Multi-Family Housing Preservation and Revitalization (MPR) Demonstration Program-Section 514 and Section 515 for Fiscal Year 2022
| Published date | 15 March 2022 |
| Citation | 87 FR 14441 |
| Record Number | 2022-05252 |
| Section | Notices |
| Court | Rural Housing Service |
Federal Register, Volume 87 Issue 50 (Tuesday, March 15, 2022)
[Federal Register Volume 87, Number 50 (Tuesday, March 15, 2022)]
[Notices]
[Pages 14441-14507]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-05252]
-----------------------------------------------------------------------
DEPARTMENT OF AGRICULTURE
Rural Housing Service
[Docket No. RHS-22-MFH-0002]
Multi-Family Housing Preservation and Revitalization (MPR)
Demonstration Program--Section 514 and Section 515 for Fiscal Year 2022
AGENCY: Rural Housing Service, United States Department of Agriculture.
ACTION: Notice of Solicitation of Applications (NOSA).
-----------------------------------------------------------------------
SUMMARY: The Rural Housing Service (RHS) (Agency), a Rural Development
agency of the United States Department of Agriculture (USDA), announces
it is soliciting applications to defer existing eligible loans for the
Multi-Family Housing (MFH) Preservation and Revitalization (MPR)
Demonstration Program. Current RHS borrowers (stay-in owners) and/or
eligible applicants applying to assume existing Section 515 Rural
Rental Housing (RRH) or Section 514 Off-Farm Labor Housing (Off-FLH)
loans that are closed and were obligated on or after October 1, 1991,
are invited to apply for MPR deferral-only assistance for such loans.
This Notice does not provide any funding or additional units of Agency
Rental Assistance (RA).
DATES: Complete applications requesting deferral-only assistance under
this NOSA must be received no later than 5 p.m., Eastern Standard Time,
May 16, 2022. The Agency will not consider any applications received
after the closing deadlines.
ADDRESSES: Application Submission: All materials must be submitted via
CloudVault. The submission process is detailed in section III.
Application and Submission Information of this Notice.
After publication in the Federal Register, this Notice will be
posted on the Rural Development (RD) website, www.rd.usda.gov/newsroom/notices-solicitation-applications-nosas. The Agency will publish, as
necessary, any revisions and amendments reflecting program
modifications, in the Federal Register within the period this Notice
remains open. Expenses incurred in applying for this NOSA will be borne
by and be at the applicant's sole risk.
FOR FURTHER INFORMATION CONTACT: Fallan Faulkner, Multi-Family
Specialist, Multi-Family Housing, RHS, U.S Department of Agriculture,
via email: [email protected], or by phone: 615-812-0050. Any
questions on eligibility for deferral should be directed via email at:
[email protected]. Please include in the subject
[[Page 14442]]
line ``MPR NOSA Eligibility'' and the name and address of the property
in question.
For information regarding the Addendum: Capital Needs Assessment
Process located at the end of this notice, contact: Fallan Faulkner,
Multi-Family Specialist, Multi-Family Housing, RHS, U.S. Department of
Agriculture, via email: [email protected] or telephone: (615)
812-0050.
SUPPLEMENTARY INFORMATION:
Authority
The Consolidated Appropriations Act, 2021 (H.R. 133) authorized
USDA to conduct a demonstration program for the preservation and
revitalization of the Section 514 (Off-FLH) and 515 programs authorized
by the Housing Act of 1949; 7 CFR part 3560.
Rural Development: Key Priorities
The Agency encourages applicants to consider projects that will
advance the following key priorities:
Assisting Rural communities recover economically from the
impacts of the COVID 19 pandemic, particularly disadvantaged
communities.
Ensuring all rural Residents have equitable access to RD
programs and benefits for RD funded projects.
Reducing climate pollution and increasing resilience to
the impacts of climate change through economic support to rural
communities.
For further information, visit https://www.rd.usda.gov/priority-points.
Executive Summary
This Notice solicits applications for deferrals of any closed
Section 514 (Off-FLH) or 515 Agency loan obligated on or after October
1, 1991 for the purpose of revitalization and preservation of existing
properties. Under this NOSA, eligible loan payments can be deferred for
20 years. The cash flow from the deferred RHS direct loan principal and
interest payment will be deposited to the RHS project's reserve account
or as directed by the Agency to meet the specific project's present and
future physical needs as determined by the Capital Needs Assessment
(CNA) concurrently approved by the Agency. At the end of this Notice, a
CNA addendum is provided with detailed instructions to assist the
applicant in completing CNA reports, expected useful life tables, and
forms. The deferral may also support new debt payments being incurred
for repair/rehabilitation loans and/or to reduce tenant rents as
determined by the Agency to be in the best interests of the tenants and
Government. There are no other MPR tools or forms of assistance
available under this NOSA.
I. MPR Debt Deferral Information
A. Deferral of Principal and Interest Payments
A deferral of principal and interest payments for 20 years of any
closed Section 514 (Off-FLH) or Section 515 Agency loan(s) that was
obligated on or after October 1, 1991. Loans obligated prior to October
1, 1991 are not eligible for deferral under this NOSA. If there are
multiple loans on the account, all loans must be obligated on or after
October 1, 1991 to be eligible. If the account has a loan(s) obligated
prior to October 1, 1991, the account/property is not eligible for MPR.
The total of all liens against the project, with the exception of
Agency deferred debt, cannot exceed the Agency-approved security value
of the project. All Agency debt, either in first lien position or in a
subordinated lien position, must be secured by the project, except
deferred debt, which is not included in the Agency's total lien
position for computation of the Agency's security value in the MPR
program.
(1) The deferral will assure the continued feasibility of
preserving needed rental units based on criteria described in 7 CFR
3560.57(a)(3).
(2) Transfers with MPR Deferrals must be processed through the MFH
Production and Preservation Division in accordance with the transfers
regulations.
(3) All terms and conditions of the deferral will be described in
the MPR Conditional Commitment (MPR-CC), the MPR Debt Deferral
Agreement, and any associated transfer approval.
