[Federal Register Volume 71, Number 51 (Thursday, March 16, 2006)]
[Notices]
[Pages 13569-13575]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 06-2594]


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DEPARTMENT OF AGRICULTURE

Rural Housing Service


Notice of Funding Availability: Section 515 Multi-Family Housing 
Preservation and Revitalization Restructuring (MPR) Demonstration 
Program for Fiscal Year 2006

AGENCY: Rural Housing Service, USDA.

ACTION: Notice.

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    Announcement Type: Inviting applications from eligible applicants 
for Fiscal Year 2006 funding.

Catalog of Federal Domestic Assistance Number (CFDA): 10.447

SUMMARY: USDA Rural Development (RD) administers the programs of Rural 
Housing Service (RHS). RD announces the availability of funds and the 
timeframe to submit applications to participate in a demonstration 
program to preserve and revitalize existing rural rental housing 
projects financed by RD under section 515 of the Housing Act of 1949. 
The intended effect is to restructure selected existing section 515 
loans expressly for the purpose of ensuring that sufficient resources 
are available to preserve the rental project for the purpose of 
providing safe and affordable housing for low-income residents. 
Expectations are that properties participating in this program will be 
able to be revitalized and extend affordable use without displacing 
tenants because of increased rents. No additional Rental Assistance 
units will be made available under this program.

DATES: The deadline for receipt of all applications in response to this 
Notice of Funding Availability (NOFA) is 5 p.m., Eastern Time, April 
17, 2006. The application closing deadline is firm as to date and hour. 
The Agency will not consider any application that is received after the 
closing deadline. Applicants intending to mail applications must allow 
sufficient time to permit delivery on or before the closing deadline. 
Acceptance by a post office or private mailer does not constitute 
delivery. Facsimile (FAX) and postage-due applications will not be 
accepted.

FOR FURTHER INFORMATION CONTACT: Carlton Jarratt, Senior Loan 
Specialist, Multi-Family Housing Office of Rental Housing 
Preservation--STOP 0782 (Room 1263-S), or Byron Ross, Director, Multi-
Family Housing Office of Rental Housing Preservation--STOP 0782 (Room 
1263-S), U.S. Department of Agriculture Rural Housing Service, 1400 
Independence Ave. SW., Washington, DC 20250-0782 or by telephone at 
(804) 561-0665 or (202) 690-0669, or via e-mail, 
[email protected] or [email protected]. (Please note 
these phone numbers are not toll free numbers.)

SUPPLEMENTARY INFORMATION:

Paperwork Reduction Act

    The information collection requirements contained in this Notice 
have received temporary emergency clearance by the Office of Management 
and Budget (OMB) under Control Number 0575-0190. However, in accordance 
with the Paperwork Reduction Act of 1995, RD will seek standard OMB 
approval of the reporting requirements contained in this Notice. 
Publication of this Notice hereby opens a 60-day public comment period.
    Title: Section 515 Multi-Family Housing Preservation and 
Revitalization Restructuring Demonstration Program.
    Type of Request: New collection.
    Abstract: The Agriculture, Rural Development, Food and Drug 
Administration, and Related Agencies Appropriations Act, 2006 (Pub. L. 
109-97) provides funding for, and authorizes RD to conduct a 
demonstration program for the preservation and revitalization of the 
section 515 multi-family housing portfolio. The section 515 multi-
family housing program is authorized by section 515 of the Housing Act 
of 1949 (42 U.S.C. 1485) and provides RD the authority to make loans 
for low-income multi-family housing and related facilities.
    RD refers to this program as Multi-Family Housing Preservation and 
Revitalization Restructuring Program (MPR). This NOFA sets forth the 
eligibility and application requirements. Information will be collected 
from applicants and grant recipients by Rural Development staff in its 
Local, Area, State, and National offices. This information will be used 
to determine applicant eligibility for this demonstration program. If 
an applicant proposal is selected, that applicant will be notified of 
the selection and given the opportunity to submit a formal application.
    Estimate of Burden: Public reporting burden for this collection of 
information is estimated to average 1.26 hours per response.
    Respondents: Individuals, partnerships, public and private 
nonprofit corporations, agencies, institutions, organizations, and 
Indian tribes.
    Estimated Number of Respondents: 710.
    Estimated Number of Responses per Respondent: 1.01.
    Estimated Number of Responses: 1520.
    Estimated Total Annual Burden on Respondents: 1940 hours.
    Copies of this information collection can be obtained from Tracy 
Givelekian, Regulations and Paperwork Management Branch, at (202) 692-
0039.

