be managed in accordance with the, 7 CFR
loan or 20 years from the date of the amortized over 30 years. part 3560. Tenant eligibility will be
MPR transaction closing. Once an (4) A soft mortgage will be available limited to persons who qualify as a very
applicant and project have been selected in limited situations to address capital low-, low-, or moderate-income
in the process described in this notice, needs. This will be accomplished by the household under Agency regulations or
confirmed eligible by the Agency, and use of a subordinate 1 percent section who are eligible under the requirements
agree to participate in the MPR 515 rehabilitation loan that will have its established to qualify for housing
demonstration by written notification to interest and principal deferred, to a benefits provided by sources other than
the Agency, an independent third party balloon payment, under the same terms the Agency, such as U.S. Department of
capital needs assessment (CNA) will be as the longest remaining 515 debt. The Housing and Urban Development
conducted to provide a fair and total principal amount of the senior RD Section 8 assistance or Low Income
objective review of projected capital section 515 loan and the soft second Housing Tax Credit Assistance, when a
needs. The Agency shall implement this mortgage may exceed the market value tenant receives such housing benefits.
NOFA through an MPR Conditional of the property. Payment of the Additional tenant eligibility
Commitment (MPRCC) with the eligible subordinate debt will not be required requirements are contained in 7 CFR
borrower, which will include all the from normal project operation income, 3560.152.
terms and conditions under this NOFA, but from excess cash after all other
including the MPR Debt Deferral II. Award Information
secured debts are satisfied.
Agreement. (5) A subsequent section 515 Public Law 109–97 makes funding
The primary restructuring tool to be rehabilitation loan at traditional rates available to the Secretary of Agriculture
used in this program will be up to a 20- and terms. for RD to provide the restructuring tools
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year debt deferral of the payment on 1% (6) Transfers, subordinations, and of the MPR demonstration. Based on the
section 515 loans. The cash flow from consolidations may be approved as part planned use of a combination of MPR
the deferred payment will be re-directed of a MPR transaction in accordance with tools, the Agency anticipates that the
to reserve account deposits to help meet existing servicing authorities of the total amount of funding available for
the physical needs of the property. If the Agency as available in 7 CFR part 3560. this program is $173,951,000. The types
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Federal Register / Vol. 71, No. 51 / Thursday, March 16, 2006 / Notices 13571
and amount of assistance the Agency intermediary’s or proposed ultimate The second phase will be completed
anticipates are: $165,894,000 in deferred recipient’s income is derived from by the Agency and based on Agency
debt, $210,000 in grants, $280,000 in public assistance of any kind, or records. Points will be assigned to each
zero percent loans, and $7,571,000 in because the proposed intermediary or application when a proposal involving a
soft mortgage loans. The Agency proposed ultimate recipient has in good transfer to a new eligible owner
anticipates the ability to revitalize faith exercised any right under the indicates that the property is currently
approximately 200 properties (5,400 Consumer Credit Protection Act, with classified by the Agency as a troubled
units) with the funds available. Funding respect to any aspect of a credit project.
levels may differ from above when transaction anytime Agency loan funds All complete and timely filed
necessary to assure all funds are used. are involved. applications will then be scored and
All funding must be approved no later (2) The policies and regulations ranked based on points received during
than September 15, 2006, and obligated contained in 7 CFR part 1901, subpart the two phase application process.
by the Agency not later than September E and RD Instruction 2006–P (available Further, the Agency will categorize each
29, 2006. in any Rural Development Office) apply MPR proposal as being potentially
to this program. SIMPLE, MODERATE, or COMPLEX
III. Eligibility Information (3) The Administrator will assure that based on the information submitted on
Applicants (and principals) must equal opportunity and the application and in accordance with
demonstrate: nondiscrimination requirements are met the category description provided in
(1) Eligibility under 7 CFR 3560.55 in accordance with the Fair Housing Section I of this Notice.