(4) A balloon payment of principal and accrued interest (deferral
balloon) will be due at the end of the deferral period, or upon default
pursuant to the terms contained therein. Interest will accrue at the
promissory note rate. If applicable, the subsidy will be applied as set
out in the Agency's Form RD 3560-9, ``Multiple Family Housing Interest
Credit Agreement.''
B. Eligibility Deferral Information
Any questions on eligibility for deferral should be directed via
email at: [email protected]. Please include in the subject line ``MPR
NOSA Eligibility'' and the name and address of the property in
question.
C. Project Consolidation Information
MPR deferrals may be approved for project consolidations for stay-
in-owner or transfer transactions in accordance with 7 CFR part 3560
providing the following are met:
(1) All projects being consolidated must be submitted on one
application and located in the same market area as defined in 7 CFR
3560.11;
(2) Projects must be of the same type, managed under one management
plan and one management agreement, and in sufficient proximity to
permit convenient and efficient management of the property.
D. Terms
The Agency will require a re-amortization of the existing loan(s).
MPR debt deferrals authorized in conjunction with transfers or
subordinations will become effective upon completion of all planned
repairs and rehabilitation deemed acceptable to the RHS approval
official as outlined in the MPR conditional commitment.
E. Transfers
Special conditions apply to transfers. Under the provisions of 7
CFR 3560.406, debt deferral for any eligible loans(s) as described
herein may be included in the transfer underwriting under the following
conditions:
1. The new owner, including all principals, sharing an identity of
interest (IOI) with the selling entity in any other RHS properties, is
fully compliant with all Agency requirements and conditions, unless
there is an Agency approved workout agreement as specified in 7 CFR
3560.453 in place and on schedule for at least six (6) months prior to
the date of application.
2. The maximum return-to-owner-(RTO) will be determined prior to
applying the deferral.
II. Eligibility Information
A. Applicant Eligibility Requirements
(1) For the purpose of this Notice, ``Applicant'' includes the
applying entity (e.g., ABC LLP) and the entity's principals (e.g., John
Doe, General Partner of ABC LLP; XYZ, Inc., General Partner of ABC LLP;
John Doe Jr., President of XYZ, Inc.). In the case of a single asset
entity that is not a natural person, the Agency will rely solely on the
qualifications of the natural person(s) managing/controlling the entity
(whether directly or indirectly through other entities) to establish
the applicant's eligibility.
(2) Eligible applicants for the MPR program include individuals,
partnerships or limited partnerships, consumer cooperatives, trusts,
State or local public agencies, corporations, limited liability
companies, non-profit organizations, Indian tribes, associations, or
other entities authorized by the Agency that own (stay in owner)
[[Page 14443]]
or will be the owner of the project for which an application for
transfer of ownership by the Agency has been submitted.
(3) Eligibility requirements include substantial and verifiable
favorable experience and creditworthiness as required by the respective
MFH program regulations specified in 7 CFR part 3560, with the
exception that stay-in owner applicants are not required to meet the
test for other credit for MPR purposes as stated in 7 CFR
3560.55(a)(2). Appropriate credit reports for the applicant, entity and
principals will be submitted and considered in both the MPR and
transfer processing eligibility determination as defined in Section
III. Application and Submission Information B. 9. below.
B. Additional Eligibility Requirements
(1) All applicants must meet the respective (Section 515 or 514
Off-FLH) requirements for initial and/or current (continuing) borrower
eligibility and program participation. Initial eligibility will be
determined as of the date of the application filing deadline. The
Agency reserves the right to discontinue processing any application due
to material changes in the applicant's status occurring at any time
after the initial eligibility determination.
(2) Eligibility also includes the continued ability of the
borrower/applicant to provide acceptable management and will include an
evaluation of any current outstanding deficiencies. Any outstanding
violations or extended open operational findings associated with the
applicant/borrower or any affiliated entity having an identity of
interest (IOI) with the project ownership and which are recorded in the
Agency's automated Multi-Family Information System (MFIS), may preclude
further processing of any MPR applications unless there is a current,
approved workout agreement in accordance with Sec. 3560.453 in place
and the plan has been satisfactorily followed for a minimum of six (6)
consecutive months, as determined by the Agency.
(3) In the event of an MFH transfer, the proposed transferee must
submit evidence of site control together with a copy of the borrower's
written request signed by both the proposed buyer and the seller
describing the general terms of the proposed transfer. Evidence may
include a valid and unexpired Purchase Agreement, Letter of Intent, or
other documentation acceptable to the Agency. Transfers will be
processed in accordance with the guidelines of Sec. 3560.406.
(4) All applicants are subject to the applicable requirements of
the Office of Management and Budget (OMB)-approved USDA Suspension and
Debarment, and Drug-Free Workplace Certifications as prescribed under
Title 2 CFR parts 417 and 421.
C. Project Eligibility Requirements
(1) Project loans must have been obligated on or after October 1,
1991. Any projects with a loan(s) obligated prior to October 1, 1991,
are not eligible for this MPR demonstration program.
(2) Projects must have open physical finding(s) identified by a
recent physical inspection and recorded by the Agency. Furthermore, the
open physical finding(s) of record must be the result of circumstances
beyond owner and/or management control and/or must be uncorrected due
to insufficient operating income/reserve funds necessary to address the
outstanding physical need(s) of the project. Any projects with open
physical findings resulting from deferred maintenance, as recorded by
the Agency, are not eligible for this MPR demonstration program.
Physical deficiencies identified by the Agency or another lending
organization (i.e., HUD, Housing Finance Agency, etc.) or reported by
local code enforcement of imminent threats to the health and safety of
tenants that have not been recorded but are documented by the applicant
and provided as part of the application, may be considered when
determining project eligibility.
D. Key Priority Eligibility
For an application to be deemed eligible, applicants must also meet
the criterion of at least two of the Agency's three key priorities
(COVID-19, Equity and Climate). To help with your understanding of the
Key Priorities and how your property could qualify, please refer to the
key priority eligibility information below, and then on the following
website for details: https://www.rd.usda.gov/priority-points. Please
note for purposes of this NOSA, the Key Priorities as described below
and on the website, are being used solely for eligibility purposes and
no points will be awarded. All eligible applications will be accepted.
