The Multifamily Preservation and Revitalization (MPR) Program and Section 515 Subsequent Loans for Preservation for FY 2024 offer significant financial resources to help affordable multifamily rental developers maintain and improve their properties in rural areas. These programs are designed to protect the long-term affordability of rental housing. Developers can access a combination of grants, low-interest loans and debt restructuring options to upgrade properties financed under USDA’s Rural Rental Housing (Section 515) and Off-Farm Labor Housing programs. The funding, totaling over $107 million for 2024, can be used for projects that enhance the physical condition of these properties without compromising affordability. Moreover, a Capital Needs Assessment (CNA) is required to prioritize necessary improvements. For affordable housing developers, this means access to flexible financing options to maintain the viability of properties while keeping rents affordable. Applications are being accepted until Dec. 26, 2024, and developers are encouraged to engage early through a preliminary expression of interest.

Developers interested in applying should follow these steps: 

  • Submit an Expression of Interest: Send an initial email of interest by Dec. 16, 2024, to the USDA’s Rural Housing Service (RHS) at RD.MPR@usda.gov. The email should include specific information as outlined in the Notice of Funding Availability (NOFA), which will trigger an email response from RHS with detailed application instructions. 
  • Complete the Full Application: Once the expression of interest is submitted, applicants will receive guidance on how to submit a full application electronically. The full application, which includes a Capital Needs Assessment (CNA) and other project details, must be submitted no later than Dec. 26, 2024, by 11:59 p.m. ET. 
  • Application Requirements: Eligible applicants must be current owners of USDA-financed rental properties or applicants seeking to take over ownership of such properties. The application must demonstrate how the funding will be used to preserve and improve the existing affordable housing stock without displacing tenants through rent increases. 

Developers can also register here to attend a virtual workshop on Oct. 17, 2024 to learn more about the program and the application process.