Comments

    Comments are invited on: (a) Whether the proposed collection of 
information is necessary for the proper performance of the functions of 
the RD, including whether the information will have practical utility; 
(b) the accuracy of the RD's estimate of the burden of the proposed 
collection of information including the validity of the methodology and 
assumptions used; (c) ways to enhance the quality, utility and clarity 
of the information to be collected; and (d) ways to minimize the burden 
of the collection of information on those who are to respond, including 
through the use of appropriate automated, electronic, mechanical, or 
other technological collection techniques or other forms of information 
technology. Comments may be sent to Tracy Givelekian, Regulations and 
Paperwork Management Branch, U.S. Department of Agriculture, Rural 
Development, STOP 0742, 1400 Independence Ave. SW., Washington, DC 
20250. All responses to this notice will be summarized and included in 
the

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request for OMB approval. All comments will also become a matter of 
public record.

Overview

    The Agriculture, Rural Development, Food and Drug Administration, 
and Related Agencies Appropriations Act, 2006 (Pub. L. 109-97), 
November 10, 2005, provides funding for, and authorizes RD to conduct a 
demonstration program for the preservation and revitalization of the 
section 515 multi-family housing portfolio. The section 515 multi-
family housing program is authorized by section 515 of the Housing Act 
of 1949 (42 U.S.C. 1485) and provides RD the authority to make loans 
for low-income multi-family housing and related facilities.