(1) COVID-19--the project must be located in or serving one of the
top 10% of counties or county equivalents based upon the county risk
score in the United States. The dashboard located at https://www.rd.usda.gov/priority-points will be used to determine if a project
is eligible to apply based upon its location. Applicants must use the
dashboard to verify if the project is located within one of the top 10%
of counties or county equivalents based upon the county risk score in
the United States and provide documentation from the dashboard within
the application to verify the location in order to be eligible.
(2) Equity--the project must be located in or servicing a community
with a score of 0.75 or above on the CDC Social Vulnerability Index.
The dashboard located at https://www.rd.usda.gov/priority-points will
be used to determine if a project is eligible to apply based upon its
location. Applicants must use the dashboard to verify if the project is
located in or servicing a community with a score of 0.75 or above on
the CDC Social Vulnerability Index and provide documentation from the
dashboard within the application to verify the location in order to be
eligible.
(3) Climate Impacts--applicants may be eligible through one of two
methods:
a. The project must be located in or serving coal, oil and gas, and
power plant communities whose economic well-being ranks in the most
distressed tier of the Distressed Communities Index. The dashboard
located at https://www.rd.usda.gov/priority-points will be used to
determine if a project is eligible to apply based upon its location.
Applicants must use the dashboard to verify if the project is located
within or serving coal, oil and gas, and power plant communities and
whose economic well-being ranks in the most distressed tier of the
Distressed Communities Index and provide documentation from the
dashboard within the application to verify the location in order to be
eligible.
b. demonstrate through a written narrative how proposed climate-
impact projects improve the livelihoods of community residents and meet
pollution mitigation or clean energy goals.
III. Application and Submission Information
A. Submission Process
(1) All materials must be submitted via CloudVault.
(2) The process for submitting an electronic application to RHS via
CloudVault is outlined below:
a. At least three business days prior to the application deadline,
the applicant must email RHS a request to create a shared folder in
CloudVault. The email must be sent to the following address:
[email protected]. The email must contain the following information:
(i) Subject line: MPR NOSA Submission.
(ii) Body of email: Applicant Name, Applicant Contact Information,
Project State, Project Name, and Project City.
[[Page 14444]]
(iii) Request language: ``Please create a shared CloudVault folder
so that we may submit our application documents.''
(b) Once the email request to create a shared CloudVault folder has
been received, a shared folder will be created within two business
days. When the shared CloudVault folder is created by RHS, the system
will automatically send an email to the applicant's submission email
with a link to the shared folder. All required application documents in
accordance with this NOSA must be loaded into the shared CloudVault
folder. When the submission deadline is reached, the applicant's access
to the shared CloudVault folder will be removed. Any document uploaded
to the shared CloudVault folder after the application deadline will not
be reviewed or considered.
B. Submission Requirements
(1) The applicant must upload a Table of Contents for the documents
that have been uploaded to the shared CloudVault folder.
(2) Applications must include all applicable information requested
on the MPR application form (Form Approved: OMB No. 0575-0190) to be
considered complete. The application form can be found at http://www.rd.usda.gov/programs-services/housing-preservation-revitalization-demonstration-loans-grants. Click on the To Apply tab to access the
``Fiscal Year 2022 Application for MFH Preservation and Revitalization
Demonstration Program (MPR).''
(3) Responding entity's Dun and Bradstreet Data Universal Numbering
System (DUNS) number, registration in the System for Award Management
(SAM) prior to submitting an application pursuant to 2 CFR 25.200(b),
and other supporting information to substantiate their legal authority
and good standing. Applicants can receive a DUNS number at no cost by
calling the dedicated toll-free DUNS Number request line at (866) 705-
5711 or via the internet at http://www.dnb.com/. Additional information
concerning this requirement can be obtained on the grants.gov website
at http://www.grants.gov. All applicants must be registered in SAM
prior to submitting an application, unless determined exempt under 2
CFR 25.110. Federal award recipients must maintain an active SAM
registration during which time they have an active Federal award or an
application under consideration by the Agency. The applicant must
ensure that the information in the database is current, accurate, and
complete. Applicants must ensure they complete the Financial Assistance
General Certifications and Representations in SAM. Similarly, all
recipients of Federal financial assistance are required to report
information about first-tier sub-awards and executive compensation in
accordance with 2 CFR part 170, so long as an entity respondent does
not have an exception under 2 CFR 170.110(b), they must have the
necessary processes and systems in place to comply with the reporting
requirements should the responding entity receive federal assistance.
See 2 CFR 170.200(b).
(4) Applicant must provide a narrative describing the transaction
in detail of how the deferral-only MPR tool will benefit their
transaction. List any adverse impacts or physical failures (i.e.,
natural causes not foreseen, damage not reimbursable by insurance or
disaster loan or grant, etc.)
(5) Applicant must complete the Form SF 424, ``Application for
Federal Assistance,'' which can be found and completed online at the
following website: https://apply07.grants.gov/apply/forms/readonly/SF424_2_1-V2.1.pdf.
(6) Provide evidence of site control for all transfers of
ownership.
(7) For Section 515 projects, the average physical vacancy rate for
the 12 months preceding this Notice's application submission date can
be no more than 10 percent for projects consisting of 16 or more
revenue units and no more than 15 percent for projects less than 16
revenue units. If the applicant is seeking an exception to this
requirement or there are concerns about the market, the applicant must
submit an explanation as to the circumstances affecting the vacancy
rate. The Agency will request additional information if the vacancy
rates along with a current market study to support the need of the
project and its continued financial feasibility. The Agency will
request additional information if the vacancy rates exceed the
percentages stated above, which may include a current market study, to
assess the need of the project and its continued financial feasibility.
