Chapter 1 describes the Section 515 Rental Housing Direct Mortgage program of the Rural Housing Service, including its history, function, regulatory scheme, characteristics of the existing stock, and programmatic trends.
Chapter 2, based to a large extent on interviews with experts in the field, discusses major obstacles to the preservation of RHS Section 515 properties and strategies for overcoming these obstacles.
Chapter 3 provides a comprehensive explanation of funds available to nonprofit development organizations undertaking the acquisition and/or rehabilitation of Section 515 properties, including funds available through RHS and other sources.
Chapter 4 discusses and analyzes the current legal framework surrounding prepayment and preservation of Section 515 properties and relevant case law.
Chapter 5 describes current efforts to facilitate Section 515 preservation transactions through the transfer process, with a particular focus on the principles and potential impacts of Administrative Notice 4010.