48368 Federal Register / Vol. 73, No. 161 / Tuesday, August 19, 2008 / Notices 

Cooperator of a complete Standard Form 

270. 

Authorized and executed this day by: 

lllllllllllllllllll

(Cooperator) 

lllllllllllllllllll

(Title) 

UNITED STATES OF AMERICA 

FARM SERVICE AGENCY 

By: 

lllllllllllllllllll

(Name) 

lllllllllllllllllll

(Title) 

[FR Doc. E8–19156 Filed 8–18–08; 8:45 am] 

BILLING CODE 3410–05–P 

DEPARTMENT OF AGRICULTURE 

Natural Resources Conservation 

Service 

Notice of a Finding of No Significant 

Impact—Little Choconut Creek 

Watershed, Broome County, NY 

ACTION: Notice of a Finding of No 

Significant Impact—Little Choconut 

Creek Watershed, Broome County, New 

York. 

SUMMARY: Pursuant to Section 102(2)(c) 

of the National Environmental Policy 

Act of 1969; the Council on 

Environmental Quality Regulations (40 

CFR Part 1500); and the Natural 

Resources Conservation Service 

Regulations (7 CFR Part 650); the 

Natural Resources Conservation Service, 

U.S. Department of Agriculture, gives 

notice that an environmental impact 

statement is not being prepared for the 

Little Choconut Creek Flood Control 

Dam Site 2 rehabilitation project, 

Broome County, New York. 

FOR FURTHER INFORMATION CONTACT: 

Dennis DeWeese, Acting State 

Conservationist, Natural Resources 

Conservation Service, 441 S. Salina St., 

Suite 354, Syracuse, NY 13202; 

telephone: (315) 477–6504. 

SUPPLEMENTARY INFORMATION: The 

environmental assessment of this 

federally assisted action indicates that 

the project will not cause significant 

local, regional, or national impacts on 

the environment. As a result of these 

findings, Dennis DeWeese, Acting State 

Conservationist, has determined that the 

preparation and review of an 

environmental impact statement is not 

needed for this project. 

The project purpose is to rehabilitate 

dam site 2 in order to extend the useful 

life of the structure and meet current 

dam safety criteria. The planned works 

of improvement include sediment 

removal from behind the dam and 

increasing the height of the auxiliary 

spillway. 

The Notice of a Finding of No 

Significant Impact (FONSI) has been 

forwarded to the Environmental 

Protection Agency and to various 

Federal, State, and local agencies and 

interested parties. A limited number of 

copies of the FONSI are available to fill 

single copy requests at the above 

address. Basic data developed during 

the environmental assessment are on 

file and may be reviewed by contacting 

Dennis DeWeese, Acting State 

Conservationist, New York. 

No administrative action on 

implementation of the proposal will be 

taken until 30 days after the date of this 

publication in the Federal Register. 

(This activity is listed in the Catalog of 

Federal Domestic Assistance under NO. 

10.904, Watershed Protection and Flood 

Prevention, and is subject to the provisions 

of Executive Order 12372, which requires 

intergovernmental consultation with State 

and local officials.) 

Dated: August 4, 2008. 

Dennis DeWeese, 

Acting State Conservationist, Natural 

Resources Conservation Service, Syracuse, 

NY. 

[FR Doc. E8–19160 Filed 8–18–08; 8:45 am] 

BILLING CODE 3410–16–P 

DEPARTMENT OF AGRICULTURE 

Rural Housing Service 

Notice of Funding Availability (NOFA): 

Section 515 Multi-Family Housing 

Preservation Revolving Loan Fund 

(PRLF) Demonstration Program for 

Fiscal Year 2008 

AGENCY: Rural Housing Service, USDA. 

ACTION: Notice. 

Overview Information 

SUMMARY: The Rural Housing Service of 

Rural Development announces the 

availability of funds and the timeframe 

to submit applications for loans to 

private non-profit organizations, or such 

non-profit organizations’ affiliate loan 

funds and State and local housing 

finance agencies, to carry out a 

demonstration program to provide 

revolving loans for the preservation and 

revitalization of low-income MultiFamily Housing (MFH). Housing that is 

assisted by this demonstration program 

must be financed by Rural Development 

through its MFH loan program under 

Sections 515, 514 and 516 of the 

Housing Act of 1949. The goals of this 

demonstration program will be achieved 

through loans made to intermediaries. 

The intermediaries will establish their 

programs for the purpose of providing 

loans to ultimate recipients for the 

preservation and revitalization of low 

income Sections 515, 514 and 516 MFH 

as affordable housing. 

DATES: The deadline for receipt of all 

applications in response to this NOFA 

is 5 p.m., Eastern Time, October 20, 

2008. The application closing deadline 

is firm as to date and hour. Rural 

Development will not consider any 

application that is received after the 

closing deadline. Applicants intending 

to mail applications must provide 

sufficient time to permit delivery on or 

before the closing deadline. Acceptance 

by a post office or private mailer does 

not constitute delivery. Facsimile, and 

postage due applications will not be 

accepted. 

FOR FURTHER INFORMATION CONTACT: 

Henry Searcy, Jr., Senior Loan 

Specialist, Multi-Family Housing 

Processing Division, STOP 0781 (Room 

1263–S), or Bonnie Edwards-Jackson, 

Senior Loan Specialist, Multi-Family 

Housing Processing Division, STOP 

0781 (Room 1239–S), U.S. Department 

of Agriculture, Rural Housing Service, 

1400 Independence Avenue, SW., 

Washington, DC 20250–0781 or by 

telephone at (202) 720–1753 or (202) 

690–0759, TDD (302) 857–3585 or via email at Henry.Searcy@wdc.usda.gov or 

Bonnie.Edwards@wdc.usda.gov. (Please 

note the phone numbers are not toll free 

numbers.) 