Program Administration

I. Funding Opportunities Description

    This NOFA requests applications from eligible borrowers/applicants 
to restructure existing multi-family housing within the Agency's 
section 515 multi-family housing portfolio for the purpose of 
revitalization and preservation. The demonstration program shall be 
referred to in this notice as the Multi-Family Housing Preservation and 
Revitalization Restructuring Demonstration (MPR) program. Agency 
regulations for the section 515 multi-family housing program are 
published at 7 CFR part 3560. The MPR is intended to assure that 
existing rental projects will be able to continue to deliver decent, 
safe, and sanitary affordable rental housing for the lesser of the 
remaining term of the loan or 20 years from the date of the MPR 
transaction closing. Once an applicant and project have been selected 
in the process described in this notice, confirmed eligible by the 
Agency, and agree to participate in the MPR demonstration by written 
notification to the Agency, an independent third party capital needs 
assessment (CNA) will be conducted to provide a fair and objective 
review of projected capital needs. The Agency shall implement this NOFA 
through an MPR Conditional Commitment (MPRCC) with the eligible 
borrower, which will include all the terms and conditions under this 
NOFA, including the MPR Debt Deferral Agreement.
    The primary restructuring tool to be used in this program will be 
up to a 20-year debt deferral of the payment on 1% section 515 loans. 
The cash flow from the deferred payment will be re-directed to reserve 
account deposits to help meet the physical needs of the property. If 
the resulting cash flow is not adequate to address the long-term needs 
of the project, other Agency restructuring tools and resources from 
third party sources including loans made with Agency guarantees under 
section 538 of the Housing Act of 1949 and 7 CFR part 3560, may be used 
to supplement the deferral. For the purposes of the MPR, the potential 
restructuring transactions will be identified in three categories:
    (1) SIMPLE transactions will consist of a debt deferral only.
    (2) MODERATE transactions will consist of a deferral and the use of 
at least one other Agency restructuring tool.
    (3) COMPLEX transactions will consist of a MODERATE transaction 
that also includes the use of funding sources provided by a third 
party. Section 538 guarantees may be available to third party lenders.
    Restructuring tools that may be used during the MPR demonstration 
based on the underwriting feasibility determination of the Agency 
include:
    (1) A deferral of the existing Agency debt for the lesser of the 
remaining term of the loan or 20 years. All terms and conditions of the 
deferral will be described in the MPR Debt Deferral Agreement. A 
balloon payment of accrued principal and interest will be due at the 
end of the deferral period.
    (2) A revitalization grant, limited to no more than $5,000 per unit 
will be available to fund immediate capital or reserve needs determined 
by the capital needs assessment process. The grant administration will 
be in accordance with 7 CFR part 3015.
    (3) A section 515 rehabilitation loan at zero percent interest that 
will be amortized over 30 years.
    (4) A soft mortgage will be available in limited situations to 
address capital needs. This will be accomplished by the use of a 
subordinate 1 percent section 515 rehabilitation loan that will have 
its interest and principal deferred, to a balloon payment, under the 
same terms as the longest remaining 515 debt. The total principal 
amount of the senior RD section 515 loan and the soft second mortgage 
may exceed the market value of the property. Payment of the subordinate 
debt will not be required from normal project operation income, but 
from excess cash after all other secured debts are satisfied.
    (5) A subsequent section 515 rehabilitation loan at traditional 
rates and terms.
    (6) Transfers, subordinations, and consolidations may be approved 
as part of a MPR transaction in accordance with existing servicing 
authorities of the Agency as available in 7 CFR part 3560.
    Using the results of the CNA to help identify the need for 
resources and information regarding anticipated or available third 
party financing, the Agency will determine the financial feasibility of 
each potential transaction, using restructuring tools available either 
through existing regulatory authorities or specifically authorized 
through this demonstration program.
    Project financial feasibility is determined when a property can 
provide affordable, safe, decent, sanitary housing for 20 years or the 
remaining term of the loan whichever is less, by using the authorities 
of this program while minimizing the cost to the Agency and without 
increasing rents for tenants, except when necessary to meet normal and 
necessary operating expenses. If the transaction is determined 
financially feasible by the Agency, the borrower will be offered a 
restructuring proposal, which will include a restrictive use covenant 
consistent with 7 CFR 3560.662.
    If accepted by the borrower, the Agency and applicant will enter 
into a MPRCC. The applicant must also agree to a maximum of 20 years 
restricted use, pursuant to 7 CFR 3560.662 for the property when the 
MPR transaction is closed.
    The MPR may be conducted with a stay-in owner or may involve a 
change in ownership. Any housing or related facilities that is 
constructed or repaired must meet the Agency design and construction 
standards and the development standards contained in 7 CFR part 1924, 
subparts A and C, respectively. Once constructed, section 515 multi-
family housing must be managed in accordance with the, 7 CFR part 3560. 
Tenant eligibility will be limited to persons who qualify as a very 
low-, low-, or moderate-income household under Agency regulations or 
who are eligible under the requirements established to qualify for 
housing benefits provided by sources other than the Agency, such as 
U.S. Department of Housing and Urban Development Section 8 assistance 
or Low Income Housing Tax Credit Assistance, when a tenant receives 
such housing benefits. Additional tenant eligibility requirements are 
contained in 7 CFR 3560.152.

II. Award Information

    Public Law 109-97 makes funding available to the Secretary of 
Agriculture for RD to provide the restructuring tools of the MPR 
demonstration. Based on the planned use of a combination of MPR tools, 
the Agency anticipates that the total amount of funding available for 
this program is $173,951,000. The types

[[Page 13571]]

and amount of assistance the Agency anticipates are: $165,894,000 in 
deferred debt, $210,000 in grants, $280,000 in zero percent loans, and 
$7,571,000 in soft mortgage loans. The Agency anticipates the ability 
to revitalize approximately 200 properties (5,400 units) with the funds 
available. Funding levels may differ from above when necessary to 
assure all funds are used.
    All funding must be approved no later than September 15, 2006, and 
obligated by the Agency not later than September 29, 2006.

III. Eligibility Information

    Applicants (and principals) must demonstrate:
    (1) Eligibility under 7 CFR 3560.55 with the exception of the 
requirement described in 7 CFR 3560.55(a)(6) (have or able to obtain 2% 
of the total development costs for use as initial operating capital).
    (2) That the project is needed in the market as evidenced by an 
average physical vacancy rate over the last twelve months of no more 
than 10% for projects of 16 units or more and 15% for projects under 16 
units, except that the Agency may consider and accept documentation 
submitted by the applicant that demonstrates the occupancy standard 
will be met once a restructuring is performed.
    (3) Ownership of, and the ability to operate, the facility after 
the transaction is completed.
    (4) Compliance with any commitment to contribute funds to pay 
transaction costs as represented at the time of application for the MPR 
program.
    Further, a CNA and Agency financial evaluation must demonstrate the 
MPR program is financially feasible and necessary for the 
revitalization and preservation of the property for affordable housing.