with the exception of the requirement Act, title VI of the Civil Rights Act of (2) Applications can be submitted
described in 7 CFR 3560.55(a)(6) (have 1964, the Equal Credit Opportunity Act, either electronically or in hard copy.
or able to obtain 2% of the total the Age Discrimination Act of 1975, The time electronic filings will be
development costs for use as initial Executive Order 12898, the Americans considered received by the Agency is
operating capital). with Disabilities Act, and section 504 of the actual time the transmission is
(2) That the project is needed in the the Rehabilitation Act of 1973. received in the website mail box. The
market as evidenced by an average (4) All housing must meet the Agency will give preference to
physical vacancy rate over the last accessibility requirements found at 7 applications received electronically by
twelve months of no more than 10% for CFR 3560.60(d). using the close of business as the time
projects of 16 units or more and 15% for a hardcopy application is received.
projects under 16 units, except that the V. Authorities Available for MPR
Assistance for filing electronic and hard
Agency may consider and accept MPR tools will be used in accordance copy applications can be obtained from
documentation submitted by the with 7 CFR part 3560 and its associated any Rural Development State Office.
applicant that demonstrates the handbooks (available in any Rural The application is stored in the form
occupancy standard will be met once a Development office). The program will of a .pdf format and may be completed
restructuring is performed. be administered within the resources as a fillable form. The form contains a
(3) Ownership of, and the ability to and authorities made available to the button labeled ‘‘Submit by Email.’’
operate, the facility after the transaction Agency through Public Law 109–97 for Clicking on the button will result in an
is completed. the preservation and revitalization of e-mail containing a completed
(4) Compliance with any commitment section 515 financed properties. In the application being sent to the Multi-
to contribute funds to pay transaction event that provisions of 7 CFR part 3560 Family National Office for
costs as represented at the time of conflicts with this demonstration consideration.
application for the MPR program. program, the provisions of the MPR will Application forms may be
Further, a CNA and Agency financial take precedence. downloaded from the site above or
evaluation must demonstrate the MPR obtained by contacting the State Office
program is financially feasible and VI. Application and Submission
in the state the project is located. Hard
necessary for the revitalization and Information
copy applications should be submitted
preservation of the property for (1) The application submission and to USDA Rural Housing Service;
affordable housing. scoring process will be completed in Attention: Carlton Jarratt, Senior Loan
two phases in order to avoid Specialist, Multi-Family Housing Office
IV. Equal Opportunity and unnecessary effort and expense on the
Nondiscrimination Requirements of Rental Housing Preservation—STOP
part of interested borrowers/applicants 0782 (Room 1263–S), or Byron Ross,
(1) In accordance with the Fair and to allow additional points to be Director, Multi-Family Housing Office
Housing Act, title VI of the Civil Rights added to applicants that propose a of Rental Housing Preservation—STOP
Act of 1964, the Equal Credit transfer of a troubled project to an 0781 (Room 1263–S), U.S. Department
Opportunity Act, the Age eligible owner. of Agriculture, Rural Housing Service,
Discrimination Act of 1975, Executive The first phase is the application 1400 Independence Ave. SW.,
Order 12898, the Americans with process, the applicant must submit a Washington, DC 20250–0781.
