Rural Rental Preservation Academy

Adrienne Norwood
anorwood@enterprisecommunity.org

The Rural Rental Preservation Academy is a training and peer learning cohort designed to help rural housing providers acquire and/or preserve USDA Rural Development (RD), HUD, and Low-Income Housing Tax Credit (LIHTC) financed housing in their communities. The program's overall goal is the preservation of affordable housing opportunities, especially those with rental assistance, in rural communities.

Training will cover:

• Current housing stock across the country and what is at risk
• USDA 515 transfer process
• Project financing
• Stewardship and compliance
• Local, state, and national policy

In addition to training, cohort participants will receive no-cost, targeted, one-on-one technical assistance to support rural preservation efforts. The assistance will be tailored to the needs of the recipient based on what their goals are and the support they identify in being critical to move their project forward.

• Developing strategies on how to best approach transactions
• Supporting the preparation of application materials and templates for transfer application
• Assessing affordable rents as compared to conventional rents for comparable units (CRCU) and developing operational budgets, which can result in a plan for sustainable occupancy and a long-term management strategy
• Preparing the preliminary assessment tool for USDA Rural Development's underwriting purposes based off developer pro forma and assumptions
• Supporting developers as they work through regulatory or procedural issues that arise during the transfer process

Eligible applicants:

• Nonprofit organizations that focus on rural development/preservation and/or have an interest in preserving USDA RD, Section 8, or LIHTC properties
• Public Housing Authorities with a rural footprint and an existing portfolio of USDA RD/Section 8/LIHTC properties and a focus on preserving and/or acquiring additional properties as affordable housing for low-income families
• Local government jurisdictions interested in preserving affordable housing

There is no program cost associated with participation in the Preservation Academy or the technical assistance.

Follow the instructions on the Submission Requirements and Evaluation Criteria section of the program website.

Email completed applications to Adrienne Norwood.