SUPPLEMENTARY INFORMATION: 

Paperwork Reduction Act 

Under the Paperwork Reduction Act, 

44 U.S.C. 3501 (2005) et seq., OMB must 

approve all ‘‘collections of information’’

by Rural Development. The Act defines 

‘‘collection of information’’ as a 

requirement for ‘‘answers to * * * 

identical reporting or recordkeeping 

requirements imposed on ten or more 

persons * * *.’’ (44 U.S.C. 3502(3)(A)) 

Because this NOFA will receive less 

than 10 respondents, the Paperwork 

Reduction Act does not apply. 

Programs Affected 

This program is listed in the Catalog 

of Federal Domestic Assistance under 

Number 10.415. 

Overview 

The Agriculture, Rural Development, 

Food and Drug Administration, and 

Related Agencies Appropriations Act, 

2008 (Act) (Division A of Pub. L. 110–

161, December 26, 2007) provided 

funding for, and authorizes Rural 


ebenthall on PRODPC60 with NOTICES
Federal Register / Vol. 73, No. 161 / Tuesday, August 19, 2008 / Notices 48369 

Development to, establish a revolving 

loan fund demonstration program for 

the preservation and revitalization of 

the Sections 515, 514 and 516 MultiFamily Housing portfolio. The MultiFamily Housing program is authorized 

by Sections 514, 515 and 516 of the 

Housing Act of 1949 and provides Rural 

Development the authority to make 

loans for low income Multi-Family 

Housing, farm labor housing, farm labor 

housing, and related facilities. 

Program Administration 

I. Funding Opportunities Description 

This NOFA requests applications 

from eligible applicants for loans to 

establish and operate revolving loan 

funds for the preservation of lowincome MFH within the Rural 

Development Sections 515, 514 and 516 

Multi-Family Housing portfolio. Rural 

Development’s regulations for the 

section 514, 515 and 516 Multi-Family 

Housing Program are published at 7 CFR 

part 3560. 

Housing that is constructed or 

repaired must meet the Rural 

Development design and construction 

standards and the development 

standards contained in 7 CFR part 1924, 

subparts A and C, respectively. Once 

constructed, Section 515 Multi-Family 

Housing must be managed in 

accordance with the program’s 

management regulation, 7 CFR part 

3560, subpart C. Tenant eligibility is 

limited to persons who qualify as a very 

low-, or low-, household or who are 

eligible under the requirements 

established to qualify for housing 

benefits provided by sources other than 

Rural Development, such as U.S. 

Department of Housing and Urban 

Development, Section 8 assistance or 

Low Income Housing Tax Credit 

assistance, when a tenant receives such 

housing benefits. Additional tenant 

eligibility requirements are contained in 

7 CFR 3560.152. 

II. Award Information 

The Act, made funding available for 

loans to private non-profit 

organizations, or such non-profit 

organizations’ affiliate loan funds and 

State and local housing finance 

agencies, to carry out a housing 

demonstration program to provide 

revolving loans for the preservation of 

Sections 515, 514 and 516 Multi-Family 

Housing portfolio. The total amount of 

funding available for this program is 

$6,421,642.00. Loans to intermediaries 

under this demonstration program shall 

have an interest rate of no more than 

one percent and the Secretary of 

Agriculture may defer the interest and 

principal payment to Rural 

Development for up to three years 

during the first three years of the loan. 

The term of such loans shall not exceed 

30 years. Funding priority will be given 

to entities with equal or greater 

matching funds from third parties, 

including housing tax credits for rural 

housing assistance and to entities with 

experience in the administration of 

revolving loan funds and the 

preservation of Multi-Family Housing. 

III. Eligibility Information 

Applicant Eligibility 

(1) Eligibility requirements—

Intermediary. 

(a) The types of entities which may 

become intermediaries are private nonprofit organizations, which may include 

faith based organizations, or such nonprofit organizations’ affiliate loan funds 

and State and local housing finance 

agencies. 

(b) The intermediary must have: 

(i) The legal authority necessary for 

carrying out the proposed loan purposes 

and for obtaining, giving security, and 

repaying the proposed loan. 

(ii) A proven record of successfully 

assisting low-income Multi-Family 

Housing projects. Such record will 

include recent experience in loan 

making and loan servicing that is 

similar in nature to the loans proposed 

for the PRLF demonstration program 

and must provide documentation of a 

delinquency and loss rate not which 

does not exceed four percent. The 

applicant will be responsible for 

providing such information to Rural 

Development. 

(iii) A staff with loan making and 

servicing experience. 

(iv) A plan showing Rural 

Development, that the ultimate 

recipients will only use the funds to 

preserve low-income Multi-Family 

Housing projects which may include a 

purchase through a transfer and 

assumption of Sections 515, 514 and 

516 housing. 

(c) No loans will be extended to an 

intermediary unless: 

(i) There is adequate assurance of 

repayment of the loan evidenced by the 

fiscal and managerial capabilities of the 

proposed intermediary. 

(ii) The amount of the loan, together 

with other funds available, is adequate 

to complete the preservation or 

revitalization of the project. 

(iii) At least 51 percent of the 

outstanding interest or membership in 

any non public body intermediary must 

be composed of citizens of the United 

States or individuals who reside in the 

United States after being legally 

admitted for permanent residence. The 

non public body intermediary will 

submit a self certifying letter of 

compliance with its application. 

(iv) The intermediary’s prior calendar 

year audit indicates an unqualified 

audited opinion which provides a 

statement relating to the accuracy of the 

financial statements. 

(d) Intermediaries, and the principals 

of the intermediaries, must not be 

suspended, debarred, or excluded based 

on the ‘‘List of Parties Excluded From 

Federal Procurement and 

Nonprocurement Programs.’’ In 

addition, intermediaries and their 

principals must not be delinquent on 

Federal debt or be Federal judgments 

debtors. 

