The intent of this Unnumbered Letter (UL) is to provide guidance on the implementation of Rural Development’s (RD) relief efforts for Borrowers with accepted Conditional Commitments that contain debt deferral as a financing tool in its Multifamily Preservation and Revitalization (MPR) Demonstration program for Sections 514, 515 and 516 projects.
The MPR Demonstration program’s intent is to preserve and revitalize Sections 515/514 projects through financial tools in order to make the projects financially and physically sustainable for at least another 20 years. One of the principal restructuring tools available through the MPR Demonstration program is the deferral of the project’s existing Sections 515/514 loans for up to 20 years.
To read the UL, click here.
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