IV. Equal Opportunity and Nondiscrimination Requirements

    (1) In accordance with the Fair Housing Act, title VI of the Civil 
Rights Act of 1964, the Equal Credit Opportunity Act, the Age 
Discrimination Act of 1975, Executive Order 12898, the Americans with 
Disabilities Act, and section 504 of the Rehabilitation Act of 1973, 
neither the Applicant nor the Agency will discriminate against any 
employee, proposed intermediary or proposed ultimate recipient on the 
basis of sex, marital status, race, color, religion, national origin, 
age, physical or mental disability (provided the proposed intermediary 
or proposed ultimate recipient has the capacity to contract), because 
all or part of the proposed intermediary's or proposed ultimate 
recipient's income is derived from public assistance of any kind, or 
because the proposed intermediary or proposed ultimate recipient has in 
good faith exercised any right under the Consumer Credit Protection 
Act, with respect to any aspect of a credit transaction anytime Agency 
loan funds are involved.
    (2) The policies and regulations contained in 7 CFR part 1901, 
subpart E and RD Instruction 2006-P (available in any Rural Development 
Office) apply to this program.
    (3) The Administrator will assure that equal opportunity and 
nondiscrimination requirements are met in accordance with the Fair 
Housing Act, title VI of the Civil Rights Act of 1964, the Equal Credit 
Opportunity Act, the Age Discrimination Act of 1975, Executive Order 
12898, the Americans with Disabilities Act, and section 504 of the 
Rehabilitation Act of 1973.
    (4) All housing must meet the accessibility requirements found at 7 
CFR 3560.60(d).

V. Authorities Available for MPR

    MPR tools will be used in accordance with 7 CFR part 3560 and its 
associated handbooks (available in any Rural Development office). The 
program will be administered within the resources and authorities made 
available to the Agency through Public Law 109-97 for the preservation 
and revitalization of section 515 financed properties. In the event 
that provisions of 7 CFR part 3560 conflicts with this demonstration 
program, the provisions of the MPR will take precedence.

VI. Application and Submission Information

    (1) The application submission and scoring process will be 
completed in two phases in order to avoid unnecessary effort and 
expense on the part of interested borrowers/applicants and to allow 
additional points to be added to applicants that propose a transfer of 
a troubled project to an eligible owner.
    The first phase is the application process, the applicant must 
submit a complete application no later than 30 days from the date of 
this publication. The applicant's submission will be classified 
complete when they submit a ``MPR Application'' for each MPR 
transaction they wish to be considered for in the demonstration. The 
MPR Application is the form attached at the end of this Notice. An 
electronic version of the application may be found on the Internet at 
http://www.rurdev.usda.gov/rd/nofas/index.html.
    The second phase will be completed by the Agency and based on 
Agency records. Points will be assigned to each application when a 
proposal involving a transfer to a new eligible owner indicates that 
the property is currently classified by the Agency as a troubled 
project.
    All complete and timely filed applications will then be scored and 
ranked based on points received during the two phase application 
process. Further, the Agency will categorize each MPR proposal as being 
potentially SIMPLE, MODERATE, or COMPLEX based on the information 
submitted on the application and in accordance with the category 
description provided in Section I of this Notice.
    (2) Applications can be submitted either electronically or in hard 
copy. The time electronic filings will be considered received by the 
Agency is the actual time the transmission is received in the website 
mail box. The Agency will give preference to applications received 
electronically by using the close of business as the time a hardcopy 
application is received. Assistance for filing electronic and hard copy 
applications can be obtained from any Rural Development State Office.
    The application is stored in the form of a .pdf format and may be 
completed as a fillable form. The form contains a button labeled 
``Submit by Email.'' Clicking on the button will result in an e-mail 
containing a completed application being sent to the Multi-Family 
National Office for consideration.
    Application forms may be downloaded from the site above or obtained 
by contacting the State Office in the state the project is located. 
Hard copy applications should be submitted to USDA Rural Housing 
Service; Attention: Carlton Jarratt, Senior Loan Specialist, Multi-
Family Housing Office of Rental Housing Preservation--STOP 0782 (Room 
1263-S), or Byron Ross, Director, Multi-Family Housing Office of Rental 
Housing Preservation--STOP 0781 (Room 1263-S), U.S. Department of 
Agriculture, Rural Housing Service, 1400 Independence Ave. SW., 
Washington, DC 20250-0781.