To further demonstrate there is a continuing need for the RHS project,
the Agency may request waiting lists and/or confirmation of a housing
shortage by local housing agencies. The market data must show a clear
need and demand for the project. The Agency will determine whether the
proposal has market feasibility based on the data provided by the
applicant. Any costs associated with the completion of the market data
is NOT an eligible program project expense. If a project consolidation
is involved, the consolidation will remain eligible so long as the
average vacancy rate for each individual project meets the occupancy
standard noted in this paragraph each project must meet the average
vacancy rate outlined above.
(8) For Sections 514/516 Off-FLH projects, since this program is
typically seasonal which affects the vacancy rate, rather than an
average physical vacancy rate as noted in section (ii) above, a
positive cash flow for the previous full three (3) years of operation
is required unless an exception applies as described section III(A)(3),
above for projects with an approved work out plan.
(9) Submit a current (no older than six months from the date of
issuance) combination comprehensive credit report for both the entity
and the actual individual principals, partners, members, etc. within
the applicant entity, including any sub-entities, who are responsible
for controlling the ownership and operations of the entity. Although a
commercial credit report for a new entity may have limited information
available, a combination report ties the entity and individual
principal(s) together under the applicant/borrower name based on the
credit report agency's ability to provide a single reporting source.
However, if any of the principals in the applicant entity are not
natural persons (i.e., corporations, other limited liability companies,
trusts, etc.) separate commercial credit reports must be submitted on
those organizations as well. Individual personal consumer credit
reports are not required if a combination report is being provided.
Only Credit reports provided by accredited major credit bureaus will be
accepted. In the past, the Agency has required the applicant to submit
the credit report fee. In lieu of the applicant submitting the fee, the
Agency will require the applicant to provide the credit report. It is
the Agency's expectation that this change will create an efficiency in
the application process that did not exist, which should assist with
streamlining the application process for the applicant.
Failure to submit all required documents, forms and information
prior to the deadline will result in an incomplete application, the
application will be rejected and the applicant will be notified of
appeal rights under 7 CFR part 11. Applicants are reminded that all
submissions must be received by the deadline. Applications received
after the deadline will not be evaluated. Upon request, RHS will
provide the responding entities with a written acknowledgement of
receipt.
[[Page 14445]]
IV. Agency Review and Selection Information
The Agency will conduct an initial screening for eligibility within
90 business days of the NOSA closing deadline. Transfer applicants must
meet Agency eligibility, application, and approval process requirements
outlined in HB-3-3560, Chapter 7.
Eligibility determination is not an award or commitment for federal
assistance. If the application is not accepted for further processing
due to being incomplete or ineligible, the applicant will be notified
of appeal rights under 7 CFR part 11. Applications that are deemed
eligible but are not selected for further processing (i.e., financially
infeasible, etc.) will be withdrawn from processing and the applicant
will be notified of appeal rights under 7 CFR part 11.
Eligible applicants accepted for further processing that do not
include a project transfer (stay-in owner) will be required to submit a
CNA in accordance with 7 CFR 3560.103(c) and the addendum at the end of
this NOSA. The timeframe for submitting the CNA will be included in the
applicant's selection letter. The CNA will be used to underwrite the
proposal to determine financial feasibility. The CNA must be approved
by the Agency prior to the Agency underwriting the transaction. Stay-in
owner applicants can use property reserve account funds to pay for CNA
costs if approved by the servicing specialist assigned to the property.
Servicing specialist assignments by property can be found at: https://www.sc.egov.usda.gov/data/MFH.html. A CNA is comprised of nine main
sections:
Definitions;
Contract Addendum;
Requirements and Statement of Work (SOW) for a CNA;
The CNA Review Process;
Guidance for the Multi-Family Housing (MFH) CNA Recipient
Regarding Contracting for a CNA;
Revising an Accepted CNA During Underwriting;
Updating a CNA;
Incorporating a Property's Rehabilitation into a CNA; and
Repair and Replacement Schedule.
Additionally, there are seven attachments which accompany the CNA
addendum identified as follows:
Attachment A, ADDENDUM TO THE CAPITAL NEEDS ASSESSMENT
CONTRACT
Attachment B, CAPITAL NEEDS ASSESSMENT STATEMENT OF WORK
Attachment C, FANNIE MAE PHYSICAL NEEDS ASSESSMENT GUIDANCE TO
THE PROPERTY EVALUATOR
Attachment D, CNA e-Tool Estimated Useful Life Table
Attachment E, CAPITAL NEEDS ASSESSMENT REPORT
Attachment F, SAMPLE CAPITAL NEEDS ASSESSMENT REVIEW REPORT
Attachment G, CAPITAL NEEDS ASSESSMENT GUIDANCE TO THE
REVIEWER
Transfer applicants must comply with the requirements of 7 CFR
3560.406 and Chapter 7 of HB-3-3560, including all Agency approval and
closing conditions prior to closing the MPR debt deferral. The Agency
will provide additional guidance to the applicant and request
information and documents necessary to complete the underwriting and
review process within 45 days of the Agency's selection letter. Since
the character of each application may vary substantially depending on
the type of transaction proposed, additional information may be
requested as appropriate.
V. Agency Processing Information
A. Feasibility and Structure
The feasibility and structure of each proposal will be based on the
Agency's underwriting and the following parameters:
(1) For applications submitted under this Notice, the Agency will
conduct eligibility determinations and eligible applicants will be
processed accordingly.
(2) Applications marked as any of the following will be prioritized
for the initial review and processing. Priority projects will have an
initial review completed within 30-60 business days of the NOSA closing
deadline:
a. ``Deferral needed as part of a pending transfer''
b. ``stay-in owner transaction with third-party funding that will
expire within 120 days''
c. ``project with urgent health/safety/accessibility issues to
address''
d. ``projects with an average physical vacancy rate of no more than
5% for the 12 months preceding this Notice's application submission
date with a demonstrated waiting list''
e. ``projects that meet all three of the Agency's key priorities
(COVID-19, Equity and Climate)''.
(3) Upon completion of RHS underwriting, MPR debt deferral offers
will be presented to successful applicants as a conditional commitment
(CC) and the Letter of Conditions (LOC). These documents will outline
the borrower's requirement for executing and recording an Agency-
approved Restrictive-Use Covenant (RUC) for a period equivalent to the
remaining term of any non-deferred existing loan or the remaining term
of any existing RUC, whichever ends later.