Disabilities Act, and section 504 of the complete application no later than 30
Rehabilitation Act of 1973, neither the days from the date of this publication. VII. Selection Process
Applicant nor the Agency will The applicant’s submission will be Application ranking points will be
discriminate against any employee, classified complete when they submit a based on information, provided during
proposed intermediary or proposed ‘‘MPR Application’’ for each MPR the submission process. Applicants will
ultimate recipient on the basis of sex, transaction they wish to be considered need to provide reasonable evidence
marital status, race, color, religion, for in the demonstration. The MPR that the items have a high probability of
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national origin, age, physical or mental Application is the form attached at the being accomplished at the time the
disability (provided the proposed end of this Notice. An electronic version formal application is submitted. Points
intermediary or proposed ultimate of the application may be found on the will be awarded as follows:
recipient has the capacity to contract), Internet at http://www.rurdev.usda.gov/ (1) Ownership of the property. The
because all or part of the proposed rd/nofas/index.html. maximum points awarded for this
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13572 Federal Register / Vol. 71, No. 51 / Thursday, March 16, 2006 / Notices
criterion is 25 points. These points will time and date the application was If an application is accepted for
be awarded in the following manner: received by the Agency will determine further processing, the applicant will be
(i) Owner will continue ownership— the priority for selection (first come, expected to submit additional relevant
25 points. first served). information requested that is needed to
(ii) Transfer to a new eligible owner Once priority ranking has been demonstrate eligibility and feasibility,
with site control as evidenced by a established, the Agency will conduct a consistent with this NOFA and the
binding purchase agreement—20 points. five step process to select applicants. appropriate sections of 7 CFR part 3560,
(iii) Transfer to a new owner without The five step process is needed to assure prior to the issuance of a restructuring
site control—10 points. that the Agency can process the offer.
(2) Contribution of non-agency third proposed transactions within available RD will work with applicants selected
party funds. Points awarded are to be staffing resources, develop a for further processing in accordance
based on documented written evidence representative sampling of revitalization with the following steps:
that the funds are available. The transaction types, and assure an (1) Based on the feasibility of the type
maximum points awarded for this adequate pipeline of transactions to use of transaction that will best suit the
criterion is 25 points. These points will all available funding. project and the availability of funds,
be awarded in the following manner: Step One: The Agency will identify further eligibility confirmation
(i) Owner contribution sufficient to the highest scoring applications whose determinations will be conducted by the
pay transaction costs (those soft costs section 515 loan’s unpaid principal Office of Rental Housing Preservation
required to complete the transaction and balance total approximately $160 with the assistance of designated Multi-
include but are not limited to CNA, million. Family Housing Revitalization
legal costs, appraisals and filing fees) Step Two: The Agency will identify coordinators assigned by each Rural
expected to be a minimum of $5,000 the six states that have the most Development State Director.
that will be deposited in the property applicants identified in Step One. (2) A CNA will be conducted in
reserve account prior to closing—5 Step Three: The Agency will select all accordance with the requirements of 7
points, and the applicants identified in Step One for CFR 3560.103(c) and HB 3–3560,
(ii) At least $3,000 to $5,000 per unit the six states identified in Step Two and Chapter 7, Section 5 and Unnumbered
from other sources—15 points, or place the applicants in funding queues Letter, dated October 22, 2005,
(iii) Greater than $5,000 per unit from by the three basic revitalization ‘‘Guidance on the Capital Needs
other sources—20 points. transaction types (SIMPLE, Assessment Process’’ (available in any
(3) Age of Project. Since the age of the MODERATE, or COMPLEX). Rural Development State Office). The
project and date that the loan was made Step Four: The Agency will then cost of the CNA will be considered a
are directly related to physical needs, a place the remaining applicants part of the project expense and may be
maximum of 25 points will be awarded identified in Step One in the three paid from the ‘‘project reserve’’ with
on the following criteria: funding queues. They will be placed in prior approval of the Agency. The
(i) Initial loans made prior to order of their scoring in Step One, but Agency approval for participation in
December 21, 1979—25 points. after the applicants placed in queue in this program will be contingent upon
(ii) Initial loans made on or after Step Three. the Agency’s final approval of the CNA
December 21, 1979, but before Step Five: The Agency will then select and concurrence of the scope of work
December 15, 1989—20 points. the top ranked projects in each queue to with the owner.
(iii) Initial loans made on or after result in a ratio as close as possible to (3) Underwriting will be conducted by
December 15, 1989, but before October 30 percent simple, 35 percent moderate the Office of Rental Housing
1, 1991—15 points. and 35 percent complex. Selections will Preservation with the assistance of the
(iv) Initial loans made on or after be made until the unpaid balance of designated Multi-Family Housing
October 1, 1991—10 points. selected transactions equal at least 150 Revitalization Coordinator assigned by
(4) Troubled Project Points. The percent of available deferral authority. each Rural Development State Director.