(e) The intermediary and its principal 

officers (including immediate family) 

must have no legal or financial interest 

in the ultimate recipient. 

(f) The intermediary’s Debt Service 

Coverage Ratio (DSCR) must be greater 

than 1.25 for the fiscal year immediately 

prior to the year of application. The 

DSCR is the financial ratio the loan 

committee will use to determine an 

applicant’s capacity to borrow and 

service additional debt. 

The loan committee will use Earnings 

Before Interest and Taxes (EBIT) to 

determine DSCR. EBIT is determined by 

adding net income or net loss to 

depreciation and interest expense. The 

loan committee will compare the 

principal and interest payment 

multiplied by the DSCR to the EBIT 

derived from the applicant’s 

consolidated income statement. For 

example, if an applicant requests a loan 

amount of $2,000,000 at a one percent 

interest rate amortized over 30 years, the 

principal and interest payments will be 

$77,193, annually. Therefore, an 

applicant who requests $2,000,000 

needs an EBIT of at least $96,491.00 

($77,193 × 1.25). Only debt service from 

unrestricted revolving loans will be 

considered in the above calculation. An 

unrestricted loan is an account in which 

the accumulated revenues are not 

dictated by a donor or sponsor. 

Only eligible applicants will be 

scored and ranked. Funding priority 

will be given to entities with equal or 

greater matching funds, including 

housing tax credits for rural housing 

assistance. Refer to the Selection 

Criteria section of the NOFA for further 

information on funding priorities. 

(g) Intermediaries that have received 

one or more PRLF loans may apply for 

and be considered for subsequent PRLF 

loans provided. 

(h) At least 80 percent of each of an 

intermediary’s PRLF loans must have 


ebenthall on PRODPC60 with NOTICES
48370 Federal Register / Vol. 73, No. 161 / Tuesday, August 19, 2008 / Notices 

been disbursed to eligible ultimate 

recipients. 

(i) Intermediaries requesting 

subsequent loans must meet the 

requirements of section III (2) of this 

NOFA. 

(j) The delinquency rate of the 

outstanding loans of the intermediary’s 

PRLF revolving fund do not exceed 4 

percent. 

(k) The intermediary is in compliance 

with all applicable regulations and its 

loan agreements with Rural 

Development. 

(l) Subsequent loans will not exceed 

$1 million each and not more than one 

loan will be approved by Rural 

Development for an intermediary in any 

single fiscal year unless the request is 

authorized by a PRLF appropriation. 

(m) Total outstanding PRLF 

indebtedness of an intermediary to 

Rural Development will not exceed $15 

million at any time. 

(2) Eligibility requirements—Ultimate 

recipients. 

(a) To be eligible to receive loans from 

the PRLF, ultimate recipients must: 

(i) Currently have a Rural 

Development Section 515, 514 loans 

and 516 grant for the property to be 

assisted by the PRLF demonstration 

program, or be a transferee of such a 

loan before receiving any benefits from 

the PRLF demonstration program. 

(ii) Be unable to provide funding to 

preserve and revitalize existing Sections 

515, 514 or 516 properties from its own 

resources and, except for State or local 

public agencies and Indian tribes, be 

unable to obtain the necessary credit 

from other sources upon terms and 

conditions the applicant could 

reasonably be expected to fulfill. 

(iii) Certify that the ultimate recipient 

along with its principal officers 

(including their immediate family), hold 

no legal or financial interest or in the 

intermediary. 

(iv) Be in compliance with all Rural 

Development program requirements or 

have an Agency approved workout plan 

in place which will correct a noncompliance status. 

(b) Any delinquent debt to the Federal 

Government including a non-tax 

judgment lien, by the ultimate recipient 

or any of its principals, shall cause the 

proposed ultimate recipient to be 

ineligible to receive a loan from the 

PRLF. PRLF loan funds may not be used 

to satisfy the delinquency. The ultimate 

recipient cannot be currently debarred 

or suspended from Federal Government 

programs. 

Equal Opportunity and 

Nondiscrimination Requirements 

(1) In accordance with the Fair 

Housing Act, Title VI of the Civil Rights 

Act of 1964, the Equal Credit 

Opportunity Act, the Age 

Discrimination Act of 1975, Executive 

Order 12898, the Americans with 

Disabilities Act, and Section 504 of the 

Rehabilitation Act of 1973, neither the 

intermediary nor Rural Development 

will discriminate against any employee, 

proposed intermediary or proposed 

ultimate recipient on the basis of sex, 

marital status, race, familial status, 

color, religion, national origin, age, 

physical or mental disability (provided 

the proposed intermediary or proposed 

ultimate recipient has the capacity to 

contract), because all or part of the 

proposed intermediary’s or proposed 

ultimate recipient’s income is derived 

from public assistance of any kind, or 

because the proposed intermediary or 

proposed ultimate recipient has in good 

faith exercised any right under the 

Consumer Credit Protection Act, with 

respect to any aspect of a credit 

transaction anytime Rural Development 

loan funds are involved. 

(2) The policies and regulations 

contained in 7 CFR part 1901, subpart 

E apply to this program. 

(3) The Rural Housing Service (RHS) 

Administrator will assure that equal 

opportunity and nondiscrimination 

requirements are met in accordance 

with the Fair Housing Act, Title VI of 

the Civil Rights Act of 1964, the Equal 

Credit Opportunity Act, the Age 

Discrimination Act of 1975, Executive 

Order 12898, the Americans with 

Disabilities Act, and Section 504 of the 

Rehabilitation Act of 1973. 

(4) All housing must meet the 

accessibility requirements found at 7 

CFR 3560.60(d). 

