The Small Rental Property Assistance Program provides loans to owners of small rental properties on the Mississippi Gulf Coast in order to assure these property owners provide affordable rental housing in the counties most affected by Hurricane Katrina. $262,500,000 has been allocated for this program, which will help in the repair, rehabilitation, and reconstruction of the affordable housing stock in the areas most impacted by the storm.
To review Action Plans, click here.
To review HUD Fair Housing Act Requirements, click here.
To complete the HUD Personal Financial Statement, click here.
NOTICE REGARDING SALE, TRANSFER, PAYOFF, OR REFINANCE OF SRAP OR NRRP PROGRAM PROPERTY
**APPLICANTS WHO DESIRE TO SELL, TRANSFER, PAYOFF OR REFINANCE THEIR SRAP OR NRRP PROGRAM PROPERTY MUST ALLOW MDA FIFTEEN (15) CALENDAR DAYS FROM THE DATE OF THE SUBMISSION OF ALL REQUIRED DOCUMENTATION TO APPROVE THE SALE/TRANSFER, ISSUE A RELEASE OR PROCESS A SUBORDINATION. PLEASE CONTACT A REPRESENTATIVE OF MDA AT TLOGAN@BALCH.COM TO OBTAIN A LIST OF THE INFORMATION THAT MDA MUST RECEIVE TO EVALUATE THESE REQUESTS.**
Notice Regarding SRAP Round 2 Closing Deadline
MDA opened Round 2 of the Small Rental Assistance Program on October 15, 2008. In order to move Round 2 to closure, MDA has established a closing deadline. Round 2 applicants must close their Small Rental loans on or before February 1, 2009. Applicants should make every effort to prepare their properties for closing and should schedule a closing appointment prior to the deadline. No closing extensions beyond this date will be permitted, and closing appointments may be limited. Applicants may schedule their closing appointment by contacting their program analyst.
Notice For Compliance Website
The following website is for the purpose of confirming compliance with the Small Rental Assistance Program and the Neighborhood Restoration Project. Applicants who are participating in these programs may provide information on this website to fulfill their obligation to provide an annual certified statement of compliance with the program’s terms and conditions. (See Section A.10 of the Covenants, Loan Agreement and Deed of Trust). Please note that Applicants are responsible for the responses and information provided on this website.
To access to the compliance website, click here.
Notice Regarding Round One Building Permit / Insurance Verification Deadline
MDA has established a building permit and insurance verification deadline for participants in Round 1. Applicants in Round 1 must provide copies of a valid building permit and insurance declaration pages to their program analyst. MDA must receive this documentation by 5:00 p.m. on December 31, 2009. Applicants should make every effort to work with their local governing authority and their program analyst to meet this required deadline. No extensions beyond December 31 will be permitted. Documentation not received by this date and time will not be processed.
SMALL RENTAL PROGRAM ROUND 2
Notice Regarding the Release of Option D Applications with Property Ownership Before January 14, 2009
On April 22, 2009, MDA transmitted an email and a letter to a select group of Option D applicants which have not been processed in Round Two of the Small Rental Assistance Program. This correspondence was directed and disseminated only to those applicants who owned their property at the time of application and whose applications are still being processed. The letter does not apply to any applicant that has been previously notified that they have been disqualified for any reason. The correspondence also requested that each applicant send a warranty deed for the SRAP property which evidenced ownership by the applicant prior to January 14, 2009, together with a copy of the applicant’s 2008 paid ad valorem tax receipt. For the full notice, please click here.
Notice Regarding Round Two Program Oversubscription
The Mississippi Development Authority announced that oversubscription occurred on January 14, 2009, in Harrison, Hancock and Jackson counties for Option D applicants. This action was taken because Round Two of the Small Rental Assistance Program received almost 6,000 applications during the open application period. Unfortunately, the Program does not have sufficient resources to process and fund each of these applications. In an effort to address the oversubscription in the fairest manner possible, MDA implemented the oversubscription rules as stated in the Guidebook and applicants who did not have ownership of their property on or before January 14, 2009, were informed that they would be disqualified from the program because of the oversubscription. For the full notice, please click here.
Notice Regarding Round One Closing Deadline
MDA began accepting applications for Round 1 of the Small Rental Assistance Program on September 10, 2007. In response, MDA received over 2000 applications. Since that time, MDA has disbursed over $17,000,000 in Round 1 for repaired, replaced and new rental units in Hancock, Harrison, Jackson and Pearl River Counties. The success of the program is helping to provide affordable rental housing to low and moderate income individuals and families on the Mississippi Gulf Coast.
In an effort to conserve resources and move the program to closure, MDA has established a closing deadline for participants in Round 1. Applicants in Round 1 must close their Small Rental loans on or before the fourth (4th) anniversary of Hurricane Katrina, August, 29, 2009. Applicants should make every effort to prepare their properties for closing and schedule a closing appointment prior to the deadline. No closing extensions beyond August 29 will be permitted, and closing appointments may be limited.
You may schedule a closing appointment by calling 866-369-6302.
Fraud and Misinformation Warning
Recently, the Mississippi Development Authority was informed that certain developers, real estate brokers, real estate agents and other parties have been engaged in a pattern and practice of misinformation regarding the Small Rental Assistance Program. The Mississippi Development Authority therefore issues the following warning to all Applicants who wish to participate in the Small Rental Assistance Program. For more information, click here.