Agency may award up to 25 additional It is important to note that the The feasibility and structure of each
points to facilitate the transfer and identification of each application as revitalization proposal will be
revitalization of troubled projects with being in one of the three transaction determined using this underwriting
an Agency classification of ‘‘C’’ or ‘‘D’’ types is at the discretion of the Agency process and will include a
according to HB 2–3560, Paragraph 9.7 and is to be used only to attempt to determination of the restructuring tools
(available at http:// develop a representative sampling of that will minimize the cost to the
www.rurdevusda.gov/regs/hblist.html). MPR transaction types. The actual Government consistent with the
These projects may be troubled due to transaction type that may be proposed purposes of this NOFA. The Agency
an act of nature or physical or financial to the applicant will be determined expects that some of the transactions
deterioration or to correct management through the Agency underwriting proposed by selected applicants will
issues. Points will be awarded in the process and may vary from the original prove to be infeasible. The applicant
following manner: transaction classification. entity may be determined to be
(i) If the Agency servicing ineligible under Section III of this
classification is C or D for less than 24 VIII. Processing for Selected Notice. If a proposed transaction is
months—15 points. Applications determined infeasible or the applicant
(ii) If the Agency servicing Those proposals that are ranked and determined ineligible, the Agency will
classification is C or D for more than 24 then selected for further processing will then select the next highest ranked
months—25 points. be invited to sign an agreement to project for processing.
The Agency will total the selection proceed. In the event that a proposal is Each MPR offer will be approved by
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criteria points for all applications selected for further processing and the the Revitalization Review committee
received within the timeframes of this applicant declines, the next highest chaired by the Deputy Administrator for
Notice and rank each application ranked application will be selected. Multi-Family Housing. Approved MPR
according to their total score. In the Applications can be submitted either offers will be presented to applicants
event that point totals are equal, the electronically or in hard copy. who will then have up to 15 calendar
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Federal Register / Vol. 71, No. 51 / Thursday, March 16, 2006 / Notices 13573
days to accept or reject the offer in transactions proposed, information recommendations for final decision to
writing. Offers will expire after 15 days. requirements will be provided as the Agency Administrator based on the
The Agency will replace expired appropriate. Complete project selection criteria contained in this
applications by selecting the next information must be submitted no later NOFA. The Administrator will inform
highest ranked project. Closing of MPR than 45 days from the date of Agency applicants of the status of their request
offers will occur within 60 days of notification of the applicant’s selection within 30 days of the application
acceptance by the applicant unless for further processing. Failure to submit closing date of the NOFA.
extended by the Agency. the required information in a timely
XI. Appeal Process
manner may result in the Agency
IX. Funding Restrictions
discontinuing the processing of the All adverse determinations regarding
Applicants will be selected in request. Funding under this NOFA will applicant eligibility and the awarding of
accordance with selection criteria and be obligated under a first come, first points as a part of the selection process
the five step process identified in served basis within each of the 3 are appealable. Instructions on the
Section VII of this Notice. Once selected funding queues described in Section VI appeal process will be provided at the
to proceed, the Agency will provide of this Notice. time an applicant is notified of the
additional guidance to the applicant and adverse.
request information and documents X. Application Review
necessary to complete the underwriting All complete applications will be Dated: March 7, 2006.
and review process. Since the character evaluated, ranked and selected for Russell T. Davis,
of each application may vary further processing by a review Administrator, Rural Housing Service.
substantially depending on the type of committee. The committee will make BILLING CODE 3410–XV–P
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13574 Federal Register / Vol. 71, No. 51 / Thursday, March 16, 2006 / Notices
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EN16MR06.003</GPH>
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Federal Register / Vol. 71, No. 51 / Thursday, March 16, 2006 / Notices 13575
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[FR Doc. 06–2594 Filed 3–15–06; 8:45 am]
BILLING CODE 3410–XV–C
EN16MR06.004</GPH>
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