Other Administrative Requirements 

(1) The following policies and 

regulations apply to loans to 

intermediaries made in response to this 

NOFA: 

(a) PRLF intermediaries will be 

required to provide Rural Development 

with the following reports: 

(i) An annual audit; 

(A) The dates of the audit report 

period need not coincide with other 

reports on the PRLF. Audit reports shall 

be due 90 days following the audit 

period. Audits must cover all of the 

intermediary’s activities. Audits will be 

performed by an independent certified 

public accountant. An acceptable audit 

will be performed in accordance with 

Generally Accepted Government 

Auditing Standards (GAGAS) and 

include such tests of the accounting 

records as the auditor considers 

necessary in order to express an 

unqualified audited opinion on the 

financial condition of the intermediary. 

(B) It is not intended that audits 

required by this program be separate 

from audits performed in accordance 

with State and local laws or for other 

purposes. To the extent feasible, the 

audit work for this program should be 

done in connection with these other 

audits. Intermediaries covered by Office 

Management Budget Circular A–133 

should submit audits made in 

accordance with that circular. 

(ii) Quarterly or semiannual 

performance reports (due to Rural 

Development 30 days after the end of 

the fiscal quarter or half); 

(A) Performance reports will be 

required quarterly during the first year 

after loan closing. Thereafter, reports 

will be required semiannually. Also, 

Rural Development may resume 

requiring quarterly reports if the 

intermediary becomes delinquent in 

repayment of its loan or otherwise fails 

to fully comply with the provisions of 

its workout plan or Loan Agreement, or 

Rural Development determines that the 

intermediary’s PRLF is not adequately 

protected by the current financial status 

and paying capacity of the ultimate 

recipients. 

(B) These reports shall contain 

information only on the PRLF, or if 

other funds are included, the PRLF 

portion shall be segregated from the 

others; and in the case where the 

intermediary has more than one PRLF 

from Rural Development, a separate 

report shall be made for each PRLF. 

(C) The reports will include OMB 

Standard Form 269, Financial Status 

Report and OMB Standard Form 272, 

Federal Cash Transaction Report. These 

reports will provide information on the 

intermediary’s lending activity, income 

and expenses, financial condition and a 

summary of names and characteristics 

of the ultimate recipients the 

intermediary has financed. 

(iii) Annual proposed budget for the 

following year; and 

(iv) Other reports as Rural 

Development may require from time to 

time regarding the conditions of the 

loan. 

(b) Security will consist of a pledge by 

the intermediary of all assets now or 

hereafter placed in the PRLF, including 

cash and investments, notes receivable 

from ultimate recipients, and the 

intermediary’s security interest in 

collateral pledged by ultimate 

recipients. Except for good cause 

shown, Rural Development will not 

obtain assignments of specific assets at 


ebenthall on PRODPC60 with NOTICES
Federal Register / Vol. 73, No. 161 / Tuesday, August 19, 2008 / Notices 48371 

the time a loan is made to an 

intermediary or ultimate recipient. The 

intermediary will covenant that, in the 

event the intermediary’s financial 

condition deteriorates or the 

intermediary takes action detrimental to 

prudent fund operation or fails to take 

action required of a prudent lender, the 

intermediary will provide additional 

security, execute any additional 

documents, and undertake any 

reasonable acts Rural Development may 

request to protect Rural Development’s 

interest or to perfect a security interest 

in any asset, including physical delivery 

of assets and specific assignments to 

Rural Development. All debt 

instruments and collateral documents 

used by an intermediary in connection 

with loans to ultimate recipients may be 

assignable. 

(c) RHS may consider, on a case by 

case basis, subordinating its security 

interest on the ultimate recipient’s 

property to the lien of the intermediary 

so that Rural Development has a junior 

lien interest when an independent 

appraisal verifies the Rural 

Development subordinated lien will 

continue to be fully secured. 

(d) The term of the loan to an ultimate 

recipient may not exceed the remaining 

term of the Rural Development loan. 

(e) When loans are made to ultimate 

recipients for equity purposes, 

restrictive-use provisions must be 

incorporated, as outlined in 7 CFR part 

3560.662. 

(f) The policies and regulations 

contained in 7 CFR part 1901, subpart 

F regarding historical and 

archaeological properties apply to all 

loans funded under this NOFA. 

(g) The policies and regulations 

contained in 7 CFR part 1940, subpart 

G regarding environmental assessments 

apply to all loans to ultimate recipients 

funded under this NOFA. Loans to 

intermediaries under this program will 

be considered a categorical exclusion 

under the National Environmental 

Policy Act, requiring the completion of 

Form RD 1940–22, ‘‘Environmental 

Checklist for Categorical Exclusions,’’

by Rural Development. 

(h) An ‘‘Intergovernmental Review,’’

will be conducted in accordance with 

the procedures contained in 7 CFR part 

3015, subpart V, if the applicant is a 

cooperative. 

(1) The intermediary agrees to the 

following: 

(a) To obtain written Rural 

Development approval, before the first 

lending of PRLF funds to an ultimate 

recipient, of: 

(i) All forms to be used for relending 

purposes, including application forms, 

loan agreements, promissory notes, and 

security instruments; and 

(ii) The intermediary’s policy with 

regard to the amount and form of 

security to be required. 

(b) To obtain written approval from 

Rural Development before making any 

significant changes in forms, security 

policy, or the intermediary’s workout 

plan. Rural Development may approve 

changes in forms, security policy, or 

workout plans at any time upon a 

written request from the intermediary 

and determination by Rural 

Development that the change will not 

jeopardize repayment of the loan or 

violate any requirement of this NOFA or 

other Rural Development regulations. 