(4) Stay-in-owner applicants that have secured third party funding
that will add new hard debt in an amount more than the amount approved
to be deferred, will require an appraisal to ensure the property
remains secure before the transaction will be approved.
(5) Transfer applicants requesting MPR debt deferral will be
presented an opportunity to accept or reject the offered terms and
conditions for such deferral in the MPR CC. Additional transfer
requirements will be outlined in a Transfer Letter of Conditions.
(6) If no offer is made or if the applicant fails to accept or
reject the offer presented, the application will be rejected, and
appeal rights will be given.
(7) Closing of MPR offers will occur within six months of the
accepted MPR CC unless extended in writing by the Agency.
(8) Applicants will be informed of any proposals that are
determined to be financially infeasible. Any proposal denied by the
Agency will be returned to the applicant, and the applicant will be
given appeal rights pursuant to 7 CFR part 11.
(9) Any MPR applications not approved one year from the selection
notice date will be withdrawn, unless an extension is approved by the
Agency. Applicants may reapply for federal assistance under future
Notices as they may be made available.
B. Third Party Funding Sources
If third party funding sources have not yet been committed, the
Agency may issue a conditional approval contingent upon receipt of firm
funding commitments consistent with the terms used in the PAT attached
to the Conditional Commitment to underwrite the transaction. Agency
approval will be withdrawn if a satisfactory firm commitment is not
received as the transaction cannot close until a firm commitment is
provided. Any changes to the proposed sources that cause substantial
material changes will require re-evaluation of the transaction by the
National Office Underwriter and, in some cases, may cause approval to
be rescinded and/or a new concurrence to be issued.
VI. Other Information
A. Paperwork Reduction Act
The information collection requirements contained in this Notice
have received approval from the Office
[[Page 14446]]
of Management and Budget (OMB) under Control Number 0575-0190.
B. Non-Discrimination Statement
In accordance with Federal civil rights laws and U.S. Department of
Agriculture (USDA) civil rights regulations and policies, the USDA, its
Mission Areas, agencies, staff offices, employees, and institutions
participating in or administering USDA programs are prohibited from
discriminating based on race, color, national origin, religion, sex,
gender identity (including gender expression), sexual orientation,
disability, age, marital status, family/parental status, income derived
from a public assistance program, political beliefs, or reprisal or
retaliation for prior civil rights activity, in any program or activity
conducted or funded by USDA (not all bases apply to all programs).
Remedies and complaint filing deadlines vary by program or incident.
Program information may be made available in languages other than
English. Persons with disabilities who require alternative means of
communication to obtain program information (e.g., Braille, large
print, audiotape, American Sign Language) should contact the
responsible Mission Area, agency, or staff office; the USDA TARGET
Center at (202) 720-2600 (voice and TTY); or the Federal Relay Service
at (800) 877-8339.
To file a program discrimination complaint, a complainant should
complete a Form AD-3027, USDA Program Discrimination Complaint Form,
which can be obtained online at https://www.ocio.usda.gov/document/ad-3027, from any USDA office, by calling (866) 632-9992, or by writing a
letter addressed to USDA. The letter must contain the complainant's
name, address, telephone number, and a written description of the
alleged discriminatory action in sufficient detail to inform the
Assistant Secretary for Civil Rights (ASCR) about the nature and date
of an alleged civil rights violation. The completed AD-3027 form or
letter must be submitted to USDA by:
(1) Mail: U.S. Department of Agriculture, Office of the Assistant
Secretary for Civil Rights, 1400 Independence Avenue SW, Washington, DC
20250-9410; or
(2) Fax: (833) 256-1665 or (202) 690-7442; or
(3) Email: [email protected].
Addendum: Capital Needs Assessment Process
A Capital Needs Assessment (CNA) provides a repair schedule for the
property in its present condition, indicating repairs and replacements
necessary for a property to function properly and efficiently over a
span of 20 years.
The purpose of this Addendum is to provide clarification and
guidance on the Rural Development CNA process. The document includes
general instructions used in completing CNA reports, specific
instructions on how to use the expected useful life tables, and a set
of applicable forms including the Terms of Reference form; Systems and
Conditions forms; and Evaluator's Summary forms.
1. Definitions
The following definitions are provided to clarify terms used in
conjunction with the CNA process:
CNA Recipient: This will be who enters into the contract with the
CNA Provider. The Recipient can be either the property owner or
applicant/transferee.
``As-Is'' CNA: This type of CNA is prepared for an existing MFH
property and reports the physical condition including all Section 504
Accessibility and Health and Safety items of the property based on that
moment in time. This CNA can be useful for many program purposes other
than the MPR Demonstration program such as: An ownership transfer,
determining whether to offer pre-payment aversion incentive and
evaluating or resizing the reserve account. The ``as-is'' report will
include all major repairs and likely some minor repairs that are
typically associated with the major work: Each major component, system,
equipment item, etc. inside and outside; building(s); property; access
and amenities in their present condition. A schedule of those items
showing the anticipated repair or replacement timeframe and the
associated hard costs for the ensuing 20-year term of the CNA serves as
the basis or starting point in evaluating the underwriting that will be
necessary to determine the feasibility and future viability of the
property to continue serving the needs of eligible tenants.
``Post Rehabilitation'' CNA: This type of CNA builds on the
findings of the accepted ``as-is'' CNA and is typically prepared for a
project that will be funded for major rehabilitation. The Post
Rehabilitation CNA is adjusted to reflect the work intended to be
performed during the rehabilitation. The assessment must be developed
from the rehabilitation project plans and any construction contract
documents to reflect the full extent of the planned rehabilitation.
