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Rental Development

Preservation Revolving Loan Fund

Purpose

USDA Rural Development has approved MFA as an intermediary of the Section 515 Multifamily Housing Preservation Revolving Loan Fund. MFA has established a program for the purpose of providing loans to rehabilitate housing currently financed by Rural Development through its multifamily housing loan program under Sections 514, 515 and 516 of the Housing Act of 1949. This initiative is supported by funds provided by USDA Rural Development in the amount of $2 million. MFA is providing matching funds equal to $550,000.

Eligible Borrowers

Nonprofit organizations, for-profit organizations, governmental housing agencies, regional housing authorities, governmental entities, governmental instrumentalities, tribal governments, tribal housing agencies and other entities as outlined in the Notice of Funding Availability (NOFA).

Eligible Projects

Applicants must have ownership or site control of an eligible Section 514, 515 or 516 property.

Secondary Financing

MFA mortgage may be in first or junior lien position on the property.

Interest Rates

Approximately 3 percent per annum.

Loan Term

Construction: up to two years, interest only optional.
Long term amortizing: up to 25 years. (Current maximum: $500,000.)

Guaranties

A guaranty will be required from a financially responsible entity acceptable to MFA. See checklist for required information.

Applications accepted at any time.

Forms and Reference Materials

Application

Schedules

Checklist

Applicant Certification (checklist item 1g)

Rental Loan - Architect's & Owner's Certification (checklist item 9)

Notice of Funding Availability (NOFA)

2015 Rental Design Standards

2016 Rental Design Standards

2017 Rental Design Standards

Comparison of 2016 and 2017 Design Standards

2016 MFA Green Building Supplement

MFA Green Building Certification 

Program Contact

Shawn Colbert
Director of Housing Development

Direct: (505) 767-2251
Main: (505) 843-6880
Toll free: (800) 444-6880

Charitable Trust

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