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rmajette on PROD1PC67 with NOTICES

Federal Register / Vol. 71, No. 18 / Friday, January 27, 2006 / Notices

4565

Empowerment Zone (EZ) or Enterprise Community (EC), Colonia or Tribal Lands

Yes or No. Is the project in a recognized EZ or EC, Colonia or on an Indian Reservation?

Population

Must be within the 20,000 population limit set for the program.

Is a Guarantee for Construction Being Requested? Are Advances Being Requested?

State yes or no. The Agency can guarantee the ‘‘permanent’’ portion or both the ‘‘construction and permanent’’ portions of a construc- tion/permanent loan. The Agency will not, however, guarantee only the ‘‘construction’’ portion of a construction/permanent loan.

Loan Term

Up to a 40-year amortized loan. Balloon mortgages with a minimum 25-year term are eligible.

Scoring of Priority Criteria for Selection of Projects: All 2006 NOFA responses will be scored based on the criteria set forth below to establish their priority for obligation of funds. Per 7 CFR 3565.5 (b), priority will be given to projects: in smaller rural communities, in the most needy communities having the highest percentage of leveraging, having the lowest interest rate, having the highest ratio of 35 bedroom units to total units, or located in Empowerment Zones/Enterprise Communities or on tribal lands. In addition, the Agency may, at its sole discretion, set aside assistance for or rank projects that meet important program goals.

In order to meet program goals, the Agency will award additional points to Fiscal Year 2006 NOFA responses for the revitalization, repair, and transfer cost of existing direct Section 515 housing.

Prior to June 16, 2006, projects with an overall score of 25 points and a loan to development cost ratio less than 70 percent will be processed and, when ready, obligated on a first-come-first- serve basis, provided funds are available. Projects that score less than 25 points, and projects that score 25 points or more and do not have a loan to development cost ratio less than 70 percent, may be processed up to the point of obligation, but they will not be obligated until after June 16, 2006. Each month after June 16, 2006, the Agency will select the highest scoring proposals, in light of the remaining funding, until all funds are expended. A notice will be placed in the Federal Register when all funds are committed for FY 2006.

Subject to available funding, all projects scoring 55 points or more on the seven priority criteria below, and that request and demonstrate a need for an interest credit subsidy, will receive interest credit awards.

The seven priority criteria for projects are listed below.

Priority 1Projects located in eligible rural communities with the lowest populations will receive the highest points.

Population size

Points

0–5,000 people ................................. 5,001–10,000 people ........................ 10,001–15,000 people ...................... 15,001–20,000 people ......................

15 10 5 0

Priority 2The most needy communities as determined by the median income from the most recent census data will receive points. The RHS will allocate points to projects located in communities having the lowest median income. Points for median income will be awarded as follows:

Median income (dollars)

Points

Less than $35,000 ............................ $35,000–less than $45,000 .............. $45,000–less than $55,000 .............. $55,000–less than $65,000 .............. $65,000 or more ...............................

20 15 10 5 0

Priority 3Projects that demonstrate partnering and leveraging in order to develop the maximum number of units and promote partnerships with state and local communities will also receive points. Points will be awarded as follows:

Loan to total development cost ratio (percentage %)

Points

development of projects in a Colonia or in a place identified in the States Consolidated Plan or State Needs Assessment as a high need community for multi-family housing will receive points. The RHS will attribute 20 points to projects that are developed in any of the locations described in this priority.

Priority 5The RHS will award points to projects with the highest ratio of 35 bedroom units to total units as follows:

Priority 6RHS will award points for basis points above the long term monthly AFR used to calculate the interest rate. The score for basis points is as follows:

Priority 7NOFA responses for the revitalization, repair, and transfer cost of existing direct section 515 housing (transfer costs are subject to Agency approval and must be an eligible use of loan proceeds listed in 7 CFR 3565.205) will receive an additional 20 points.

Ratio of 3–5 bedroom units to total units

Points

More than 50% ................................. 21%–50% ......................................... Less than 21%–more than 0% .........

6 5 1

Basis points

Points

More than 250 basis points .............. 200 to 250 basis points, inclusive .... 100 to 199 basis points, inclusive .... 0 to 99 basis points, inclusive ..........

¥20 10 15 20

90–100 .............................................. Less than 90–70 ............................... Less than 70–50 ............................... Less than 50 .....................................

0 15 20 30

Priority 4The development of projects on Tribal Lands, or in an Empowerment Zone or Enterprise Community will receive points. The RHS will attribute 20 points to projects that are developed in any of the locations described in this priority. The

Notifications: Responses will be reviewed for completeness and eligibility. The RHS will notify those lenders whose responses are selected via letter. The RHS will request lenders without GRRHP lender approval to apply for GRRHP lender approval within 30 days upon receipt of notification of selection. For information regarding GRRHP lender approval, please refer to the section entitled ‘‘SUBMISSION OF

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