VII. Selection Process

    Application ranking points will be based on information, provided 
during the submission process. Applicants will need to provide 
reasonable evidence that the items have a high probability of being 
accomplished at the time the formal application is submitted. Points 
will be awarded as follows:
    (1) Ownership of the property. The maximum points awarded for this

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criterion is 25 points. These points will be awarded in the following 
manner:
    (i) Owner will continue ownership--25 points.
    (ii) Transfer to a new eligible owner with site control as 
evidenced by a binding purchase agreement--20 points.
    (iii) Transfer to a new owner without site control--10 points.
    (2) Contribution of non-agency third party funds. Points awarded 
are to be based on documented written evidence that the funds are 
available. The maximum points awarded for this criterion is 25 points. 
These points will be awarded in the following manner:
    (i) Owner contribution sufficient to pay transaction costs (those 
soft costs required to complete the transaction and include but are not 
limited to CNA, legal costs, appraisals and filing fees) expected to be 
a minimum of $5,000 that will be deposited in the property reserve 
account prior to closing--5 points, and
    (ii) At least $3,000 to $5,000 per unit from other sources--15 
points, or
    (iii) Greater than $5,000 per unit from other sources--20 points.
    (3) Age of Project. Since the age of the project and date that the 
loan was made are directly related to physical needs, a maximum of 25 
points will be awarded on the following criteria:
    (i) Initial loans made prior to December 21, 1979--25 points.
    (ii) Initial loans made on or after December 21, 1979, but before 
December 15, 1989--20 points.
    (iii) Initial loans made on or after December 15, 1989, but before 
October 1, 1991--15 points.
    (iv) Initial loans made on or after October 1, 1991--10 points.
    (4) Troubled Project Points. The Agency may award up to 25 
additional points to facilitate the transfer and revitalization of 
troubled projects with an Agency classification of ``C'' or ``D'' 
according to HB 2-3560, Paragraph 9.7 (available at http://www.rurdevusda.gov/regs/hblist.html). These projects may be troubled 
due to an act of nature or physical or financial deterioration or to 
correct management issues. Points will be awarded in the following 
manner:
    (i) If the Agency servicing classification is C or D for less than 
24 months--15 points.
    (ii) If the Agency servicing classification is C or D for more than 
24 months--25 points.
    The Agency will total the selection criteria points for all 
applications received within the timeframes of this Notice and rank 
each application according to their total score. In the event that 
point totals are equal, the time and date the application was received 
by the Agency will determine the priority for selection (first come, 
first served).
    Once priority ranking has been established, the Agency will conduct 
a five step process to select applicants. The five step process is 
needed to assure that the Agency can process the proposed transactions 
within available staffing resources, develop a representative sampling 
of revitalization transaction types, and assure an adequate pipeline of 
transactions to use all available funding.
    Step One: The Agency will identify the highest scoring applications 
whose section 515 loan's unpaid principal balance total approximately 
$160 million.
    Step Two: The Agency will identify the six states that have the 
most applicants identified in Step One.
    Step Three: The Agency will select all the applicants identified in 
Step One for the six states identified in Step Two and place the 
applicants in funding queues by the three basic revitalization 
transaction types (SIMPLE, MODERATE, or COMPLEX).
    Step Four: The Agency will then place the remaining applicants 
identified in Step One in the three funding queues. They will be placed 
in order of their scoring in Step One, but after the applicants placed 
in queue in Step Three.
    Step Five: The Agency will then select the top ranked projects in 
each queue to result in a ratio as close as possible to 30 percent 
simple, 35 percent moderate and 35 percent complex. Selections will be 
made until the unpaid balance of selected transactions equal at least 
150 percent of available deferral authority.
    It is important to note that the identification of each application 
as being in one of the three transaction types is at the discretion of 
the Agency and is to be used only to attempt to develop a 
representative sampling of MPR transaction types. The actual 
transaction type that may be proposed to the applicant will be 
determined through the Agency underwriting process and may vary from 
the original transaction classification.