Life Cycle Cost Analysis (LCCA): A LCCA is an expanded version of a
CNA and is defined at 7 CFR 3560.11. The LCCA will determine the
initial purchase cost, the operation and maintenance cost, the
``estimated useful life'', and the replacement cost of an item selected
for the project. The LCCA provides the borrower with the information on
repair or replacement costs and timeframes over a 20-year period. It
also provides information that will assist with a more informed
component selection and can provide the borrower with a more complete
financial plan based on the predictive maintenance needs associated
with those components. If the newly constructed project has already
been completed without any previous LCCA requirements, either an ``as-
is'' CNA or LCCA can be provided to establish program mandated reserve
deposits. An Architect or Engineer is the best qualified person(s) to
prepare this report.
Consolidation: In some circumstances, RD may permit two or more
properties to be consolidated as defined in 7 CFR 3560.410 when it is
in the best interests of the Government. The CNA Recipient must consult
with the RD loan official before engaging the CNA Provider in any case
where the CNA intends to encompass more than a single (one) existing RD
property to determine if a consolidated CNA may be acceptable for RD
underwriting.
2. Contract Addendum
RD uses a Contract Addendum to supplement the basic CNA Agreement
or ``Contract'', between the CNA Recipient and CNA Provider, with
additional details and conditions. It can be found in Attachment A,
Addendum to Capital Needs Assessment Contract and must accompany all
contracts executed between the CNA Recipient and CNA Provider for CNAs
used in RD transactions. If any conflicts arise between the
``Contract'' and ``Contract Addendum'', the ``Contract Addendum'' will
supersede.
The Contract Addendum identifies the responsibilities and
requirements for both the CNA Recipient and the CNA Provider. To assure
proper completion of the contract documents the following key
provisions must be completed:
a. The Contract Addendum will include the contract base amount for
the CNA Provider's cost for services on page A-2, and provisions for
additional services to establish the total price for the CNA.
b. Item I e, will require an itemized listing for any additional
anticipated services and their unit costs including
[[Page 14447]]
future updates and revisions that may be required before the CNA is
accepted by RD. Note: Any cost for updating a CNA must be included, in
the ``additional services'' subpart, of the original CNA Contract.
c. The selection criteria boxes in II a, will identify the type of
CNA being provided.
d. In III a, the required language for the blank on ``report
format'' is: ``USDA RD CNA Template, current RD version, in Microsoft
Excel format''. This format will import directly into the RD
underwriting template for loan underwriting purposes.
3. Requirements and Statement of Work (SOW) for a CNA
Minimum requirements for a CNA acceptable to RD can be found in
Attachment B, Capital Needs Assessment Statement of Work. This is
supplemented by Attachment C, Fannie Mae Physical Needs Assessment
Guidance to the Property Evaluator. To resolve any inconsistency in the
two documents, Attachment B, the CNA SOW, will in all cases prevail
over Attachment C, Fannie Mae Physical Needs Assessment Guidance to the
Property Evaluator. (For example, on page C-2 of Attachment C, Fannie
Mae defines the ``term'' as ``term of the mortgage and two years
beyond''. For USDA, the ``term'' will be 20 years, as defined in the
CNA SOW.)
Attachment B includes the required qualifications for the CNA
Provider, the required SOW for a CNA assignment, and general
distribution and review instructions to the CNA Provider. The CNA
Providers must be able to report the current physical condition of the
property and not base their findings on the financial condition of
either the property or the CNA Recipient.
Attachment C is a three-part document RD has permission to use as
reference to the CNA process throughout the RD MFH program efforts. The
three key components of this Attachment are: (1) Guidance to the
property evaluator; (2) expected useful life tables; and (3) a set of
forms.
An acceptable CNA must appropriately address within the report and
narrative all Accessibility Laws and Requirements that apply to Section
515 and Sections 514/516 MFH properties. The CNA Provider must assess
how the property meets the requirements of accessibility to persons
with disabilities in accordance the Uniform Federal Accessibility
Standards (UFAS) and Section 504 Accessibility Requirements. It is the
responsibility of the Provider to inspect and verify whether all
accessibility features are compliant.
4. The CNA Review Process
A CNA used by RD will be reviewed by the designated RD CNA Reviewer
with experience in construction, rehabilitation, and repair of MFH
properties, especially as it relates to repair and replacement.
A CNA report must be obtained by the CNA Recipient from an
independent third-party CNA Provider that has no identity of interest
with the property owner, management agent, applicant/transferee or any
other principle or affiliate defined in 7 CFR 3560.11. The CNA
Recipient will contract with the CNA Provider and is therefore the
client of the provider. However, the CNA Recipient must consult with
RD, before contracting with a CNA Provider to review Guidance Regarding
Contracting for a CNA. The RD CNA Reviewer will evaluate a proposed
agreement or engagement letter between the CNA Recipient and the CNA
Provider using Attachment G, Capital Needs Assessment Guidance to the
Reviewer, prior to reviewing any CNA report. Unacceptable CNA
proposals, contracts or reports will be returned to the CNA Recipient
for appropriate corrections before they will be used for any
underwriting determinations.
The CNA Reviewer will also review the cost of the CNA contract. The
proposed fee for the CNA must be approved as an eligible housing
project expense under 7 CFR 3560.103 (c) for the agreement to be
acceptable and paid using project funds. In most cases, the CNA service
contract amount has not exceeded $3,500 based on the Agency's most
recent cost analysis.
Borrowers and applicants are encouraged to obtain multiple bids in
all cases. However, there is no Agency requirement to select the ``low
bidder'' under this UL and the CNA Recipient may select a CNA Provider
that will provide the best value, based on qualifications, as well as
price after reviewing references and past work.
If the CNA is funded by the property's reserve account, a minimum
of two bids is required if the CNA service contract amount is estimated
to exceed $5,000 as specified in HB-2-3560, Chapter 4, Paragraph 4.17
B. If the CNA contract under this UL is funded by another source, or
will be under $5,000, a single bid is acceptable.
If the proposed agreement is acceptable, the reviewer will advise
the appropriate RD servicing official, who will in turn inform the CNA
Recipient. If the proposed agreement is unacceptable, the reviewer will
notify the servicing official, who will notify the CNA Recipient and
the CNA Provider in writing and identify actions necessary to make the
proposed CNA agreement acceptable to RD. Upon receipt of a satisfactory
agreement, the RD CNA Reviewer should advise the appropriate RD
servicing official or underwriting official to accept the proposal.