The intermediary must comply with the 

workout plan approved by Rural 

Development so long as any portion of 

the intermediary’s PRLF loan is 

outstanding; 

(c) To allow Rural Development to 

take a security interest in the PRLF, the 

intermediary’s portfolio of investments 

derived from the proceeds of the loan 

award, and other rights and interests as 

Rural Development may require; 

(d) To return, as an extra payment on 

the loan any funds that have not been 

used in accordance with the 

intermediary’s workout plan by a date 

two years from the date of the loan 

agreement. The intermediary 

acknowledges that Rural Development 

may cancel the approval of any funds 

not yet delivered to the intermediary if 

funds have not been used in accordance 

with the intermediary’s workout plan 

within the two year period. Rural 

Development, at its sole discretion, may 

allow the intermediary additional time 

to use the loan funds by delaying 

cancellation of the funds by not more 

than three additional years. If any loan 

funds have not been used by five years 

from the date of the loan agreement, the 

approval will be canceled for any funds 

that have not been delivered to the 

intermediary and the intermediary will 

return, as an extra payment on the loan, 

any funds it has received and not used 

in accordance with the workout plan. In 

accordance with the Rural Development 

approved promissory note, regular loan 

payments will be based on the amount 

of funds actually drawn by the 

intermediary. 

(3) The intermediary will be required 

to enter into a Rural Development 

approved loan agreement and 

promissory note. The intermediary will 

receive a 30-year loan at a one percent 

interest rate. The loan can be deferred 

for up to three years. 

(4) Loans made to the PRLF ultimate 

recipient must meet the intent of 

providing decent, safe, and sanitary 

rural housing and be consistent with the 

requirements of Title V of the Housing 

Act of 1949. 

(5) When an intermediary proposes to 

make a loan from the PRLF to an 

ultimate recipient, Rural Development 

concurrence is required prior to final 

approval of the loan. The intermediary 

must submit a request for Rural 

Development concurrence of a proposed 

loan to an ultimate recipient. Such 

request must include: 

(a) Certification by the intermediary 

that: 

(i) The proposed ultimate recipient is 

eligible for the loan; 

(ii) The proposed loan is for eligible 

purposes; 

(iii) The proposed loan complies with 

all applicable statutes and regulations; 

and 

(iv) Prior to closing the loan to the 

ultimate recipient, the intermediary and 

its principal officers (including 

immediate family) hold no legal or 

financial interest in the ultimate 

recipient, and the ultimate recipient and 

its principal officers (including 

immediate family) hold no legal or 

financial interest in the intermediary. 

(b) Copies of sufficient material from 

the ultimate recipient’s application and 

the intermediary’s related files, to allow 

Rural Development to determine the: 

(i) Name and address of the ultimate 

recipient; 

(ii) Loan purposes; 

(iii) Interest rate and term; 

(iv) Location, nature, and scope of the 

project being financed; 

(v) Other funding included in the 

project; 

(vi) Nature and lien priority of the 

collateral; and 

(vii) Environmental impacts of this 

action. This will include an original 

Form RD 1940–20, ‘‘Request for 

Environmental Information,’’ completed 

and signed by the intermediary. 

Attached to this form will be a 

statement stipulating the age of the 

building to be rehabilitated and a 

completed and signed FEMA Form 81–

93, ‘‘Standard Flood Hazard 

Determination.’’ If the age of the 

building is over 50 years or if the 

building is either on or eligible for 

inclusion in the National Register of 

Historic Places, then the intermediary 

will immediately contact Rural 

Development to begin Section 106 

consultation with the State Historic 

Preservation Officer. If the building is 

located within a 100-year flood plain, 

then the intermediary will immediately 

contact Rural Development to analyze 

any effects as outlined in 7 CFR part 

1940, subpart G, exhibit C. The 

intermediary will assist Rural 


ebenthall on PRODPC60 with NOTICES
48372 Federal Register / Vol. 73, No. 161 / Tuesday, August 19, 2008 / Notices 

Development in any additional 

requirements necessary to complete the 

environmental review. 

(c) Such other information as Rural 

Development may request on specific 

cases. 

(6) Upon receipt of a request for 

concurrence in a loan to an ultimate 

recipient Rural Development will: 

(a) Review the material submitted by 

the intermediary for consistency with 

Rural Development’s preservation and 

revitalization principles which include 

the following: 

(i) There is a continuing need for the 

property in the community as affordable 

housing. If Rural Development 

determines there is no continuing need 

for the property the ultimate recipient is 

ineligible for the loan; 

(ii) When the transaction is complete, 

the property will be owned and 

controlled by eligible Section 515 

borrowers; 

(iii) The transaction will address the 

physical needs of the property; 

(iv) Existing tenants will not be 

displaced because of increased post 

transaction rents; 

(v) Post transaction basic rents will 

not exceed comparable market rents; 

and 

(vi) Any equity loan amount will be 

supported by a market value appraisal. 

(b) Issue a letter concurring with the 

loan when all requirements have been 

met or notify the intermediary in 

writing the reasons for denial when 

Rural Development determines it is 

unable to concur with the loan. 

IV. Application and Submission 

Information 

The application process will be in two 

steps: First, all applicants will submit 

proposals to the National Office for loan 

committee review. The initial loan 

committee will determine if the 

borrower is eligible, score, and rank the 

applicants according to the criteria 

established in this NOFA. Only eligible 

borrowers will be scored. The loan 

committee will select proposals for 

further processing. In the event that a 

proposal is selected for further 

processing and the applicant declines, 

the next highest ranked unfunded 

applicant may be selected. 

Second, after the loan is obligated to 

the intermediary but prior to the loan 

closing, the State Office in the 

applicant’s residence or State where the 

applicant will be doing its intermediary 

work will provide written approval of 

all forms to be used for relending 

purposes, including application forms, 

loan agreements, promissory notes, and 

security instruments. Additionally, the 

State Office will provide written 

approval of the applicant’s binding 

policy with regard to the amount and 

form of security to be required. 

If an application is accepted for 

further processing and the loan closed, 

the applicant will be required to submit 

and comply with the terms of its 

workout plan which describes how the 

money will be used, the loan agreement, 

the promissory note and any other loan 

closing documents. At the time of loan 

closing, Rural Development and loan 

recipient shall enter into a loan 

agreement and a promissory note 

acceptable to Rural Development. 