VIII. Processing for Selected Applications

    Those proposals that are ranked and then selected for further 
processing will be invited to sign an agreement to proceed. In the 
event that a proposal is selected for further processing and the 
applicant declines, the next highest ranked application will be 
selected. Applications can be submitted either electronically or in 
hard copy.
    If an application is accepted for further processing, the applicant 
will be expected to submit additional relevant information requested 
that is needed to demonstrate eligibility and feasibility, consistent 
with this NOFA and the appropriate sections of 7 CFR part 3560, prior 
to the issuance of a restructuring offer.
    RD will work with applicants selected for further processing in 
accordance with the following steps:
    (1) Based on the feasibility of the type of transaction that will 
best suit the project and the availability of funds, further 
eligibility confirmation determinations will be conducted by the Office 
of Rental Housing Preservation with the assistance of designated Multi-
Family Housing Revitalization coordinators assigned by each Rural 
Development State Director.
    (2) A CNA will be conducted in accordance with the requirements of 
7 CFR 3560.103(c) and HB 3-3560, Chapter 7, Section 5 and Unnumbered 
Letter, dated October 22, 2005, ``Guidance on the Capital Needs 
Assessment Process'' (available in any Rural Development State Office). 
The cost of the CNA will be considered a part of the project expense 
and may be paid from the ``project reserve'' with prior approval of the 
Agency. The Agency approval for participation in this program will be 
contingent upon the Agency's final approval of the CNA and concurrence 
of the scope of work with the owner.
    (3) Underwriting will be conducted by the Office of Rental Housing 
Preservation with the assistance of the designated Multi-Family Housing 
Revitalization Coordinator assigned by each Rural Development State 
Director. The feasibility and structure of each revitalization proposal 
will be determined using this underwriting process and will include a 
determination of the restructuring tools that will minimize the cost to 
the Government consistent with the purposes of this NOFA. The Agency 
expects that some of the transactions proposed by selected applicants 
will prove to be infeasible. The applicant entity may be determined to 
be ineligible under Section III of this Notice. If a proposed 
transaction is determined infeasible or the applicant determined 
ineligible, the Agency will then select the next highest ranked project 
for processing.
    Each MPR offer will be approved by the Revitalization Review 
committee chaired by the Deputy Administrator for Multi-Family Housing. 
Approved MPR offers will be presented to applicants who will then have 
up to 15 calendar

[[Page 13573]]

days to accept or reject the offer in writing. Offers will expire after 
15 days. The Agency will replace expired applications by selecting the 
next highest ranked project. Closing of MPR offers will occur within 60 
days of acceptance by the applicant unless extended by the Agency.

IX. Funding Restrictions

    Applicants will be selected in accordance with selection criteria 
and the five step process identified in Section VII of this Notice. 
Once selected to proceed, the Agency will provide additional guidance 
to the applicant and request information and documents necessary to 
complete the underwriting and review process. Since the character of 
each application may vary substantially depending on the type of 
transactions proposed, information requirements will be provided as 
appropriate. Complete project information must be submitted no later 
than 45 days from the date of Agency notification of the applicant's 
selection for further processing. Failure to submit the required 
information in a timely manner may result in the Agency discontinuing 
the processing of the request. Funding under this NOFA will be 
obligated under a first come, first served basis within each of the 3 
funding queues described in Section VI of this Notice.

X. Application Review

    All complete applications will be evaluated, ranked and selected 
for further processing by a review committee. The committee will make 
recommendations for final decision to the Agency Administrator based on 
the selection criteria contained in this NOFA. The Administrator will 
inform applicants of the status of their request within 30 days of the 
application closing date of the NOFA.

XI. Appeal Process

    All adverse determinations regarding applicant eligibility and the 
awarding of points as a part of the selection process are appealable. 
Instructions on the appeal process will be provided at the time an 
applicant is notified of the adverse.

    Dated: March 7, 2006.
Russell T. Davis,
Administrator, Rural Housing Service.
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