The CNA Reviewer will review the preliminary CNA report submitted
to RD by the CNA Provider using Attachment G and write the preliminary
CNA review report. During the CNA review process, the CNA Reviewer and
underwriter will consult with the servicing field office most familiar
with the property for their input and knowledge of the property. Any
differences of opinion that exist regarding the findings must be
mutually addressed by RD staff. If corrections are needed, the loan
official will notify the CNA Recipient, in writing, of any revisions
necessary to make the CNA report acceptable to RD. The CNA Reviewer
will review the final CNA report and deliver it to the loan official.
The final report must be signed by both the CNA Reviewer and the loan
official (underwriter). Upon signature by both, this report becomes the
``accepted'' CNA indicating the actual condition of the property at the
time of the CNA inspection--a ``snapshot'' in time--and will be marked
``Current Property Condition'' for indefinite retention in the borrower
case file.
A CNA Provider should be fully aware of the intended use for the
CNA because it can impact the calculations necessary to perform
adequate accessibility assessments and can impact the acceptability of
the report by RD. Unacceptable reports will not be used for any RD
underwriting purposes even though they may otherwise be acceptable to
the CNA Recipient or another third-party lender or participant in the
transaction being proposed.
5. Guidance Regarding Contracting for a CNA
CNA Recipients are responsible for choosing the CNA Provider they
wish to contract with, and for delivering an acceptable CNA to Rural
Development. RD in no way guarantees the performance any Provider nor
the acceptability of the Provider's work.
CNA Recipients are advised to request an information package from
several CNA Providers and to evaluate the information before selecting
a provider. At a minimum, the information package should include a list
of qualifications, a list of references, a client list, and a sample
CNA report. However, the CNA Recipient may request any additional
information they feel necessary to
[[Page 14448]]
evaluate potential candidates and select a suitable provider for this
service. Consideration for the type of CNA required should be part of
the CNA Recipient's selection criteria and inserted into the contract
language as well. The necessary skill set to perform the ``as-is''
versus the Post Rehabilitation CNA or a LCCA needs to be considered
carefully. Knowledge of the accessibility laws and standards and the
ability to read and understand plans and specifications should also be
among the critical skill elements to consider.
Attachment A, Contract Addendum must be submitted to RD with the
contract and signed by the CNA Recipient and CNA Provider. The proposed
agreement with the CNA Recipient and CNA Provider must meet RD's
qualification requirements for both the provider and the CNA SOW, as
specified in Attachment B, Capital Needs Assessment Statement of Work.
RD must review the proposed agreement between the CNA Recipient and the
CNA Provider, and concur only if all of the RD requirements and
conditions are met. (See the previous Section 3 of this UL, The CNA
Review Process.)
Please note: It is in the CNA Recipient's best interest to furnish
the CNA Provider with the most current and up-to-date property
information for a more comprehensive and thorough CNA report. RD
recommends that the CNA Recipient conduct a pre-inspection meeting with
the Owner, Property Manager, maintenance persons familiar with the
property, CNA Provider, and Agency Representatives at the site. This
meeting will allow a forum to discuss specific details about the
property that may not be readily apparent to all parties involved
during the review process, as well as making some physical observations
on-site. Certain issues that may not be evident to the CNA Provider due
to weather conditions at the time of review should also be discussed
and included in the report. Additionally, other issues that may need to
be addressed include environmental hazards, structural defects, and
complex accessibility issues. It is imperative that the Agency be fully
aware of the current physical condition of the property at the time the
CNA is prepared. An Agency representative must make every effort to
attend the CNA Providers on-site inspection of the property unless the
Agency has performed a physical inspection of the property within the
previous 12 months.
This pre-inspection meeting also allows the CNA Provider to discuss
with the CNA Recipient total number of units to be inspected, as well
as identifying any specific units that will be inspected in detail. The
minimum number of inspected units required by the Agency for an
acceptable CNA is 50 percent. However, inspecting a larger number of
units generally provides more accurate information to identify the
specific line items to be addressed over the ``term'' being covered by
the CNA report. CNA Recipients are encouraged to negotiate with the CNA
Provider to achieve inspection of all units whenever possible. The
ultimate goal for the CNA Recipient and CNA Provider, as well as the
Agency, is to produce the most accurate ``baseline or snapshot'' of
current physical property conditions for use as a tool in projecting
future reserve account needs.
6. Revising an Accepted CNA During Underwriting (Applies to RD Actions)
During transaction underwriting and analysis, presentation of the
information contained in the ``accepted'' CNA may need to be revised by
RD to address financing and other programmatic issues. The loan
underwriter and the CNA Reviewer will work together to determine if
revisions are necessary to meet the financial and physical needs of the
property, and established RD underwriting or servicing standards and
principals. These may involve shifting individual repair line items
reported in the CNA, moving work from year to year, or other
adjustments that will improve cash flow. The revised underwriting CNA
will be used to establish reserve funding schedules as well as
operating budget preparation and analysis and will be maintained by RD
as supporting documentation for the loan underwriting.
The initial CNA, prepared by the CNA Provider, will be maintained
as an independent third-party record of the current condition of the
property at the beginning of the 20-year cycle.
Original CNAs will be maintained in the case file, clearly marked
as either ``Current Property Condition'' (``As-is''), ``Post
Rehabilitation Condition'', or ``Revised Underwriting/Replacement
Schedule'', as applicable. Note: The CNA Provider is not the
appropriate party to ``revise'' a CNA which has already been approved
by the CNA Recipient and concurred with by the Agency. The CNA
Provider's independent opinion was the basis of the ``As is'' or ``Post
Rehabilitation'' CNA. The CNA developed for underwriting may only be
revised by RD staff during the underwriting process or as part of a
post-closing servicing action.
7. Updating a CNA (Applies to ``As-is'' and ``Post-Rehabilitation''
That Have Not Been Accepted by RD)
A completed CNA more than a year old at the time of the RD CNA
review and approval must be ``updated' prior to RD approval. Likewise,
if at the time of underwriting the CNA is more than a year old (but
less than two years old), it must be updated before the transaction can
be approved.
