[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]


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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).

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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.

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    (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

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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

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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

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Joaquin Altoro,
Administrator, Rural Housing Service.
[FR Doc. 2022-05252 Filed 3-14-22; 8:45 am]
BILLING CODE 3410-XV-C