Application Requirements 

The application must contain the 

following: 

(1) A summary page, that is doublespaced and not in narrative form, that 

lists the following items: 

(a) Applicant’s name. 

(b) Applicant’s Taxpayer 

Identification Number. 

(c) Applicant’s address. 

(d) Applicant’s telephone number. 

(e) Name of applicant’s contact 

person, telephone number, and address. 

(f) Amount of loan requested. 

(2) Form RD 4274–1, ‘‘Application for 

Loan (Intermediary Relending 

Program).’’

(3) A written workout plan and other 

evidence Rural Development requires to 

demonstrate the feasibility of the 

intermediary’s program to meet the 

objectives of this demonstration 

program. The plan must, at a minimum: 

(a) Document the intermediary’s 

ability to administer this demonstration 

program in accordance with the 

provisions of this NOFA. In order to 

adequately demonstrate the ability to 

administer the program, the 

intermediary must provide a complete 

listing of all personnel responsible for 

administering this program along with a 

statement of their qualifications and 

experience. The personnel may be either 

members or employees of the 

intermediary’s organization or contract 

personnel hired for this purpose. If the 

personnel are to be contracted for, the 

contract between the intermediary and 

the entity providing such service will be 

submitted for Rural Development 

review, and the terms of the contract 

and its duration must be sufficient to 

adequately service Rural Development 

loan through to its ultimate conclusion. 

If Rural Development determines the 

personnel lack the necessary expertise 

to administer the program, the loan 

request will be denied; 

(b) Document the intermediary’s 

ability to commit financial resources 

under the control of the intermediary to 

the establishment of the demonstration 

program. This should include a 

statement of the sources of non-Rural 

Development funds for administration 

of the intermediary’s operations and 

financial assistance for projects; 

(c) Demonstrate a need for loan funds. 

As a minimum, the intermediary should 

identify a sufficient number of proposed 

and known ultimate recipients to justify 

Agency funding of its loan request, or 

include well developed targeting criteria 

for ultimate recipients consistent with 

the intermediary’s mission and strategy 

for this demonstration program, along 

with supporting statistical or narrative 

evidence that such prospective 

recipients exist in sufficient numbers to 

justify Rural Development funding of 

the loan request; 

(d) Include a list of proposed fees and 

other charges it will assess to the 

ultimate recipients; 

(e) Provide documentation to Rural 

Development the intermediary has 

secured commitments of significant 

financial support from public agencies 

and private organizations or have 

received tax credits for the calendar year 

prior to this NOFA; 

(f) Include the intermediary’s plan 

(specific loan purposes) for relending 

the loan funds. The plan must be of 

sufficient detail to provide Rural 

Development with a complete 

understanding of what the intermediary 

will accomplish by lending the funds to 

the ultimate recipient and the complete 

mechanics of how the funds will flow 

from the intermediary to the ultimate 

recipient. The service area, eligibility 

criteria, loan purposes, fees, rates, 

terms, collateral requirements, limits, 

priorities, application process, method 

of disposition of the funds to the 

ultimate recipient, monitoring of the 

ultimate recipient’s accomplishments, 

and reporting requirements by the 

ultimate recipient’s management must 

at least be addressed by the 

intermediary’s relending plan; 

(g) Provide a set of goals, strategies, 

and anticipated outcomes for the 

intermediary’s program. Outcomes 

should be expressed in quantitative or 

observable terms such as low-income 

housing complexes rehabilitated or lowincome housing units preserved, and 

should relate to the purpose of this 

demonstration program; and 

(h) Provide specific information as to 

whether and how the intermediary will 

ensure that technical assistance is made 

available to ultimate recipients and 

potential ultimate recipients. Describe 

the qualifications of the technical 

assistance providers, the nature of 

technical assistance that will be 

available, and expected and committed 

sources of funding for technical 


ebenthall on PRODPC60 with NOTICES
Federal Register / Vol. 73, No. 161 / Tuesday, August 19, 2008 / Notices 48373 

assistance. If other than the 

intermediary itself, describe the 

organizations providing such assistance 

and the arrangements between such 

organizations and the intermediary. 

(4) A pro forma balance sheet at startup and projected balance sheets for at 

least three additional years; and 

projected cash flow and earnings 

statements for at least three years 

supported by a list of assumptions 

showing the basis for the projections. 

The projected earnings statement and 

balance sheet must include one set of 

projections that shows the PRLF must 

extend to include a year with a full 

annual installment on the PRLF loan. 

(5) A written agreement of the 

intermediary to Rural Development 

agreeing to the audit requirements. 

(6) Form RD 400–4, ‘‘Assurance 

Agreement.’’

(7) Complete organizational 

documents, including evidence of 

authority to conduct the proposed 

activities. 

(8) Latest unqualified audit report. 

(9) Form RD 1910–11, ‘‘Applicant 

Certification Federal Collection Policies 

for Consumer or Commercial Debts.’’

(10) Form AD–1047, ‘‘Certification 

Regarding Debarment, Suspension, and 

other Responsibility Matters—Primary 

Covered Transactions.’’

(11) Exhibit A–1 of RD Instruction 

1940–Q, ‘‘Certification for Contracts, 

Grants, and Loans.’’

(12) Copies of the applicant’s tax 

returns for each of the three years prior 

to the year of application, and most 

recent audited financial statements. 

(13) A separate one-page information 

sheet listing each of the ‘‘Selection the 

Applicants’ Criteria’’ contained in this 

NOFA, followed by the page numbers of 

all relevant material and documentation 

that is contained in the proposal that 

supports these criteria. Applicants are 

also encouraged, but not required; to 

include a checklist of all of the 

application requirements and to have 

their application indexed and tabbed to 

facilitate the review process. 

(14) Consolidated financial statements 

for the year prior to this NOFA. 