To update a CNA, the CNA Provider must review property changes
(repairs, improvements, or failures) that have occurred since the date
of the original CNA site visit with the CNA Recipient, review costs and
quantities, and submit an updated CNA for approval. However, if the
site visit for the CNA occurred more than two years prior to the loan
underwriting, the CNA Provider should perform a new site visit to
verify the current project condition.
Once the CNA has been updated, the CNA Provider will include a
statement noting ``This is an updated CNA of the earlier CNA dated
___,'' at the beginning of the CNA's Narrative section. The CNA
Provider should reprint the CNA with a new date for the updated CNA,
and provide a new electronic copy to the CNA Recipient and RD.
If the CNA age exceeds 2years at the time of the RD CNA review and
approval, the CNA Provider will need to repeat the site visit process
to re-evaluate the condition of the property. The original report can
remain the basis of the findings.
8. Incorporating a Property's Rehabilitation Into a CNA
A CNA provides a repair schedule for the property in its present
condition, indicating repairs and replacements necessary for a property
to function properly and efficiently over a span of 20 years. It is not
an estimate of existing rehabilitation needs, or an estimate of
rehabilitation costs. If any rehabilitation of a MFH development is
planned as part of the proposed transaction, a rehabilitation repair
list (also called a ``Scope of Work'') must be developed independently
based on the CNA repair schedule. This rehabilitation repair list may
be developed by the CNA Recipient, a project Architect, or an outside
party (such as the CNA Provider, when qualified) hired by the CNA
Recipient.
The CNA Recipient must not use repair line-item costs taken from
the CNA to develop the rehabilitation cost estimates for the
rehabilitation loan, as these costs will not be accurate. The repair
costs in a CNA are based on
[[Page 14449]]
estimated costs for the property. Typically, these costs include the
labor, materials, overhead and profit, but do not include applicable
``soft costs''. For example, for CNA purposes, the probable cost is to
send a repairman out, remove an appliance, and put a new one in its
place. For rehabilitation cost estimates, the CNA Recipient typically
intends to hire a general contractor to oversee and supervise the
rehabilitation work, which is then considered a ``soft cost''. The cost
of rehabilitation includes the costs for that general contractor, the
general contractor's requirements, the cost of a project Architect (if
one is used), tenant relocation (if needed), and interim financing (if
used), which are considered ``soft costs'' attributed to the
rehabilitation costs for the project.
If a ``Post Rehabilitation'' CNA is required and authorized by RD,
a copy of the rehabilitation repair list or SOW must be provided to the
CNA Provider. The CNA Provider will prepare a ``Post Rehabilitation''
CNA indicating what repairs are planned for the property in the coming
20 years based on conditions after the rehabilitation is completed.
Items to be replaced during rehabilitation that will need to be
replaced again within the 20 years, such as appliances, will be
included in the ``Post Rehabilitation'' CNA. Items that will not need
replacement during the coming 20 years, such as a new roof, will not
need to be calculated in the ``Post Rehabilitation'' CNA. The line item
should not be removed from the CNA, but the cost data should be zeroed
out. Appropriate comments should be included in the CNA report to
acknowledge the SOW or rehabilitation/repairs that were considered.
9. Repair and Replacement Schedule
A CNA is not a formal repair and replacement schedule and cannot be
used as an exact replacement schedule. A CNA is an estimate of the
anticipated replacement needs for the property over time, and the
associated replacement costs. The goal of a CNA is to estimate the
replacement times based on the Expected Useful Life (EUL) to assure
funds are available to replace equipment as it is needed. Hopefully,
materials will be well maintained and last longer than estimated in the
CNA. However, the CNA cannot be used to mandate replacement times for
the identified building components. The RD underwriter may find it
necessary to adjust the proposed replacement schedule during the course
of the underwriting to allow for an adequate Annual Deposit to
Replacement Reserves (ADRR) payment that will sustain the property over
a 20-year period and keep rents below the maximum rents that are
allowed.
BILLING CODE 3410-XV-P
[[Page 14450]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.039
[[Page 14451]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.040
[[Page 14452]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.041
[[Page 14453]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.042
[[Page 14454]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.043
[[Page 14455]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.044
[[Page 14456]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.045
[[Page 14457]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.046
[[Page 14458]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.047
[[Page 14459]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.048
[[Page 14460]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.049
[[Page 14461]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.050
[[Page 14462]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.051
[[Page 14463]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.052
[[Page 14464]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.053
[[Page 14465]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.054
[[Page 14466]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.055
[[Page 14467]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.056
[[Page 14468]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.057
[[Page 14469]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.058
[[Page 14470]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.059
[[Page 14471]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.060
[[Page 14472]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.061
[[Page 14473]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.062
[[Page 14474]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.063
[[Page 14475]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.064
[[Page 14476]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.065
[[Page 14477]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.066
[[Page 14478]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.067
[[Page 14479]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.068
[[Page 14480]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.069
[[Page 14481]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.070
[[Page 14482]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.071
[[Page 14483]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.072
[[Page 14484]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.073
[[Page 14485]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.074
[[Page 14486]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.075
[[Page 14487]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.076
[[Page 14488]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.077
[[Page 14489]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.078
[[Page 14490]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.079
[[Page 14491]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.080
[[Page 14492]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.081
[[Page 14493]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.082
[[Page 14494]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.083
[[Page 14495]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.084
[[Page 14496]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.085
[[Page 14497]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.086
[[Page 14498]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.087
[[Page 14499]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.088
[[Page 14500]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.089
[[Page 14501]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.090
[[Page 14502]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.091
[[Page 14503]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.092
[[Page 14504]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.093
[[Page 14505]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.094
[[Page 14506]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.095
[[Page 14507]]
[GRAPHIC] [TIFF OMITTED] TN15MR22.099
Joaquin Altoro,
Administrator, Rural Housing Service.
[FR Doc. 2022-05252 Filed 3-14-22; 8:45 am]
BILLING CODE 3410-XV-C
