What is a Notice of Funding Availability (NOFA) in commercial real estate?
NOFA or Notice of Funding Availability is a statement issued by the GRRHP (under the USDA) in the Federal Register. The statement will contain information on the amount of funding to develop homes available for each area along with the period for which the funds will be available for. Prospective borrowers must respond to the NOFA in order to appeal for funding. If approved, a Notice to Proceed will be issued by the USDA.