(15) A borrower authorization 

statement allowing Rural Development 

the authorization to verify past and 

present earnings with the preparer of 

the intermediary’s financial statements. 

Funding Restrictions 

No loans made to a single 

intermediary applicant under this 

demonstration program may not exceed 

$2,125,000 and any such loan may be 

limited by geographic area so that 

multiple loan recipients are not 

providing similar services to the same 

service areas. All PRLF loans will have 

an obligation expiration period of two 

years from the date of obligation. 

All PRLF loans will have an 

obligation expiration period of two 

years from the date of obligation. Prior 

fiscal years PRLF loans that were 

obligated and not closed within the 

above obligation period must be deobligated to allow more immediate 

program use unless a six month 

extension is granted by the National 

Office. 

Loans made to the PRLF ultimate 

recipient must meet the intent of 

providing decent, safe, and sanitary 

rural housing and be consistent with the 

requirements of Title V of the Housing 

Act of 1949, as amended. 

Submission address. Applications 

should be submitted to USDA Rural 

Housing Service; Attention: Henry 

Searcy, Jr., Senior Loan Specialist, 

Multi-Family Housing Processing 

Division STOP 0781 (Room 1263–S), or 

Bonnie Edwards-Jackson, Senior Loan 

Specialist, Multi-Family Housing 

Processing Division, STOP 0781 (Room 

1239–S), U.S. Department of 

Agriculture, Rural Housing Service, 

1400 Independence Avenue, SW., 

Washington, DC 20250–0781 or by 

telephone at (202) 720–1753 or (202) 

690–0759 , TDD (302) 857–3585 or via 

e-mail, Henry.Searcy@wdc.usda.gov or 

Bonnie.Edwards@wdc.usda.gov. (Please 

note the phone numbers are not toll free 

numbers.) 

V. Application Review Information 

All applications will be evaluated by 

a loan committee. The loan committee 

will make recommendations to the 

Rural Housing Service Administrator 

concerning preliminary eligibility 

determinations and for the selection of 

applications for further processing 

based on the selection criteria contained 

in this NOFA and the availability of 

funds. The Administrator will inform 

applicants of the status of their 

application within 30 days of the loan 

application closing date set forth in this 

NOFA. 

Selection Criteria 

Selection criteria points will be 

allowed only for factors evidenced by 

well documented, reasonable plans 

which provide assurance that the items 

have a high probability of being 

accomplished. The points awarded will 

be as specified in paragraphs (1) through 

(4) of this section. In each case, the 

intermediary’s application must provide 

documentation that the selection criteria 

have been met in order to qualify for 

selection criteria points. If an 

application does not cover one of the 

categories listed, it will receive no 

points for that criteria. 

(1) Other funds. Points allowed under 

this paragraph are to be based on 

documented successful history or 

written evidence that the funds are 

available. 

(a) The intermediary will obtain nonRural Development loan or grant funds 

or provide housing tax credits 

(measured in dollars) to pay part of the 

cost of the ultimate recipients’ project 

cost. The Intermediary shall pledge as 

collateral its PRLF Revolving Fund, 

including its portfolio of investments 

derived from the proceeds of other 

funds and this loan award. Points for 

the amount of funds from other sources 

are as follows: 

(i) At least 10 percent but less than 25 

percent of the total development cost (as 

defined in 7 CFR part 3560 Section 

3560.11)—5 points; 

(ii) At least 25 percent but less than 

50 percent of the total project cost—10 

points; or 

(iii) 50 percent or more of the total 

project cost—15 points. 

(b) The intermediary will provide 

loans to the ultimate recipient from its 

own funds (not loan or grant) to pay part 

of the ultimate recipients’ project cost. 

The amount of the intermediary’s own 

funds will average: 

(i) At least 10 percent but less than 25 

percent of the total development costs—

5 points; 

(ii) At least 25 percent but less than 

50 percent of total development costs—

10 points; or 

(iii) 50 percent or more of total 

development costs—15 points. 

(2) Intermediary contribution. The 

Intermediary will contribute its own 

funds not derived from Rural 

Development. The non-Rural 

Development contributed funds will be 

placed in a separate account from the 

PRLF loan account. The intermediary 

shall contribute funds not derived from 

Rural Development into a separate bank 

account or accounts according to their 

‘‘workout plan’’. These funds are to be 

placed into an interest bearing countersignature-account for three years. The 

counter-signature-account will require a 

signature from a Rural Development 

employee and intermediary. After three 

years, these funds shall be commingled 

with the PRLF to provide loans to the 

ultimate recipient for the preservation 

and revitalization of Section 515 MultiFamily Housing. 

The amount of non-Agency derived 

funds contributed to the PRLF will 

equal the following percentage of Rural 

Development PRLF loan: 

(a) At least 5 percent but less than 15 

percent—15 points; 


ebenthall on PRODPC60 with NOTICES
48374 Federal Register / Vol. 73, No. 161 / Tuesday, August 19, 2008 / Notices 

(b) At least 15 percent but less than 

25 percent—30 points; or 

(c) 25 percent or more—50 points. 

(3) Experience. The intermediary has 

actual experience in the administration 

of revolving loan funds and the 

preservation of Multi-Family Housing, 

with a successful record, for the 

following number of full years. 

Applicants must have actual experience 

in both the administration of revolving 

loan funds and the preservation of 

Multi-Family Housing in order to 

qualify for points under the selection 

criteria. If the number of years of 

experience differs between the two 

types of above listed experience, the 

type of experience with the lesser 

number of years will be used for the 

selection criteria. 

(a) At least one but less than three 

years—5 points; 

(b) At least three but less than five 

years—10 points; 

(c) At least five but less than 10 

years—20 points; or 

(d) 10 or more years—30 points. 

