RHS Issues Notice to Facilitate Ownership Transfers to Preserve Section 515 Low-Income Housing

摘要

The Rural Housing Service (RHS) has issued an administrative notice (RD AN No. 4010) to encourage and facilitate ownership transfers to revitalize and preserve aging Section 515 properties as affordable low-income housing. "Prolonged reduced program funding, the portfolio's increasing age, and existing owners seeking viable program exit strategies are key reasons why exceptional efforts are now needed to revitalize the portfolio," says the notice, which was issued September 23. The notice provides guidance on facilitating transfers by for-profit owners to qualified nonprofit entities that agree to extended restricted use as affordable housing.