Grants may fund technical assistance for transferring rural housing
What the document says“the Secretary may provide grants to qualified nonprofit organizations, housing cooperative corporations, and public housing agencies to provide technical assistance, including financial and legal services, to borrowers under loans under this title for multifamily housing to facilitate the acquisition or preservation of such multifamily housing properties”
The new section 545 lets the Secretary of Agriculture give grants to qualified nonprofits, housing cooperative corporations, and public housing agencies to provide technical assistance, including financial and legal services, to borrowers, so as to help them buy or preserve multifamily housing in areas where the Secretary finds a risk of losing affordable housing. No more than $1,000,000 of the money available in a fiscal year may go to administrative expenses.
What the document actually says“the Secretary may provide grants to qualified nonprofit organizations, housing cooperative corporations, and public housing agencies to provide technical assistance, including financial and legal services, to borrowers under loans under this title for multifamily housing to facilitate the acquisition or preservation of such multifamily housing properties”
The farm agency may give grants to nonprofits and housing groups. They then help borrowers with expert advice. That covers money and legal work.
Buying or saving an apartment building is complex. A small owner may not know how. The help is aimed where housing is at risk of being lost.
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