(4) Administrative. The Administrator 

may assign up to 25 additional points to 

an application to account for the 

following items not adequately covered 

by the other priority criteria set out in 

this section. The items that will be 

considered are the amount of funds 

requested in relation to the amount of 

need; a particularly successful 

affordable housing development record; 

a service area with no other PRLF 

coverage; a service area with severe 

affordable housing problems; a service 

area with emergency conditions caused 

by a natural disaster; an innovative 

proposal; the quality of the proposed 

program; economic development plan 

from the local community, particularly 

a plan prepared as part of a request for 

an Empowerment Zone/Enterprise 

Community designation; or excellent 

utilization of an existing revolving loan 

fund program. The Administrator will 

document the reasons for the particular 

point allocation. 

VI. Appeal Process 

All adverse determinations regarding 

applicant eligibility and the awarding of 

points as part of the selection process 

are appealable. Instructions on the 

appeal process will be provided at the 

time an applicant is notified of the 

adverse action. 

To file a complaint of discrimination, 

write to USDA, Director, Office of Civil 

Rights, 1400 Independence Avenue, 

SW., Washington, DC 20250–9410, or 

call (800) 795–3272 (voice) or (202) 

720–6382 (TDD). USDA is an equal 

opportunity provider, employer, and 

lender. The U.S. Department of 

Agriculture prohibits discrimination in 

all its programs and activities on the 

basis of race, color, national origin, age, 

disability, and where applicable, sex, 

marital status, familial status, parental 

status, religion, sexual orientation, 

genetic information, political beliefs, 

reprisal, or because all or part of an 

individual’s income is derived from any 

public assistance program. (Not all 

prohibited bases apply to all programs.) 

Persons with disabilities who require 

alternative means for communication of 

program information (Braille, large 

print, audiotape, etc.) should contact 

USDA’s TARGET Center at (202) 720–

2600 (voice and TDD). 

Dated: August 6, 2008. 

Russell T. Davis, 

Administrator, Rural Housing Service. 

[FR Doc. E8–19084 Filed 8–18–08; 8:45 am] 

BILLING CODE 3410–XV–P 

DEPARTMENT OF COMMERCE 

International Trade Administration 

University of Maryland, et al. 

Notice of Consolidated Decision on 

Applications for Duty–Free Entry of 

Scientific Instruments 

This is a decision pursuant to Section 

6(c) of the Educational, Scientific, and 

Cultural Materials Importation Act of 

1966 (Pub. L. 89–651, as amended by 

Pub. .106–36; 80 Stat. 897; 15 CFR part 

301). Related records can be viewed 

between 8:30 A.M. and 5:00 P.M. in 

Room 2104, U.S. Department of 

Commerce, 14th and Constitution Ave, 

NW, Washington, D.C. 

Comments: None received. Decision: 

Approved. We know of no instruments 

of equivalent scientific value to the 

foreign instruments described below, for 

such purposes as each is intended to be 

used, that was being manufactured in 

the United States at the time of its order. 

Docket Number: 08–032. Applicant: 

University of Maryland, Institute for 

Research in Electronics and Applied 

Physics, College Park, MD 20742. 

Instrument: Atomic Layer Deposition 

System. Manufacturer: Beneq Oy, 

Finland. Intended Use: See notice at 73 

FR 45209, August 4, 2008. Reasons: This 

instrument is able to accommodate a 

variety of substrates of dissimilar sizes 

and shapes, including medical implants 

and flexible integrated circuits. The 

instrument also is able to accommodate 

3–D samples and has a minimum of six 

sources per reactor. These features are 

required for the research. 

Docket Number: 08–036. Applicant: 

University of Maryland, College Park, 

MD 20742. Instrument: Low 

Temperature Near Field Confocal 

Optical Microscope. Manufacturer: 

Nanonics Imaging Ltd, Israel. Intended 

Use: See notice at 73 FR 45209, August 

4, 2008. Reasons: The instrument has 

the following features which are 

essential in performing the research: 

simultaneous NSOM/AFM/Confocal 

imaging, normal force sensing open 

system architecture (transmission, 

reflection and collection modes), 

temperature continuously adjustable 

from 8K to 300K, 5x1048 Torr high 

vacuum capability, large scanning range 

(50μm in the Z direction), fine NSOM 

spatial resolution (~50nm), multi–probe 

capability for independent pump probe 

measurement control, fast temporal 

resolution (~300fs). 

Docket Number: 08–038. Applicant: 

Washington State University, Pullman, 

Washington 99164–7040. Instrument: 

Piezoelectric Microarray Spotter. 

Manufacturer: Scienion AG, Germany. 

Intended Use: See notice at 73 FR 

45209, August 4, 2008. Reasons: The 

instrument has a unique feature which 

is a non–contact spotter to avoid 

interference from dust and sensitivity to 

shifts in relative humidity. Another 

essential feature is that the instrument 

is able to be used as a liquid handling 

robot. 

Docket Number: 08–039. Applicant: 

University of Michigan–Dearborn, 

Dearborn, MI 48128. Instrument: X–Ray 

Computer Tomography System. 

Manufacturer: Phoenix X–Ray Inc., 

Germany. Intended Use: See notice at 73 

FR 45209, August 4, 2008. Reasons: The 

instrument has an X–ray tube power 

high enough to penetrate metal alloy 

specimens which is required for the 

research. It also has a relatively high 

resolution which is also essential to the 

research. 

Dated: August 13, 2008. 

Faye Robinson, 

Director, Statutory Import Programs Staff, 

Import Administration. 

[FR Doc. E8–19172 Filed 8–18–08; 8:45 am] 

BILLING CODE 3510–DS–S 

DEPARTMENT OF COMMERCE 

International Trade Administration 

(A–580–810) 

Welded ASTM A–312 Stainless Steel 

Pipe from South Korea: Extension of 

Time Limit for Preliminary Results of 

Antidumping Duty Administrative 

Review 

AGENCY: Import Administration, 

International Trade Administration, 

Department of Commerce. 


ebenthall on PRODPC60 with NOTICES